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The price of Bitcoin has just dropped back below $30K. As of this writing, the price of Bitcoin is $29.6K. It may well be lower by the time you read this article. If the current support area were to break down, then the price of Bitcoin could go on to test lower supports around $28K and then $24K.
For many, Bitcoin has now entered a Bear Market.
I am far from being so categorical, and I think that the current situation is not catastrophic. We'll see what happens, but I still stand by my belief that the current situation is a unique opportunity to accumulate more BTC.
The price of Bitcoin was stuck around $10K only a year ago
To do this, you need to get past the short-term view of Bitcoin that traps you in the volatility of its price over short periods of time. Instead, you need to step back and take a long-term view.
If you do that, you'll see that a year ago the price of Bitcoin was struggling to get above $10K. Everyone thought it was a boring time, and then, after a few months, the Bitcoin bull run was able to start.
I think that a situation of sideways movement in the price of Bitcoin around $30K awaits us for the next few weeks. So patience will be required for those who want to profit from Bitcoin.
Many people have the wrong strategy with Bitcoin, buying only when its price reaches new ATHs
For many, the strategy with Bitcoin is the same: buy Bitcoin when its price keeps rising towards a new All-Time High (ATH). A majority of investors have been doing this since the beginning of 2021. Many continued to buy Bitcoin massively above $60K.
Today, the price of Bitcoin has dropped more than 50% from its ATH. All the buyers of Bitcoin at $60K, well the vast majority, are getting scared and not buying Bitcoin anymore.
If you were able to buy Bitcoin at $60K, buying it at $30K is a unique opportunity.
To build your future success with Bitcoin, you're going to have to apply an ancient principle that has helped many people in history achieve great success. It's called the "Invert, Always Invert" principle.
This way of thinking was popularized by the German mathematician Carl Gustav Jacob Jacobi, famous for his work on elliptic functions. When faced with complex problems, he followed the strategy: "man muss immer umkehren". If you don't speak German, this usually translates into "Invert, Always Invert".
You need to learn to think backward with the "Invert, Always Invert" principle
This principle reminds us that when faced with a complex problem, it is important not to limit yourself to one way of thinking. You must think forward and backward. Inversion frequently forces you to look at hidden aspects of your problem that you would not have considered with the classic approach.
Warren Buffett's trusted partner for decades, Charlie Munger, is a big proponent of this approach:
“Invert, always invert: Turn a situation or problem upside down. Look at it backward. Tell me where I’m going to die, that is, so I don’t go there.”
For Charlie Munger, it is even obvious that "many problems can't be solved forward". De facto, you have to think with this inversion principle to get through it.
Buying Bitcoin when everyone else is panicking will allow you to benefit even more from its revolution
With Bitcoin, you face a similar situation if you want to take full advantage of its revolution. Rather than waiting for the market to get greedy and for Bitcoin to reach new ATHs to buy Bitcoin, you need to act on your own.
That means understanding Bitcoin, and discovering why it is our best hope for a better future.
Then you'll come to the same conclusion as all Bitcoiners: buying Bitcoin at $30K is an incredible opportunity. The price of Bitcoin will rise again sooner or later, and it can't be any other way given the incredible demand there will be for Bitcoin in the future.
By buying before that demand starts to explode again, you'll be ahead of the game and solve the problem you've been facing: how to take full advantage of Bitcoin.
So the secret is to take the opposite approach. First, put your trust in Bitcoin and then fully support its revolution. Time will then allow you to enjoy it if you are patient because Bitcoin always rewards patience.
Final Thoughts
Some will tell me that the price of Bitcoin may yet fall from its current price to $20K. This is a possibility that you can't rule out and neither can I. However, that doesn't mean you should take the risk of missing the current opportunity.
Consider that a DCA (Dollar-Cost Averaging) buying strategy will allow you to avoid missing the Bitcoin opportunity while smoothing out your costs to cover yourself from an even steeper drop in the price of Bitcoin if that is your biggest concern.
