- The price of Bitcoin is dipping closer to $40,000.
- Will we see a greater dip due to panic-selling?
- Long-time hodlers stand firm and wait for Bitcoin to hit $100,000.
As we near the final quarter of 2021, tensions seem to be high in the crypto world. Many analysts say that the price of Bitcoin will surpass $100,000 by the end of this year. However, the crypto market itself seems to be failing to meet this expectation at this point in time.
In detail, the price of Bitcoin is currently at $42,616.30. This is quite the dip in comparison to its price of $52,774.41 from just two weeks ago. This does not seem to bode well as the last ATH for Bitcoin is set at $64,863.71.
Many analysts were certain of a couple of significant dips before the price would shoot up to $100,000. In fact, one analyst said exactly this — the price will go up to reach the $50,000 mark and then dip before skyrocketing to $100,000.
From past events, we can recall that every time there is even a small dip in the price of Bitcoin, most daily traders end up panic-selling their assets. At the moment, in fear, these traders speculate that the price of Bitcoin could drop to $37,000, if not lower.
On the other hand, long-time hodlers, seasoned traders, investors, and analysts are in it for the long haul. With 10% of the world’s Bitcoin traders hodling 99% of the total circulating supply of Bitcoin, it is safe to say that the assets are in good hands.
Most of these hodlers are true believers of Bitcoin, its technology, its possibilities, and the changes it can bring to the world. With that said, it is highly unlikely that these hodlers will sell any of their Bitcoin assets anytime soon. Therefore, it is only inevitable that the price of Bitcoin will go up.
Besides, there is much happening in the crypto space right now. For instance, Bitcoin has just become a legal tender in El Salvador. It could become a legal tender in many other nations too. Sure, there are countries that are tightening their crypto regulation at the moment, but once that’s settled, cryptos will be on the rise again.