When HODLING Bitcoin, There’s Only One Number That Really Matters

Hint: this number is not the price of Bitcoin.

Bitcoin started the year at around $7K. Buoyed by the risk of war between the United States and Iran, then by the coronavirus, and finally by a positive sentiment with the third Halving in its history approaching, Bitcoin saw its price exceed $10K on February 9, 2020.

Quickly, some people got excited. I saw a lot of people saying that Bitcoin would never go below $10K again.

Of course, it did not. Bitcoin follows its own rules, and evolves at its own pace. Forty-eight hours after the $10K drop, Bitcoin was back to around $9,600.

Bitcoin then crossed the $10K again a few days later. The technical analysis specialists immediately saw a golden cross in the evolution of Bitcoin price. Generally, this candlestick pattern is a strong bullish signal in the short term.

That was all it took for many people to say that Bitcoin would never be seen below $10K again.

Again, they were wrong since Bitcoin fell below $10K again on February 19, 2020. Its price even dropped more than 5% in just a few hours.

I guess many were disappointed to see Bitcoin back around $9,600 when it was never supposed to go below $10K again according to some experts.

Personally, the fact that Bitcoin has fallen below $10K several times, and that it is stagnating around that mark, doesn’t surprise me. I explained in a story why this back and forth will continue for some time to come, and especially why this consolidation phase was a good thing for Bitcoin.

In what follows, I will tell you why all this information about the short-term price of Bitcoin doesn’t matter. I will also explain that there is only one number that counts if you own Bitcoins today.