Bitcoin is in the midst of a bear market, trading 51% below its record price from last October.
Despite geopolitical risk and inflationary pressures, Bitcoin has failed to perform as expected, leading investors to reassess their portfolios.
Crypto expert Neil Patel suggests that patience is key when it comes to investing in Bitcoin. He points out that the current bear market is nothing new for the cryptocurrency, which has experienced numerous price drops of over 50% in the past and always recovered to hit fresh all-time highs.
Patel believes that investors should hold onto their Bitcoin for at least five more years, citing the asset's 64% return over the past five years as a sound investment. He also notes that major financial institutions such as Morgan Stanley and Charles Schwab are still showing support for Bitcoin by launching various crypto-related products.
Patel emphasizes the importance of maintaining conviction in the opportunity and being disciplined in tough times to achieve big gains.