Bitcoin: What's Next for the King of Crypto?

I'm back! (In Mariah Carey's voice). And yes, it's not too late to say Happy New Year, people! It's been a while—what have you all been up to? For me, I’ve been working behind the scenes, watching the charts, spending quality time with family during the holidays, and partying with the best team—the Busha fam. Our end-of-the-year party? Always lit, back-to-back (ifykyk). With the new year in full swing, the crypto market has already given us plenty to discuss, with Bitcoin’s recent swings taking centre stage.

Since the year started, Bitcoin has experienced a significant dip, falling from $108,000 to around $93,000. You’re probably wondering: What happened? What’s next for the king of crypto? By the end of this article, you should have a clearer idea of whether it’s time to double down or be cautious about trading or HODLing Bitcoin.

The Dip: A Natural Adjustment or the Beginning of a Bigger Fall?

For those familiar with Bitcoin, its volatility is nothing new. Over the years, we’ve witnessed tremendous ups and downs, usually accompanied by new highs. Bitcoin’s recent dip below $100K is no exception and can be attributed to various factors, including market corrections and broader economic conditions. However, experts aren’t panicking. Many believe this is simply a healthy adjustment following Bitcoin’s massive rally.

The Bullish Signals.

Looking at the bigger picture, Bitcoin’s foundation remains strong. It still leads the crypto market, and major players like MicroStrategy continue to hold substantial positions. Institutional interest in Bitcoin remains strong, signalling confidence in its long-term value.

Additionally, historical data shows that January often brings positive returns after market dips like the one Bitcoin is experiencing now. There’s also the possibility of fresh capital inflows from developments such as payouts from FTX claims, which could give Bitcoin the push it needs to break past its current resistance levels.

So What then is Next?

While the recent dip might cause concern,? it's important to adopt a long-term perspective. Some analysts predict Bitcoin could exceed its 2024 high of $108K and potentially reach $250K in 2025. These bullish forecasts are grounded in Bitcoin’s consistent recovery from dips and the ongoing expansion of the cryptocurrency space.

To wrap up this article, I'll say Bitcoin’s dip might be a temporary blip or a golden opportunity to HODL before the next big spike. Those familiar with the volatile nature of Bitcoin understand that patience and perspective are crucial. After all, volatility is the entry price for those looking to ride the crypto wave.

So, what’s your take on the Bitcoin dip? Is it an opportunity to buy or a sign to wait?

Written by: Ruth Oyibocha