Topic: 6 reasons why you should buy Bitcoin right now (at USD 50K-53K) - page 3. (Read 881 times)
A very weighty argument is the adoption of bitcoin by corporations, this had a very good effect on the cue ball rate, when Elon Musk bought bitcoins because of this hype, bitcoin rushed up. It seems to me that this kind of hype is also necessary for the price tag to skyrocket.
the bullrun isn't over just as we had expected and ....
Yeah, the bull run is not yet over which could be the enough reason for anyone ....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!!
the bullrun isn't over just as we had expected and since it had already crossed several times to $60k i guess it will once again try that resistance which i guess many of us will still be selling by the time it crossed that price again.
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.
Yeah, I am all into bitcoin right now because of acceptance by corporate world and second the hodling has increased a lot by now. These are actually true reasons for me which convince for the long term hodling. Even when the btc dropped drastically I was stubborn not to sell any dime of it. I have done these mistakes earlier in my life time and have regretted the same. But not anymore. I understand and value BTC in completely different way now. The current price 50-53k is nothing as compared to whats going on around the globe. The mempool crash is literally the factor which pulled bitcoin's bullish trend, otherwise 100K was not that far from reaching. So yeah, if you have money then just buy it without any further knowledge.
All reasons are appropriate and well explained and for one reason I can vouch personally: I lost a wallet in the past that contained 0.6 BTC. Didn't bother too much then, but looking at these prices the pain finally became real.
But hey, it's ok. Shit happens.What's also great is when you lose your 2fa device and you have to provide KYC to some underground exchange that just refuses to accept what you provide. You can't even sue them because you don't know who they are and where they are. Also experienced that...
most of all. the profit to make which OP didn't add as one of the reasons. the bullrun isn't over just as we had expected and since it had already crossed several times to $60k i guess it will once again try that resistance which i guess many of us will still be selling by the time it crossed that price again. the money to make still is a good profit while you stack BTC.
For me the only reason that should make someone buy bitcoin is the scarcity, with bitcoin having a limited supply minus lost coins, I am pretty sure that bitcoin is going to get so expensive by the time that a lot of coins have been mined. Also, if you buy right now, you don't have to worry about FOMO if you hodl your bitcoin and you will never know if the prices are going up or down so it is better if you have a bitcoin no matter what happens.
Actually Bitcoin network fees depends on the numbers of transactions. When bitcoin transactions are hugely crowded then transactions fees also very . I decide to invest some bitcoin and hold it until it touch to $60k level.
All reasons are appropriate and well explained and for one reason I can vouch personally: I lost a wallet in the past that contained 0.6 BTC. Didn't bother too much then, but looking at these prices the pain finally became real.
But hey, it's ok. Shit happens.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:
Yes it's true...Here are my Resons:
- Many big companies are accepting their payment in the form of bitcoin
- There is limited supply as compared to the demand
- People prefer Bitcoin but not gold. Gold requires storage space but You can store million of dollars worth of Bitcoin in a single wallet
~
Well I would not invest just because other corporation does. I would invest because I feel like that coin will grow, not because popular people does.Number 4 is what could make panickers think of themselves maybe a little more for their decision especially those who sells.
For number 5, I guess that correlates with number 4. We're getting a lot of hodlers now than we think.
If the price is started to recovered, surely it will reach the maximum in a couple on days. So investment to it was a standard strategy to get more profit from your investment.Many new Corporation had started to accepted the bitcoin as a investment and payments.So soon it will had his impact on a price of bitcoin. We should patience to gain from it.Don't do hurry trading.
Maybe i will just keep earned it with airdrops or bounties. I already seen bitcoin although not in deepest price but since under $200. That is why although i don't have much bitcoin i still prefer to earn and hold and not buy it in market. Because i afraid sometimes it can dumped anytime and i too late to sell my coins.
Many people have earned their Bitcoin from Airdrops, they usually sell the coins and then change them to Bitcoin, but from what I have read, Airdrops are not like in 2017-2018 most Airdrops never burst and what they do is waste time .
I understand that by the pure law of Supply and Demand if the demand in Bitcoin increases and the supply decreases the price increases, and now with so much incoming demand in the market by new institutional investors it has caused the price to increase, although your fear of losing the value of your money in Bitcoin, I think it is a good time to hodl to Bitcoin, I do not think it will lose value in the short term.
For me personally, the main reason is the fact that a very large number of various large funds and millionaires started buying bitcoin at the above mentioned levels.
Yeah, that must be an enough reason for anyone to invest into bitcoins right now. When we are having billionaires to back up bitcoin then we can definitely expect continuous progress of price levels in near future. I guess no one will need anything else except this.In any case, if Bitcoin was able to jump 50k, then it will be able to jump much higher, it’s only a matter of time.
I believe we can surely expect bitcoin to jump toward $100 levels in coming months; but right now it is facing small hiccups but hopefully it will manage to come back strongly like before. 
Maybe i will just keep earned it with airdrops or bounties. I already seen bitcoin although not in deepest price but since under $200. That is why although i don't have much bitcoin i still prefer to earn and hold and not buy it in market. Because i afraid sometimes it can dumped anytime and i too late to sell my coins.
For me personally, the main reason is the fact that a very large number of various large funds and millionaires started buying bitcoin at the above mentioned levels.
Given what access to information these people have, it is not difficult to assume that they know something. In any case, if Bitcoin was able to jump 50k, then it will be able to jump much higher, it’s only a matter of time.
Given what access to information these people have, it is not difficult to assume that they know something. In any case, if Bitcoin was able to jump 50k, then it will be able to jump much higher, it’s only a matter of time.
Though I agree that bitcoin is really a good investment right now but for some people, the price of it is already expensive. And earning a big amount of profit from investing on it is difficult if you only have a small capital. With the current alt season, it is better to buy some altcoins now like CHZ, ADA, or BNB. They have good projects and has really a potential of a good price in the future. I invest in those to accumulate more bitcoin in the long run. 20% gain from those altcoins is very achievable this year with the current alt season now.
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.
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.
All reasons are appropriate and well explained and for one reason I can vouch personally: I lost a wallet in the past that contained 0.6 BTC. Didn't bother too much then, but looking at these prices the pain finally became real.
But hey, it's ok. Shit happens.
Network congestion is caused by increased number of transactions. Not only this happens when exchange rates spike, but also when they fall, so this can't be a valid reason to buy (or sell).
-snip-
3. Acceptance of Bitcoins by Corporations:
I think this is more appropriate as the reason for the long-term investment goal of bitcoin.3. Acceptance of Bitcoins by Corporations:
But unfortunately, people still think that the history of bitcoin in 2018 will repeat itself, without thinking that the signs of global adoption have started since big companies started using bitcoin in their business.
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