{"id":161442,"date":"2018-08-10T00:00:09","date_gmt":"2018-08-10T04:00:09","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/identifying-bitcoin-price-bottom-may-not-be-that-important\/161442"},"modified":"2021-08-19T14:16:46","modified_gmt":"2021-08-19T18:16:46","slug":"identifying-bitcoin-price-bottom-may-not-be-that-important","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/identifying-bitcoin-price-bottom-may-not-be-that-important","title":{"rendered":"Identifying Bitcoin Price Bottom May Not Be That Important"},"content":{"rendered":"
\"Identifying<\/div>\n

Bitcoin (BTC) 0<\/span>0<\/span><\/span> has had a rough 2018, losing upwards of 65 percent of its all-time high reached in January. The last few weeks haven\u2019t been particularly fun either \u2013 the world\u2019s first and foremost cryptocurrency lost around 12 percent in the last week. It\u2019s amid those declines that investors start questioning whether the price has reached its bottom. But is it that important?<\/strong><\/p>\n

\n

Bitcoin Bottom Not So Critical<\/h3>\n

Whether Bitcoin0<\/span>0<\/span><\/span> has reached its absolute bottom or it\u2019s somewhere close to it doesn\u2019t matter that much according<\/a> to the CryptoFam community on Twitter.<\/p>\n

As evident from the chart below, buying Bitcoin at the absolute bottom is not astronomically more profitable than buying close to it.<\/p>\n

\"As<\/p>\n

The reason is fairly simple \u2013 the magnitude of price movements in cryptocurrencies are substantial. Historically, Bitcoin has had quite<\/a> a few massive corrections and subsequent recoveries. One of the most notable declines took place between August and November 2011 when it lost roughly around 94 percent, dropping from $32 to $2. Yet, the world\u2019s largest cryptocurrency is up<\/a> with over 42,000 percent in the last seven years.<\/p>\n

While buying at the absolute bottom will surely guarantee more gains, the difference, given those astronomical price spikes, shouldn\u2019t matter that much.<\/p>\n

Calling it Nevertheless<\/h3>\n

Popular Bitcoin proponents and traders have attempted to identify the bottom within the last month. Barry Silbert, founder & CEO at Digital Currency Group and early Bitcoin investor,\u00a0said<\/a>\u00a0on July 17th that he thinks the price has reached its low.<\/p>\n

Investment expert Mike Novogratz also shared<\/a> his two cents on the matter:<\/p>\n

I think we\u2019ve pretty much bottomed. I\u2019m not positive we bottomed but it feels like we have. [\u2026] I do think we are building a nice bottom for the next move up.<\/p><\/blockquote>\n

It\u2019s noteworthy that both of those statements were made at times when Bitcoin\u2019s price was higher than what it is today.<\/p>\n

Do you think Bitcoin has bottomed? Don\u2019t hesitate to let us know in the comments below!<\/strong><\/p>\n

\n

Images courtesy of Twitter\/@TheCryptoFam, Shutterstock.<\/em><\/p>\n

The post Identifying Bitcoin Price Bottom May Not Be That Important<\/a> appeared first on Bitcoinist.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) 00 has had a rough 2018, losing upwards of 65 percent of its all-time high reached in January. 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