Bitcoin sees sideways action – Is this a good time to buy?

Bitcoin has seen an increase of 236% since this time last year.

Despite ranging between the two price levels over the last month or so, Bitcoin is still presenting an interesting buying opportunity for traders hoping to benefit from its macro fundamental strengths.

Many analysts have been shocked to find that news is having little to no impact on the first cryptocurrencies price. For instance yesterday’s news that El Salvador is looking to adopt Bitcoin as legal tender led to other Latin American countries announcing that they too were looking at similar initiatives.

In contrast, news that former US President, Donald Trump, called Bitcoin a “scam” (a claim he also made while in the White House) also seemed unable to push the coin out of its current range.

Where to buy Bitcoin while it ranges in this channel

eToro

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 14 Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.


Register with eToro instantly

Skilling

Skilling is a regulated Forex and CFD broker that allows traders to access 800+ financial instruments, including 10 popular cryptocurrency CFDs with competitive pricing and fast execution time. Skilling offers a selection of trading platforms, including the proprietary Skilling Trader and popular, industry renown cTrader and MetaTrader 4 platforms, which can suit the needs of customers with different levels of trading experience.


Register with Skilling instantly

Why are people saying Bitcoin could be a good buy right now?

Despite Bitcoin’s reliance against recent news, there has been a great deal of buzz around the original crypto.

The annual Bitcoin Miami conference was held last week where thousands of Bitcoin proponents and supporters descended into the Florida city to hear talks from speakers and (if crypto Twitter is anything to go by) a lot of partying.

In reference to the current ranging, the Winklevoss twins, famed for their legal tangles with Facebook’s Mark Zuckerberg and more recently for founding the Gemini Exchange, were in attendance at the conference, adding that:

We still think it’s really early. We think bitcoin is gold 2.0. It will disrupt gold so its market cap has to be $10 trillion or more because that’s the market cap of gold. Bitcoin is hovering around $1 trillion, we think conservatively it’s at least 10x from here. Even at $35,000, it feels like a really good buying opportunity long-term.”

Needless to say, there is still a great deal of enthusiasm for Bitcoin and its future looks bright, at least according to industry experts.


Source link

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts