Bitcoin took a whole year to crash from ~$19.700 to ~$3.200 losing roughly 84% of it's value. It took three years for it to get back to $19.700.

First of all I'm not suggesting people should buy or sell their crypto right now this is simply just some simple facts and my opinion.

I need to preface this by saying the crypto space is in a much different place than it was in at the end of 2017. More people are knowledgeable about blockchain technology and the cryptocurrency industry at large. It's come a long way in a short amount of time.

However every winner is bound to pick up a few "glory chasers" on their way to stardom. Everyone loves a winner, especially a money making winner. And just like seemingly everyone became an overnight Golden State Warriors fan when they found amazing success with the splash bros, the same happened with crypto the last year+. People who were in the past making fun of it were suddenly asking what's the best way to buy Bitcoin. Everyone wanted in. Now many of the tag alongs who were only interested in the gains are jumping off, predictably.

I see so many shills on this sub commenting something along the lines of "now is the time to buy" and regardless of their intentions I feel like an extremely volatile time like this is not a very appropriate time to give out biased opinion based suggestions of whether people should be buying or selling.

Maybe this is the exact time to buy who knows but it's certainly not a time to risk money you can't afford to lose, given the history of Bitcoin.

According to Yahoo Finance Bitcoin peaked in value on:

December 16th 2017 when it was valued at $19.716 per coin.

Then the crash began.

Bitcoin didn't reach it's true floor until a year later:

On December 15th 2018 when it was valued at $3.191 per coin.

In the span of a year it lost ~84% of it's peak value.

It took three years for Bitcoin to get back to it's late 2017 peak:

On December 16th 2020 it finally reached the $19.716 mark again, closing out the day @ $21.310.

No two crashes are the same. Some take years some take months others a single day. We have no idea what's going to happen but sure as the day is long this is an extremely volatile time so please be careful both with your own currency and what you recommend other people to do with theirs.

Edit:

Please take care of your mental health. If you're really going through it, talk to somebody about it, anyone, or write it in a note or on a piece of paper. Just getting the thoughts out helps. Exercise and puppy videos also don't hurt. This will all pass, it's just a matter of time and patience. This post is not intended to spread fud, please don't take it that way. What's that saying, those who won't learn from history are doomed to repeat it or something rather. It's better to least know a little about what happened last time and be mentally prepared if it should happen similarly this time. The turn around will hopefully be quicker this time.