Topic: 6 reasons why you should buy Bitcoin right now (at USD 50K-53K) - page 2. (Read 881 times)

You should do that and not to worry yourself that much, if you already settled with your plans then executing it is the best way for you.

No need to think of whatever possible next market run but instead focusing with how will you gained good compensations from this venue of investment, take whatever you can and pla again for your next move.

We should established this kind of mentality instead of stressing out ourselves during our stay inside the market.

I'm really worried about the fall in BTC dominance and the rise of altcoins, isn't this the movement of end of bullrun season? Once altcoins takes over for sometimes it's a sign that by season is fading, anyways I will stick with my old plan which is taking profits and risking very little amount of money

I'm really worried about the fall in BTC dominance and the rise of altcoins, isn't this the movement of end of bullrun season? Once altcoins takes over for sometimes it's a sign that by season is fading, anyways I will stick with my old plan which is taking profits and risking very little amount of money

Bitcoin is a very good coin and is good for investing in the long term. because bitcoin in some countries has become a legal means of exchange, however, in the exchange system there are always ups and downs. so you have to be smart when to buy and when to sell.

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 (https://www.coindesk.com/price/bitcoin) vs. the chart of Mempool Transaction count chart (https://www.blockchain.com/charts/mempool-count). 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 (Refer: https://www.barchart.com/crypto/quotes/%5EBTCUSD/cheat-sheet and https://www.newsbtc.com/analysis/btc/bitcoin-makes-comeback-53-5k/). 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 (Refer: https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html). 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 ). 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.

the institutional acceptance is a plus and that has also caused it that the price not dropping rapidly like in 2017 after halving because they have hodl and not dumping.

Another reason is the investors know the mining and supply is getting to cause scarcity very soon and they are buying up in case of scarcity. Expect a very volatile and expensive price after the next halving.

And also you can always argue retrospectively why it would be more risk today than it was three years ago as you have the information from today. Buying Bitcoin also depends on the time horizon you are having in mind. I would say if you buy and hold for two years you are likely to be alright, but if you need the money in half a year from now you could have a bad timing and have to sell in the middle of a crash, like many had to sell in 2018.

There are always reasons to collect more bitcoin, especially when it is dumped very hard in a short time like this. No matter how low bitcoin is, the current momentum is still strong and the impacts of corporations are enough to force the price back to the track

I also buy a small amount of bitcoin when it is $48000. I will sell my bitcoin when it hit $65000 then looks for extra opportunity to buy bitcoin once again. Even though bitcoin can surpass its peak and create another ATH, always remember that what goes up must come down. Bitcoin cant go up forever.

Actually, every day that passes that Bitcoin does NOT die is another day it becomes less likely to ever fall to zero. So in terms of risk, I'd say every day you wake up and Bitcoin is still trading, your risk of losing it all becomes less.

More adoption, more recognition, more "too big to fail".

What may be lower every day would be the risk to return ratio. But even so, after 12 years, that return is far more attractive than almost any other asset I could easily access.

Which risk are we talking about here? =)

I do hope your technical analysis is right. 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%. However, like you mentioned, if it hits $100K I would have pulled off the most successful trades of my lifetime!!  

Well in my own investagations about the bitcoin price i see that buying bitcoin this time is more risk than buying bitcoin on last 2018, if we are going to buy bitcoin in the price of 50k to 53k$ we can really say that this is a risky type of buying because 53k$ is not a joke it is a big money comes with a big loss if ever btc will drop down after buying, i think the posible great option is to wait for the dip and then buy to avoid big loss, beause we really dont know after this bull run there is a big dip waiting and we need to be more careful on it.

I believe this is a careful analysis and I thank you for taking time out to actually make this analysis possible. I am sure with this, we now have more reasons to buy bitcoin.
Personally,  I do not really think a real bitcoin user needs the motivation of an increase in the price of bitcoin to buy bitcoin. The real users are those whose primary reason of buying bitcoin is not for profits, but to enjoy the freedom that comes with it. They are those who buy bitcoin in order to make anonymous transactions, pay less fees and wait lesser days for these transactions

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 (https://www.coindesk.com/price/bitcoin) vs. the chart of Mempool Transaction count chart (https://www.blockchain.com/charts/mempool-count). 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 (Refer: https://www.barchart.com/crypto/quotes/%5EBTCUSD/cheat-sheet and https://www.newsbtc.com/analysis/btc/bitcoin-makes-comeback-53-5k/). 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 (Refer: https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html). 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 ). 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.

during some side ways these days, and forming a defense area, we have to be careful, because usually after that there will be a big movement, either a downward correction or even a bounce up after breaking through the defense area. I think if we are still able to hold it for a long time, buying now is not a problem

Yeah, the bull run is not yet over which could be the enough reason for anyone to buy more bitcoins right away but it seems most of the people are ignoring the current cheaper bitcoins as market is witnessing sideways for last 3 to 5 days. Bitcoin is trading between $56k to $52k as its both resistance and support levels are firming holding respectively. I guess this will not continue from tomorrow onward.

We are going to enter a new month which will be definitely a complete different one from the current market scenario. I am speculating about reaching $100k levels within this May month; let's wait and watch how accurate my technicals are.