Bitcoin Fear & Greed Index hit 10 the lowest level since March 2020, and now at 20. At that time, the COVID-19 pandemic had just started to spread around the world, and we had a liquidity crisis in all liquid markets.
This caused the price of Bitcoin to drop by more than 50% in a few hours to a low of $3.2K on some trading platforms.
The fear was extreme. However, a strong rebound was quickly observed thanks to the HODLers of last resort who had seen a unique opportunity to seize. What happened next proved them right.
Today, the price of Bitcoin is at $42K. This is almost 40% lower than the ATH of November 10, 2021, at $69K. But is it time to give in to extreme fear? I don’t think so. Above all, we must keep control of our emotions and take a step back. Don’t panic and take a step back. It’s as simple as that.
If you doubt it, ask yourself this question: would you have been in extreme fear if someone had told you two years ago that the price of Bitcoin would have been $42K in January 2022? I don’t think so!
Don’t let short-term volatility override Bitcoin’s long-term goals. In a few years, the current period will not even appear on the Bitcoin price chart.
Stay strong, Stay Bitcoin HODLers.
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