RATE Group | Identifying Bitcoin Price Bottom May Not Be That Important
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Identifying Bitcoin Price Bottom May Not Be That Important

10 Aug Identifying Bitcoin Price Bottom May Not Be That Important

Posted at 05:53h in Bitcoin News by

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Bitcoin (BTC) 00 has had a rough 2018, losing upwards of 65 percent of its all-time high reached in January. The last few weeks haven’t been particularly fun either – the world’s first and foremost cryptocurrency lost around 12 percent in the last week. It’s amid those declines that investors start questioning whether the price has reached its bottom. But is it that important?

Bitcoin Bottom Not So Critical

Whether Bitcoin00 has reached its absolute bottom, or whether it’s somewhere close to it, doesn’t matter that much according to the CryptoFam community on Twitter.

As evident from the chart below, buying Bitcoin at the absolute bottom is not astronomically more profitable than buying close to it.

As evident from the chart below, buying Bitcoin at the absolute bottom is not astronomically more profitable than buying close to it.

The reason is fairly simple – the magnitude of price movements in cryptocurrencies are substantial. Historically, Bitcoin has had quite a few massive corrections and subsequent recoveries. One of the most notable declines took place between August and November 2011 when…

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