Bitcoin is currently trading around $40K give or take. Have you been thinking about adding to your position or buying Bitcoin for the first time? This article is going to help you make the best decision for yourself. Should you buy Bitcoin now or wait for another dip?
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Bitcoin (BTC) is probably one of the coolest investment vehicles of our time. This cryptocurrency was as low as $2 at some point; can you believe that? Insanity.
I didn’t get into BTC earlier because like most people, I thought it was too late to invest in it. However, when I found out you could buy fractions of this asset and discovered just how high it could go, my mind was changed.
Will Bitcoin go back up?
If you’ve been following BTC for quite some time now, then you’re no stranger to what just occurred a few weeks back.
Bitcoin took a staggering plunge from $60K down to $30K. If you’re an earlier investor this is just a bump in the road. But if you just opened a position in BTC, then you’re down quite a bit to say the least.
Now, because Bitcoin is deflationary, the value of this asset will continue to skyrocket as long as there is a demand for it.
There is a total of 21 million gill in the crypto market for Bitcoin. This is why the cryptocurrency is so valuable. Unlike Dogecoin, BTC is limited.
And when there’s a low supply (scarcity) with a large demand, the value of an asset goes up. It’s simply the way the world works.
Will Bitcoin reach 100K?
In this clip, CNBC’s host asks former Facebook executive, Chamath where Bitcoin is going next. Chamath correctly predicted the rise of Bitcoin since it’s inception. “Bitcoin is going to $100k, then $150k, then $200k”, he says.
This type of news is quite incredible. BTC is currently trading in the low to mid $30K range. If Bitcoin is to run up that high then parking your money in this investment could prove to be quite a great long term move.
You don’t need to be a financial advisor to identify opportunities and recommend them to people. Allocating money here could outperform index funds and most stock investments.
When will BTC reach 100K?
No one can say for sure. But the data shows it’s absolutely possible. What analysts do know is that the chances of it happening this decade are high.
No index fund, REIT, or stock will yield the return Bitcoin can and has yielded. Investing in BTC could be a strategized trade, or a long term multiplier.
The fact that Chamath believes the price of Bitcoin can even reach $200k+ is mind boggling. Bitcoin is my choice of cryptocurrency at the moment.
Why did Bitcoin’s price drop?
Bitcoin’s price drop is only temporary. Investors like you are looking to take advantage of this discount.
The reason Bitcoin and the entire crypto market dropped was due to institutions liquidating their accounts. For what? Who knows.
Retail investors are speculating institutions did these to cover upcoming margin calls in overleveraged accounts such as AMC Entertainment and GameStop.
Don’t be too quick to write these heavily shorted stocks off though. They could just very well prove to be the catalyst to something much bigger in the markets. Both AMC and GME have negative betas meaning when the markets crash, these two stocks will skyrocket.
Will Bitcoin drop again?
According to JP Morgan, Bitcoin could go back down to as low as $23K. The bank valued BTC between $23K-$35K as of late June but has since gone up. With most experts including JP Morgan predicting a six figure price, now is the perfect time to park your money in Bitcoin.
You could wait for BTC to dip more although the cryptocurrency is already on discount per say. You can’t go wrong with either or. If you trust the data that points towards massive Bitcoin gains, then buying any dip at this point is a steal compared to where it’s going to be later on.
Despite the crypto market bleeding, it seems most investors continue to have a positive outlook on BTC.
Does Frank Nez own Bitcoin?
I do own Bitcoin. In fact I put $100 as a ‘tester’ in BTC right before it plunged. I’ve seen a 40% decrease thus far but continue to hold that small position. The drop didn’t surprise me at all. I understand the massive potential BTC has but I also expected this to happen.
There are so many exciting things going on in the market at the moment. I’m up around 400% in AMC Entertainment stock, so far. This stock is set up for a massive short squeeze and I cannot wait for this rocket to take off.
Regarding crypto, I personally have a strong conviction towards BTC and will be increasing my position as it continues to dip and as soon as I raise more capital for a good investment in it. There’s no doubt in my mind this cryptocurrency will continue to drop short term but run up long term.
Want exclusive access to my portfolio?
I’m excited to use this vehicle as a means to diversify my portfolio and to multiply my investments. If you’re curious to know when I make this large investment, become a Patron over at my Patreon! Here you’ll gain access to these behind-the-scenes moves and real-time updates on my portfolio.
I want to share this information with you because my goal is to help you reach that financial freedom you deserve. I want to share my growth and I want to share the knowledge.
You do not have to follow my footsteps, but you can observe and make an honest assessment to see whether or not my financial steps could also play in your favor.
Thank you for being here today. I look forward to providing you with more value very soon.
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