Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: UKprod on April 27, 2021, 11:36:10 AM
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The price of Bitcoin is hovering around USD 52K at the time of writing this article. In the last 24 hours, Bitcoin hit a bottom of USD 47K and has recovered since. Now you might be wondering if it is the right time to invest in Bitcoin. Here are the 6 reasons why you should:
1. Decreasing Mempool congestion: The current mempool congestion is said to be one of the reasons for the current fall in Bitcoin prices. While this might sound ridiculous, you can check and compare the charts of Bitcoin prices vs. the chart of Mempool Transaction count chart. While this congestion was at its peak between Apr 18 to Apr 24, it has since reduced considerably and we are already seeing Bitcoin price recover. When the mempool congestion is minimum we are likely to see the Bitcoin price rise.
2. Support price: The support price of Bitcoin has been set to around USD 48K-USD 50K by multiple exchanges and researchers. What this means is that when Bitcoin hits these price levels, people will be resistant to sell and large scale buying is expected. What largescale buying means is that the price of Bitcoin will shoot back up again.
3. Acceptance of Bitcoins by Corporations: Given that several large organizations are coming forward to accept Bitcoins as valid mode of payment, it is likely that Bitcoin adoption increases many folds. This is due to the reason that once these large corporation earn in bitcoin, to pay their suppliers, vendors or employees, they would naturally have to use Bitcoins. This increase in usage by itself would drive the demand for Bitcoin high. Further, on seeing large corporations accepting bitcoins, smaller organizations are likely to follow suit and same cycle would be followed by them.
4. Scarcity: While it is needless to say that bitcoin has always had the concept that it would remain scarce and that issue of new blocks would reduce over time, in the recent times, the amount of people engaging in Bitcoin mining has increased to such levels that miners get a very small portion of the mined Bitcoin. In this regard, one major pattern that I have observed is that every time that block rewards get halved the Bitcoin price slingshots to an all time high. This is is clearly visible with the Bitcoin price rising to an all time high in 2017 (1 year after halving in 2016) and now in 2021 (1 year after halving in 2020). Considering the above, I believe that bitcoin is likely to explode by the end of 2021 and break the current all time high again.
5. Increased HODLing: One more reason that I would consider is that there is an increased number of people who get attracted to the technology and concept of Bitcoin and therefore end up HODLing Bitcoin (like me) and would love to see their Bitcoin rise in value over the years rather than selling and making a quick buck. This would propel Bitcoin to higher prices without crashing.
6. Lost wallets: Around 20% of the Bitcoins that have been mined are locked in wallets. As time passes we could see a lot of people actually forgetting where they have kept the private key or seed phrase for their wallets (But ensure you keep them safe :P). This is eventually going to cause decreased supply in Bitcoin over the years and help maintain the increase in Bitcoin prices.
While the above is my analysis of why Bitcoin should be purchased, please carry out your own analysis before you invest in Bitcoin. Further, while I have highlighted the reasons as to why Bitcoin needs to be purchased now, you should also consider various risks, legal/tax issues, etc. before you invest in Bitcoin.
Would be happy to hear your thoughts on this. Thank you.
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Well, bitcoin can be as bullish as it wants, as for me, am never buying bitcoin except I can afford at least half the it which is 0.5 bitcoin, bitcoin is already very expensive and and investing any amount from 10,000 usd down won't likely give me the kind of profit I want, so am just gonna invest it on very good altcoins that are capable of giving me 5 to 10x in a bull market, bitcoin is already made and its only suitable for the rich guys and those who have no appetite of taking much risk, as for me, I love risking my investments on cheap altcoins cus that where I can make the kind of money I want when I jam the right opportunity.
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Even without going through this thread I would buy bitcoin if I have the money, bitcoin has been bullish since last year November and I expect it to be bullish till this year ends, and if everything goes well we might see it at $100,000 before the bull run ends, lastly buying bitcoin under $100,000 is an opportunity no one should miss out on.
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I am not that optimistic about the future of bitcoin. Cryptocurrency is developing very quickly, especially recently, and bitcoin has practically stopped in its development. While it still continues to be interesting as a speculative financial instrument, however, this may also fall due to the fact that bitcoin has already grown in price and many note difficulties in investing in it against the background of the increased risk of its price fall.
Now, in my opinion, it is more profitable to invest in ethereum and other promising altcoins.
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I am not that optimistic about the future of bitcoin. Cryptocurrency is developing very quickly, especially recently, and bitcoin has practically stopped in its development. While it still continues to be interesting as a speculative financial instrument, however, this may also fall due to the fact that bitcoin has already grown in price and many note difficulties in investing in it against the background of the increased risk of its price fall.
Now, in my opinion, it is more profitable to invest in ethereum and other promising altcoins.
many experts suggest that if the capitalization of bitcoin increases by an average of 15 times, then its price will not only rise very high, but will also become stable. It was during this period that the volatility of Bitcoin will drop very much and BTC will act as a reliable storage. But I very much doubt the use of it as a means of payment in a person's daily life, since transactions have a high cost.
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Of course, these are very good reasons to have some bitcoin in your portfolio for a long time. Bitcoin needs to be held for a long time, as for me it is real digital gold. But for speculation and quick earnings, I prefer altcoins, especially since the real altseason is underway now.
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Buying Bitcoin is always a good decision but it is better to buy at the right time, especially if you plan it for the short term. In the early of this day, Bitcoin has reached the price of around $55K. While now, the price of Bitcoin is likely to drop quite significantly, probably declines to $50K. So, analyze first where the price to go, if it is possible to drop more, just buy tomorrow or on Sunday.
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The price of Bitcoin is hovering around USD 52K at the time of writing this article. In the last 24 hours, Bitcoin hit a bottom of USD 47K and has recovered since. Now you might be wondering if it is the right time to invest in Bitcoin. Here are the 6 reasons why you should:
1. Decreasing Mempool congestion: The current mempool congestion is said to be one of the reasons for the current fall in Bitcoin prices. While this might sound ridiculous, you can check and compare the charts of Bitcoin prices vs. the chart of Mempool Transaction count chart. While this congestion was at its peak between Apr 18 to Apr 24, it has since reduced considerably and we are already seeing Bitcoin price recover. When the mempool congestion is minimum we are likely to see the Bitcoin price rise.
2. Support price: The support price of Bitcoin has been set to around USD 48K-USD 50K by multiple exchanges and researchers. What this means is that when Bitcoin hits these price levels, people will be resistant to sell and large scale buying is expected. What largescale buying means is that the price of Bitcoin will shoot back up again.
3. Acceptance of Bitcoins by Corporations: Given that several large organizations are coming forward to accept Bitcoins as valid mode of payment, it is likely that Bitcoin adoption increases many folds. This is due to the reason that once these large corporation earn in bitcoin, to pay their suppliers, vendors or employees, they would naturally have to use Bitcoins. This increase in usage by itself would drive the demand for Bitcoin high. Further, on seeing large corporations accepting bitcoins, smaller organizations are likely to follow suit and same cycle would be followed by them.
4. Scarcity: While it is needless to say that bitcoin has always had the concept that it would remain scarce and that issue of new blocks would reduce over time, in the recent times, the amount of people engaging in Bitcoin mining has increased to such levels that miners get a very small portion of the mined Bitcoin. In this regard, one major pattern that I have observed is that every time that block rewards get halved the Bitcoin price slingshots to an all time high. This is is clearly visible with the Bitcoin price rising to an all time high in 2017 (1 year after halving in 2016) and now in 2021 (1 year after halving in 2020). Considering the above, I believe that bitcoin is likely to explode by the end of 2021 and break the current all time high again.
5. Increased HODLing: One more reason that I would consider is that there is an increased number of people who get attracted to the technology and concept of Bitcoin and therefore end up HODLing Bitcoin (like me) and would love to see their Bitcoin rise in value over the years rather than selling and making a quick buck. This would propel Bitcoin to higher prices without crashing.
6. Lost wallets: Around 20% of the Bitcoins that have been mined are locked in wallets. As time passes we could see a lot of people actually forgetting where they have kept the private key or seed phrase for their wallets (But ensure you keep them safe :P). This is eventually going to cause decreased supply in Bitcoin over the years and help maintain the increase in Bitcoin prices.
While the above is my analysis of why Bitcoin should be purchased, please carry out your own analysis before you invest in Bitcoin. Further, while I have highlighted the reasons as to why Bitcoin needs to be purchased now, you should also consider various risks, legal/tax issues, etc. before you invest in Bitcoin.
Would be happy to hear your thoughts on this. Thank you.
As per my analysis, I hoped it would reach at least $65K level and started off a trade with 10x leverage. So far I have made a gain of about 50%. As soon as it hits $65K I would make a profit of approx 100% ;) :)
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Bitcoin is always the best coin to invest because its supply is decreasing day by day and new big investors are buying and storing their btc for future. They are unlikely to sell their btc. And also the bull run has not end yet. I think bicoin will some more ATH before the end of crypto bull run. Always BTC is the bet for long term holding.
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My reason: You will want to purchase Bitcoin to use as currency (as opposed to an investment). For example, you might make transactions via websites that transact in cryptocurrency or get better deals when you pay in cryptocurrency. If you need to make a transaction or transfer money abroad, Bitcoin can offer a better exchange rate than USD.
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It's always advisable to buy bitcoin at whatever price as long as you have the funds to do so. Bitcoin will only keep rising and you have to cash the moment and hold.
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Well, bitcoin can be as bullish as it wants, as for me, am never buying bitcoin except I can afford at least half the it which is 0.5 bitcoin, bitcoin is already very expensive and and investing any amount from 10,000 usd down won't likely give me the kind of profit I want, so am just gonna invest it on very good altcoins that are capable of giving me 5 to 10x in a bull market, bitcoin is already made and its only suitable for the rich guys and those who have no appetite of taking much risk, as for me, I love risking my investments on cheap altcoins cus that where I can make the kind of money I want when I jam the right opportunity.
This is one of the thing I was saying to a friend when he was advising me to bag some Bitcoin, I told him I don't really have alot of money to make a reasonable profit on Bitcoin, because I can't buy 50usd of Bitcoin and expect a greater reward, the 50usd will only be 100 when the current value of Bitcoin multiply by two, if I can't afford greater than half of the market then it's useless
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Numerous digital currencies have seen massive price increases, all led by the one and only Bitcoin (BTC), which has surpassed $61,000 a coin. Though BTC is an easy option for many cryptocurrency buyers, others are searching for some less expensive but equally tempting coins to add to their portfolios. So why you buy Bitcoin now at 50k? Altcoins is the better choice for the investor with small funds
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Your Bitcoin price analysis is on point the price dipped at the time you made the buy call and the price correction had been over, the price has been bullish in the past few days ago and I investors who bought at $50k to $53K are now in profit, hopefully the continue to sustain the bullish ride to $60K.
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Your Bitcoin price analysis is on point the price dipped at the time you made the buy call and the price correction had been over, the price has been bullish in the past few days ago and I investors who bought at $50k to $53K are now in profit, hopefully the continue to sustain the bullish ride to $60K.
of course it is very good if the results of the analyzes have already shown the right direction several times, in accordance with what is happening in the cryptocurrency market. I think one should stick to this course and take into account the research of this person.
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Recently Bitcoin price less than $60000 and Very soon bitcoin price will be hitted more than $65000 within several days. Recently most of the countries again supporting bitcoin as example USA already permitted 104 bitcoin atm newly.
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Buying coins specially Bitcoin in dip is a Wise decision.For long term holding Buying in the given Range is right but in short term it might be Risky because Bitcoin can test 43k level according to some experts.
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Buying coins specially Bitcoin in dip is a Wise decision.For long term holding Buying in the given Range is right but in short term it might be Risky because Bitcoin can test 43k level according to some experts.
actually for bitcoin, whenever you decide to buy is something that needs to be appreciated, of course if it's being corrected it's definitely even better. the most important thing is that there are funds that can be used because we know that the price of bitcoin is quite high. Bitcoin has always been very profitable to use as a long-term investment.
but some time ago it seems that the trend of bitcoin has also changed, because daily trading is also quite profitable because the difference generated is quite good, which is precisely what daily trading is waiting for. the more rapid up and down movements there are, the more transactions that can be done.
currently it is out of the ordinary that bitcoin underwent a deep correction and it is not known if there was any bad news impact from @elonmusk or the country of china. but let this bad news end soon and bitcoin will begin to be able to move again to increase.
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Well it's seen that the current price of bitcoin isn't good at all for people who bought at 50k upwards bitcoin hits 33k, this is really a massive dump. There has been so much FUD recently in the crypto space which is actually the main reason behind this dump, most hodlers has sold thier bags, but believe soon we will be seeing a massive pump.
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Well it's seen that the current price of bitcoin isn't good at all for people who bought at 50k upwards bitcoin hits 33k, this is really a massive dump. There has been so much FUD recently in the crypto space which is actually the main reason behind this dump, most hodlers has sold thier bags, but believe soon we will be seeing a massive pump.
I agree about the market going to see the reverse in a few weeks which is a given anyway since we cannot be in a bear or downward trend forever but I do understand why most people panicked and I hope they didn't. Haven said that this is a good time to buy back in, I believe the market will be seeing an uptrend from now even though it might be gradual.
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Well it's seen that the current price of bitcoin isn't good at all for people who bought at 50k upwards bitcoin hits 33k, this is really a massive dump. There has been so much FUD recently in the crypto space which is actually the main reason behind this dump, most hodlers has sold thier bags, but believe soon we will be seeing a massive pump.
Yes, you are right, now the state of the cryptocurrency market is very bad, every time the market situation can be more dumping. That's why I think trading at this time is very risky, especially for those who will transact in futures. With a fall in the price of the coin, the cryptocurrency market will fall sharply. For now I am only following the movements of the cryptocurrency market. And stay calm and instruct for a while to get more energy for the upcoming crypto marathon.
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As at the time this post was made as stated by OP, the price of btc was around $54k and did get to the highs of $60k+. Within this range, profits where made for being in the market. After the highs of $60k+, the price then went down to the lows of $34k and even below. These lows made so far are from fundamental analysis from the government affecting the use of Bitcoin/crypto currency within it's environs.
So, one who bought earlier will face losses and think s/he has made the worst mistake, but with patience, the market will bounce back. Where I am trying to hit at is no best price mark to make a buy/invest, cause anything can happen at anytime, just be ready to face the challenge when it comes, that's what makes it fun.
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Well the number 7 reasons bitcoin is now cheaper, this is the right time to buy bitcoin and hold for long, I believe it will hit 100k in the future I don't know if this year will happen but maybe in the next year so buy it now..
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I wonder what the author now thinks about the market and the support of bitcoin in the region of 47 thousand.$ for some reason, now I see that bitcoin is marking time and a kick is needed for bitcoin to show new ATH, and better good news from those people who dumped it.
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The price of Bitcoin changes all the time, and when the price drops that's the right time to buy it. And to find out about this, we must continue to monitor price movements in the market. Because the price of Bitcoin is changing very quickly, therefore in making a decision to buy or not we must also be fast, confident and don't hesitate.
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Perhaps those who bought Bitcoin around 50k$ to 53k$ are now sad because the price value went down now around 37k$ almost every bitcoin. Meaning, at the price so far of bitcoin is much better a good chance for us to buy now than hold in a while and wait for its time to rise again in the market.
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I'd outline Spores I'm up to, would discuss their functionality with u. What I like, NFT swap & wrapping across major blockchains (Ethereum, BSC, Cardano,etc), erasing market fragmentations, everyone can create NFTs without coding skill, trade without underlying blockchain knowledge. Curious to hear ur opinion
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Perhaps those who bought Bitcoin around 50k$ to 53k$ are now sad because the price value went down now around 37k$ almost every bitcoin. Meaning, at the price so far of bitcoin is much better a good chance for us to buy now than hold in a while and wait for its time to rise again in the market.
Yes of course mate, because at this time the price of Bitcoin has experienced a big dump. Maybe now is a fast time to buy Bitcoin, because the price is low, the opportunity to make a profit will be greater. But still don't rush to buy it, because prices can change very quickly. So keep an eye on prices and do more research.
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Perhaps those who bought Bitcoin around 50k$ to 53k$ are now sad because the price value went down now around 37k$ almost every bitcoin. Meaning, at the price so far of bitcoin is much better a good chance for us to buy now than hold in a while and wait for its time to rise again in the market.
Yes of course mate, because at this time the price of Bitcoin has experienced a big dump. Maybe now is a fast time to buy Bitcoin, because the price is low, the opportunity to make a profit will be greater. But still don't rush to buy it, because prices can change very quickly. So keep an eye on prices and do more research.
Yes, If you bought in at a lower price as in this market price is definitely better for investment because we would be able to make more profits than those that bought at $50k+ but if you believe in Bitcoin and you are investing not just for quick profits, then buying at any time is still good because you don't really know that the price would come down this much and your aim is to Hodl for a longer period which would guarantee profits anyways.
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Your Bitcoin price analysis is on point the price dipped at the time you made the buy call and the price correction had been over, the price has been bullish in the past few days ago and I investors who bought at $50k to $53K are now in profit, hopefully the continue to sustain the bullish ride to $60K.
of course it is very good if the results of the analyzes have already shown the right direction several times, in accordance with what is happening in the cryptocurrency market. I think one should stick to this course and take into account the research of this person.
As we can already see, buying bitcoin at the end of April at a price of $ 50,000 - $ 53,000 was not the best decision. Now its price periodically falls to $ 30,000 and if it does not fall even lower, and some predict its fall to $ 20,000, then the current price is the most acceptable for a purchase.
However, now I prefer to increase my volumes in ethereum. Given the grandiose upgrades to its network, investing in this coin can bring even greater returns than investing in bitcoin.
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After the series of market corrections in which the Bitcoin price falls to $30k then I believe that this is the right time to buy again while the price is cheap. Aside from your given reasons, most of the experts also believe that Bitcoin will reach $100k this year so I think we should not miss this once-in-a-lifetime opportunity.
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After the series of market corrections in which the Bitcoin price falls to $30k then I believe that this is the right time to buy again while the price is cheap. Aside from your given reasons, most of the experts also believe that Bitcoin will reach $100k this year so I think we should not miss this once-in-a-lifetime opportunity.
Couldn't agree more, now seem to get the right time to buy btc compare to when it was around 50k and above when this post was created, every dip is an opportunity to grab more btc while you can because the Market can change at any time and price can suddenly start pumping, so no need to worry so much about the market correction.