So, I was reading about the current slump of Bitcoin and other cryptos somewhere on the internet.
The latest news being analysed was how Bitcoin had dropped below $20,000 for the first time since year 2020, and while some spoke about the possibility that Bitcoin may drop even further, a netizen confidently predicted that after July 24, 2022, when ‘the EMA lines on weekly chart cross, cryptocurrencies will rise again.
I am waiting to see if this will happen of not. July 24 is just over a month away.
Do you believe the netizen that crypto will bounce back then, or you think he’s a hodler probably trying his own bit to stabilize the market?
Bitcoin, it’s never stable. It goes up and down. I find it difficult to invest on it
Even me
People actually made money from Bitcoin when it first started. But now, it has dropped.
The prediction might come true who knows but for now I don’t believe it can come through dramatically like that .
Is it true, people can made money from Bitcoin?
Of course yes!
@yamcy
It’s easy to make money on Bitcoin if the timing is right. It’s also easy to lose money on Bitcoin.
Some people bought Bitcoin when it was $10 for one. Today that same Bitcoin is now $20,000 for one. That is millions in Nigerian Naira.
But many people have also invested in Bitcoin and lost all their money. Like someone will invest in N1 million worth of Bitcoin and then the price begins to crash and the Bitcoin becomes valued at just N200,000. That means a loss of about N800,000. But some didn’t rush to sell, and later the same amount of Bitcoin that fell to N200,000 rose to N2 million, meaning gain of N1.8 million.
So, Bitcoin price fluctuates up and down like a pendulum. No one knows when it will stabilize, and whether it will still be attractive for speculators if it stabilizes.