Bitcoin Price Seems Unable to Move Above $60,000 — Should You Buy It Now?
February 2021 was not all peaches for Bitcoin and ended with a tough range of $34,436.7. But BTC started March with a relatively good price range and finally hit an all-time high of $61,683.86 on March 13, 2021. Well, this may come as a surprise for investors and BTC hoggers, as in the history of Bitcoin, March has been a disturbing month.
Now, this defies Mark Twain's adage that history frequently rhymes. This is a clear case where history doesn't rhyme rather begins. However, the hot topic of discussion among investors today is should I buy Bitcoin now? Is it worth the hard-earned savings?
Bitcoin's rally in the weeks of March was not all steady and smooth sailing. The Bitcoin price dropped down slightly to hit a low of $53.5K area at the beginning of the week, just after it hit a new ATH of $61.6K. Immediately after this, Bitcoin again rebounded on March 18, 2021, with the price surging above $60K again. This price variation see-saw did not end here. It again fell back to around $56.8K. Currently, Bitcoin is rallying for $57,413.34, and it's shuffling between $57K and $60K. Taking all this into account let’s answer the popular question today, should I buy Bitcoin now?
Why Do Investors Hesitate To Buy Bitcoin Now?
Bitcoin price is stuck in its current ATH zone and is just shuttling back and forth. Therefore, the biggest question that everyone is continuously asking is, should I buy Bitcoin now or not?
The common saying in the stock market is, one should never test their luck and buy a stock when it is stagnating in its newly defined but confined ATH zone, but Bitcoin is no stock market, and we are rewriting history here.
Bitcoin is the pioneer of thousands of cryptocurrencies today, and being the first crypto, it still has the potential to be the best. It is a paradigm shift; that is, even if it keeps on stagnating in its ATH zone, the price of Bitcoin is still remarkably low. Bitcoin was created with a vision to provide a viable alternative to the current financial system. Bitcoin, thus, is a monetary revolution that will change the world of the future.
If You Trust The Bitcoin Revolution, Buying Bitcoin Has No Barriers
The demand and value for Bitcoin will surge higher and might explode in the coming decades. The major reason for this exploding demand is its limited supply of 21 Million BTC and the fact that it has a circulating supply of 18,660,900 BTC today. The limit of Bitcoin will not be exceeding any time soon, and this is one prominent reason why Bitcoin will rally up higher in the coming future.
So, if you have faith in the Bitcoin revolution and the remarkable adoption potential that awaits Bitcoin in the future, then you can invest in this cryptocurrency even at $60K. In 2017, people who chose Bitcoin at its ATH zone of around $20K have reaped good profit from it today.
The question is whether investors are ready to take up this risk, and do they have enough confidence in Bitcoin to invest in it even if there is a price drop in its current ATH zone after you buy BTC? Here are a few indicators that show Bitcoin has the potential to grow further in the coming years.
Few Indicators To Ward Off The Doubts In You
Multiple indicators suggest that the Bitcoin price might be stagnant in its ATH zone for some time ahead.
The Grayscale GBTC premium again shows a decline in the BTC price. We can say that the market today is on hold. The only expectation for a bullish run is for the next week. That is after the arrival of the stimulus checks sent by the US government to eligible citizens. In a short-term view, the reasons to have doubt are common and levied. But what is important in the crypto market is perseverance and a long-term view with a complete risk management plan.
If, by any chance, BTC's price rises above $63K, then a quick rally of $70K- $77K might happen. Simultaneously, a retest of the $55K could take place if the Bitcoin price stagnates too long in the current ATH zone. However, Bitcoin is not on both ends. Thus the fog of uncertainty still lingers around.
Read More: Bitcoin Price Prediction
Should I Buy Bitcoin Now? A Final Word
Well, the answer to this question solely lies in investors' trust and confidence in Bitcoin as a cryptocurrency.
Bitcoin hoggers believe that the fuel for Bitcoin's rally in 2021 will be its increase in institutional adoption. For instance, the overlord of automotive business Tesla has invested almost $1.5B in Bitcoin and further expects to undertake it as their payment method in the future.
These factors will help investors decide for the question should I buy Bitcoin now.
Bitcoin is a cryptocurrency with huge potential in the future, and for many cryptocurrency investors, buying Bitcoin at $60k per coin is a no-brainer.
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