Today, the cryptosphere is divided between two kinds of people: the ones holding cryptos and the ones on the sides waiting to enter the market. With Bitcoin prices at all-time highs, it is always mind-boggling to correctly estimate when’s a good time to buy and enter the market, thus changing sides. In this article, we will specifically talk about what happened so far, and when would be a good time to buy bitcoins.
Bitcoin Prices already at all-time highs, again.
After reaching a high peak of USD 34,700 Bitcoin corrected in prices, dropping around 10%. We discussed in a previous article the difference between price corrections and market crashes. The mainstream media took this opportunity to spur negative articles “just in case” the market really did collapse, so they can be seen as the true seers of the cryptosphere.
Today, Bitcoin prices are back up and established new all-time highs at USD 35,830. The price is eyeing the USD 40,000 price point. There is also a new support price area to be added to the ones we discussed previously:
- USD 22,500
- USD 26,200
- USD 30,760
We can notice that those price areas are a bit scattered, as Bitcoin’s price was increasing heavily and consolidating around those price areas.
When to ACTUALLY buy Bitcoins?
It is hard to come up with a solution that seems plausible for all, as everyone has different investing goals and purposes. That’s why as financial consultants do, they first understand the investing goal of each individual in order to come up with a tailored strategy.
For Bitcoin’s case, it is quite easy:
- If you are looking to hedge your currency’s depreciating value like what’s happening in many countries today or simply investing for the long run, you certainly can buy anytime, as Bitcoin’s value should only increase with time due to its limited supply. It is preferable though to buy at strong support areas, and watch out for potential market crashes, as they do happen from time to time
- If you are trading cryptocurrencies for the sole benefit of making huge gains in the short run, then you are simply doing what traders usually do, and should be well aware of how to trade. Charting and technical analysis are key, in order to correctly estimate good entry and exit points. Here at CryptoTicker we always provide readers with meaningful insights, be it technical indicators or fundamental news.
Entering the markets at all-time high prices is a risky endeavor, as people would reminisce events of 2017 when the whole Cryptocurrency market crashed as soon as reaching USD 19,700 all the way down to a low of USD 3,000. That’s why it is always a good strategy to plan an exit price, be it manually or automatically.
The Cryptocurrency market
As a whole, the cryptocurrency market is up in the past 24 hours, with Cardano (ADA) leading the way:
1- Bitcoin (BTC) : + 8.19 %
2- Ether (ETH) : + 5.94 %
3- Tether (USDT) : 0 %
4- Litecoin (LTC): + 3.99 % (Surpassing XRP)
5- Ripple (XRP) : – 1.95 %
6- Polkadot (DOT) : + 1.59 %
7- Cardano (ADA) : + 20.94 % (Surpassing Bitcoin Cash)
8- Bitcoin Cash (BCH) : + 5.17 %
9- Binance Coin (BNB): + 2.68 %
10- Chainlink (LINK) : + 5.13 %
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