Zooming out: How is Bitcoin doing?

If you look at the short-term price violence of Bitcoin, you may sometimes become pessimistic if that is not necessary. Due to the price explosions of the past, people have enormous expectations of Bitcoin, making the current price disappointing for some.

At those moments it can be good to zoom out for a moment.

The big picture

Looking at the bigger picture, there is little evidence of the bearish sentiment that currently seems to dominate.

Never in history has the price in June been as high as it is today. We always focus a lot on the all-time high and how far Bitcoin is from it, but don’t forget that the price record is also just a snapshot.

In my opinion, it is better to look at the longer term. The all-time high of March 14 was a very short period when Bitcoin was at the level of $ 73,800.

At that level, maybe only a few Bitcoins have moved back and forth. The same goes for the all-time high of $69,000 from 2021.

Focus on the long term

To illustrate this, I am attaching the following chart of Bitcoin, which gives us a good idea of ​​the previous bull market. Bitcoin was only above $60,000 for a few weeks.

In that respect, we can say that the current price of Bitcoin is not that bad at all. The longer Bitcoin stays at this level, the more people will get used to a Bitcoin price of 60,000 dollars.

The more Bitcoin that changes hands around this price, the stronger the foundation we build at these levels. Patience is a virtue, especially when it comes to Bitcoin. New price records are never a guarantee, but there is certainly no reason to panic at the moment.

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