Is Now Still a Good Time to Buy Bitcoin? A Look at the Crypto Crystall Ball
- In 2019, Bitcoin jumped more than 200% and is still up about 185%.
- So, is it still a good time to buy Bitcoin?
“Compare the market cap of Gold with that of Bitcoin and you’ll see the upside potential. Enormous,”
said Bitcoin proponent Kim Dotcom.
Bitcoin has been regarded as the digital gold, some would even say it is better than gold itself as the yellow metal is heavy to carry around and can be seized by authorities and governments.
“Only 2% of all Internet users have ever used Bitcoin. As a store of value Bitcoin could surpass the value of Gold. It’s digital gold because of its architecture and limited supply,”
In July, the Federal Reserve Chairman Jerome Powell himself compared Bitcoin with gold as he said,
“Almost no one uses bitcoin for payments, they use it more as an alternative to gold. It’s a speculative store of value.”
The reason for the same is the dramatic rise in its price.
BTC price has increased 759,999,900% in value since the last recession.
So, it makes sense that people don’t want to use it to pay for day to day activities when they know it is going to be worth much more than what it is today.
Gold has a market cap of about $8 trillion while the leading cryptocurrency is of just about $191 billion.
So, the upside is indeed “enormous” as Kim Dotcom said.
If we take a look at Bitcoin’s high in previous bull cycles — in 2011 BTC high was at $31.90, in 2014 it was $1,177, and then in 2017, BTC soared to almost $20,000 — we are making a new high every time.
Currently, Bitcoin is trading around $10,700 from the low of 2018 at $3,200. However, it is nowhere near the top we will be hitting this time.
As such this is definitely a good time to buy Bitcoin as we have yet to even hit 2019 high at $13,900.
According to analysts and traders of Crypto Twitter, we might still have to experience a few months of accumulation before we rally strong and hard.
Bitcoin chart. Today gives its first Demark buy 9 signal since 1/22/19. Previous signal led to 400% rally over 6months. Only second signal of year. 9300 low looking like it was low for this correction. Good r/r to buy and place stop below that low, playing for new 2019 highs. pic.twitter.com/ruYxQJS2uP
— Dan Tapiero (@DTAPCAP) September 2, 2019
In the coming months around the end of 2019 and the beginning of a new year, Bitcoin is further expected to jump and break above the ATH.
A historically bullish event, Bitcoin reward halving is also scheduled for May 17, 2020. This reward halving will decrease the miners’ reward from 12.5 to 6.25 BTC.
Q4 2019 and Q1 2020 will blow your mind.
— fil₿fil₿ (@filbfilb) September 3, 2019
“Bitcoin offers freedom from censorship, seizure, and sanctions. It offers financial freedom and sovereignty for all.”