Hi , I'm new so basically I still have a lot to learn about the cryptocurrency , but I would like to know if it would be possible for the bitcoin to start the downfall ? I mean like what scenario can happen that the bitcoin would be pushed back like 5-6 years ?
Sorry if my post is in the wrong place or it's not relevant.
Bitcoin lost %80 of its value after the GoX crash in late 2013. People panic sold their coins in despair. The price fell from over 1k$ to as low as 200$ in time. The recovery took very long time but those who hold their coins won the jackpot. Even the top buyers made at east %100 profits since then.
Can bitcoin lose its value? Yes. Only for a time.
In the long run, there will be a recovery as always.
The Solution: If you won't be able to deal with the pain of holding bitcoins for long years, only hold the amount you can afford to lose.
+1 this is a good advice and strategy if Bitcoin will really comeback in downfalls it may be double or triple the value when it arise from a 80% crash like what happened few years later.