On June 24, Bitcoin (CRYPTO: BTC) briefly dipped below $60,000. But as of this writing in the evening, it has traded back up to almost $61,000.
Nonetheless, the market is giving us a clear message: It wants nothing to do with the dominant cryptocurrency right now. Bitcoin is currently off 52% from its all-time high. Fear is winning the battle over greed.
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Investors can learn a lot by studying the past. When it comes to the most valuable digital asset, history shows us what happens next.
Lower your time preference
Investors who follow Bitcoin experts often hear them discuss time preference. They always mention how this crypto favors patient, long-term investors. This just means you’ve adopted a long-term time horizon, with patience as a key mental attribute, rather than aiming for quick profits.
Bitcoin’s price performance has been discouraging. But bear markets are very common with this cryptocurrency. In the past decade, Bitcoin has registered a 50% decline from a prior high three times (excluding the current drawdown).
About four years ago, investor discipline was mightily challenged. From November 2021 to November 2022, Bitcoin’s price tanked 76%. Over the subsequent 43 months, it rose by 284%. Remember, this is during a major bear market and its aftermath.
Capital flows will continue to have a pronounced impact on Bitcoin supply and demand, which influences the price. Over several years, the digital asset has marched higher. There’s no reason to believe that past trends won’t continue, especially for those who focus steadfastly on the long term.
Separate price action from fundamentals
Bitcoin has always rebounded from recent lows to establish new highs. I firmly believe this will still be true. For what it’s worth, Bitcoin has never posted two straight years of losses. It declined 5% in 2025. That’s not a guarantee of 2026 gains, but it bodes well statistically for the rest of this year.
Bitcoin’s price at each halving has always been significantly higher than at the previous one. The next halving event is expected to occur around April 2028, at which point Bitcoin should have appreciated from the price of about $64,000 in April 2024 at the last halving.
And Bitcoin’s fundamentals are still strong, as indicated by the number of nodes, miners, and developers involved with the network. The blockchain has never been hacked, even though there are heightened concerns about quantum computing, which appear overblown right now.