Buy The Bitcoin Dip? Is This The Best Time To Buy Cryptocurrencies With So Much Uncertainty?
For many people, bitcoin’s recent price dip is a sign to “abandon ship”, sell off their assets or wait. But smart investors and traders understand that the best time to invest is during a bearish market.
If you’re still on the fence about whether to buy now or wait till later, this article should help clear that up. While it’s true that buying bitcoins or other altcoins right now is a huge risk, the reality is that some folks are investing.
In fact, that’s not even the only problem. There’s also the very real problem of the price further plummeting, seeing as no one can accurately tell where the bottom will be this time. For many, it’s currently a guessing game.
We’ve had some folks say speculate that bitcoin’s new floor would be around $4,950. Well, that ship has sailed as it’s dropped even lower to around $4600.
Others have said that it can only get better from here; that the market will start recovering from here onwards. This is why it is important to make an informed decision when it comes to buying bitcoin and other cryptocurrencies.
Should You Buy Now?
Whenever the crypto market doesn’t do well, it only makes sense that people would be wary of investing. Bitcoin’s is particularly concerning because it’s never fallen below the $5,000 this year or in the last 15 months.
As a result, it is understandable that people would be alarmed about this new low price and its potential effects. So, asking if now would be the best time to buy or wait until the market corrects, is only normal.
In fact, some folks would say that buying bitcoin or other cryptos now is just about the same thing as committing a huge financial blunder. With the price of bitcoin hovering between $4500 and $4700, any half smart individual should be doubtful.
However, the one thing you should have in mind is that there are hundreds of bitcoin trading deals going down every day on both centralized and decentralized exchanges. Even more, there are many deals happening offline, over the counter. This means that for very bitcoin that’s sold, someone out there is buying them up.
We think the more important question is not whether to buy, but how long it will take for bitcoin to recover and go back to its profitable prices. So, for any individual looking to invest, having an idea of when it will rebound to euphoric or normal heights is important.
Whatever the case, one thing is becoming increasingly clear: the traders will play a role in determining if bitcoin and other crypto’s rebound or fall lower in price. Although people like Willy Woo thinks there’s more than enough evidence to support a base price of $4400. He sent a tweet to that effect:
“Wow that was nutty! RSI reading more FUD than the Feb 12k->6k crash. We have decent volume profile support in this 4.4k region (middle green band), very unlikely to slice through… if anything the brave can go knife catching. US traders waking up in 2-3hrs”.
Another bitcoin critic said he saw the falling price trend coming, and foresaw a base price of $4,975. Sadly, even that did not take as the price of bitcoin has continued crashing. Accoring to Vays,
“The $4,975 $BTCUSD target is reached, the big questing now is: Will it bounce the price to bottom of triangle at $6,250 or we consolidate here at $5k before the next leg lower. Unfortunately, right now there are no signs yet of End to #Bitcoin Bear”
Interestingly, NullTx –a media company focusing on cryptocurrencies- has stated that their research indicated that the dump in bitcoin price might continue to happen for a while.
While this might be discouraging for investors, smart folks who are familiar with the industry knows that the market has done something similar in the past only to rebound, with cryptos soaring to even higher price heights.
Anyone interested in investing might want to do so now, or wait till the price falls further, and the get in on the opportunity. Bitcoin is still predicted to reach $5 million in the future, and savvy investors might become partakers in that boom if the market corrects and recovers.