Bitcoin Price Up By 3.2% – Time To Buy BTC?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Bitcoin (BTC) has come a long way in the span of 13 years. The premier digital asset controls about 50% of the crypto market right now. With more institutional investors looking to offer BTC as a financial investment, is the time right to buy BTC?
Dubbed ‘digital gold,’ Bitcoin has grown 100% in the last six months and more than 3,000% from its 2017 bullish run. Even though critics are pointing to the environmental damage Bitcoin mining causes, interest in the world’s oldest cryptocurrency has not in any way waned.
BTC has rallied in the last 24 hours, sparking renewed interest in the crypto market. This article will look at the critical role Bitcoin plays and if this might be a good time to buy BTC.
Bitcoin: Digital Gold
Bitcoin’s original creator is mysterious, and no one has proven that they are behind the project. All we know is that the premier cryptocurrency was birthed in a whitepaper released in late 2008 by a pseudonymous character called Satoshi Nakamoto.
The Bitcoin network officially launched with a genesis block which quoted a report from The Times. Since then, the blockchain platform has drawn broad interests. According to Nakamoto, Bitcoin was created to empower the masses by eliminating traditional custodians of wealth. Birthing a decentralization ethos, Bitcoin uses distributed ledger technology (better known as blockchain tech) to transfer value in a trustless manner.
This is done with distributed computing, where several validating nodes verify transactions on the blockchain network without involving any central authority.
Bitcoin is deflationary due to the hard-cap limit of only 21 million BTC to be ever mined. This technical scarcity has drawn investors’ interest, with corporate bodies dubbing it the digital equivalent of gold.
Trading below $10 for a few months after its launch, Bitcoin attained global prominence in 2017 when it shot up to $20K. Even though it eventually dipped, the top premier digital asset made a statement, which became clear four years later.
67% of all retail investor accounts lose money when trading CFDs with this provider.
BTC: Shedding Weights
Despite the massive volatility that BTC price has experienced in its twelve-year journey, the digital asset occupies the first position with a $630 billion market cap. It controls about 45.3% of the market, and this might likely climb to 60% in the future.
At press time, BTC is trading at 33,667.40, up 1.54% on the daily trading chart. This rally has seen the crypto market gain 1.78% in the last 24 hours, confirming investors’ interest to buy BTC.
But this is not Bitcoin’s record price movement. Starting a bull run in 2017, Bitcoin surged from under $5k to $20,000. It lost 60% in the run-up to 2018 and dipped to under $7,000, trading at this level for a long time.
It surged to $64,350 before the May crypto crash saw it drop 50%. Meanwhile, the crypto market is on the path to recovery, which might be a great time to buy BTC.
BTC Technical And Fundamental Analysis
On the trading chart, BTC is trading parallel with the 20-day moving average (MA) support price of $33,667.40. This is dangerously close to a bear market, but it could easily rise above the indicator into a bull market.
Its relative strength index (RSI) currently stands at 45.22, meaning it is trading above the oversold region.
Market analysts believe that Bitcoin is still set to attain its previous highs again. According to Wallet Investor, the BTC price will be $61,471.20, while the five-year forecast puts the value at $168,831.
Bitcoin is also seeing institutional adoption by the day. Payments giant Visa is working to make cryptocurrencies like Bitcoin more spendable. Last week, Visa reported that more than $1 billion worth of cryptocurrencies was spent by customers using their crypto-linked cards in H1 of 2021.