Bitcoin price has raised above $7,000 mark at the start of November. It might sound like a great deal for the early day bitcoin investors, but for those who are opting in the cryptocurrency game just now, this might turn into a negative experience in the short term.
About 5 months ago I experienced my first FOMO (fears of missing out) and decided to invest in bitcoins (and few other altcoins). I quickly developed the so-called dollar-cost averaging approach and decided to acquire 3-4 altcoins once in a month until the end of 2020.
Remember your capital is at risk, never invest capital you cannot afford to lose!
I remember I bought the first bitcoins (satoshi's) for the price of about $2,700 in July. Now a couple of months later in November, I bought a few satoshis already at $7,100 price level. Bitcoin price has increased more than 2.6 times in just 4 months. If you invested $10,000 in July, you are having about $26,000 in November.
Sadly I didn't make a 10K Investment in bitcoins back then, actually, my total net worth portfolio just recently has reached $10,000 value. Instead, I keep investing month after month in bitcoin EUR50 (USD 58.10) per month using dollar cost averaging.
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Dollar cost averaging bitcoin chart
As of writing this, the current total bitcoin value in my portfolio has have grown by 93% in just 4 months
Sure I feel glad about such performance, but also I feel worried, as I understand this bull trend will end sooner or later and the value could decrease.
There is an easy explanation why Bitcoin price keeps climbing, it's because of the hard forks, with the upcoming Seagwit2x hard fork being the top driven force in November. Nobody knows for sure what will happen after this fork:
After years of debate on the best path forward, a new code proposal called Segwit2x is set to put the cryptocurrency – the world's largest by value – to the test. And while it boasts significant support from miners and businesses, it remains unclear whether the new code will change bitcoins' rules, or if another new cryptocurrency will be created (one already being branded bitcoin2x by some).
Speaking of me, I keep being optimistic in the long run, but very uncertain about the upcoming months. I keep believing that we will see Bitcoin price at $10,000 soon (probably even in 2017), but also I feel that price could drop drastically. Also, I feel that dollar-cost averaging approach is one of the best ways to invest in cryptocurrencies.
What about you, think Bitcoin price could reach $10,000 or it will drop? Leave a comment, readers and I would love to hear!