Nocoiners Will Regret For Not Buying Bitcoin When It Hits $100K: Crypto Developer Jimmy Song

Nocoiners Will Regret For Not Buying Bitcoin When It Hits $100K: Crypto Developer Jimmy Song

The crypto market has succumbed to an intense period of breakneck volatility over the past few weeks which has seen Bitcoin (BTC) plunging from as high as $10,500 to the current $7,881.99.

The correction was seen across all markets worldwide as coronavirus fears spread. Governments around the world have tried to blunt the impact of the novel virus with various measures like slashing interest rates, but investors are still somewhat spooked.

Bitcoin has not been spared. The flagship cryptocurrency has been under the tight grip of bears -save for a few short-lived instances- despite many expecting it to emerge as a safe-haven asset. However, there are many fundamental factors that are bullish for the price of BTC in the long-term.

A cocktail of these positive factors will possibly push BTC to a valuation of $100,000 in the future. And as this comes to fruition, Jimmy Song, Bitcoin developer, educator, and entrepreneur predicts that those who didn’t invest in the top crypto are going to regret it.

What these people won’t remember is that they witnessed all the frantic uncertainty in the market and instead of taking advantage of it and buying the dips, they shied away. HODLers, on the other hand, will reap the benefits of holding their bitcoin through the tough storm.


Buy When There Is Blood In The Streets

As Song has suggested, those who swim against the current and buy the dips will be smiling in the long haul. Yet, during bad times like these, most investors are afraid of holding cryptocurrencies as they fear it will only get worse.

The crypto fear and greed index currently points to 16 which means that there is “extreme fear” among investors. However, according to historic data, the crypto markets have always witnessed an impressive rally every time this fear and greed index plummeted to 20 or lower. In other words, there seems to be a certain relationship between the market sentiment hitting rock bottom and a massive surge following soon afterward.

Case in point, in late-October last year, the index fell to 20 and was followed by a momentous price rally that took bitcoin from $7K lows to above $10,000 within a few days.

While it’s not a guarantee because the crypto markets are highly volatile, the eerily correlation indicates that a rally could be on the horizon. Moreover, bitcoin halving is just over two months away. This event is viewed as mega bullish based on demand/supply economics.

Per the well-known stock-to-flow model created by analyst PlanB, bitcoin should experience a face-melting bull run that catapults its price to $100,000 by the end of next year.

As such, it would be wise to take advantage of any market pullbacks to avoid being among the people that regret once bitcoin takes off. The old adage of “buy when there is blood in the streets, even if the blood is your own” augurs well for investors as things currently stand.