In just 10 days, the price of BTC has grown by $ 2,000, standing at the time of writing at $ 11,220. Which leads us to ask: Is it time to invest in Bitcoin?
On November 12, 2018, I wrote a post called: “The Bitcoin train is approaching its sixth station”, at that time its value was around US $ 5,600. Now, I think we are close to leaving this station to enter number 7, which will have a Bitcoin at a new all-time high.
One of the great advantages of Bitcoin at the moment is that it is much more mature than when it recorded its maximum of 20k, back in December 2017. This is not a minor fact, projecting investment in the future.
Good time to invest in Bitcoin?
If you think about medium and long term investment, it is a good time to investAs a further bullish surge in its value is forecast to push BTC above its 20k high.
Some well-known analysts talk that Bitcoin could go through the roof. Recently Max Keizer predicted that BTC could hit 6 figures.
Personally, I believe that Bitcoin if it exceeds the maximum of 13.8k in 2019, its value would quickly go to US $ 20,000, where an epic battle between bulls and bears will be released. For now you must battle the key resistance at 11.5k, as seen in the graph below.
Factors that can drive the price of Bitcoin
There are multiple factors that can drive Bitcoin’s price to new highs, which can be summarized in these 5 key points:
- Weakness of the dollar against the main fiat currencies
- Interest rates at> 0.25 by the FED
- Fear of a Coronavirus outbreak
- Coverage as a store of value
- Distrust of traditional assets (Stock Market, Bonds, etc).
The list could go on and on, but those are real factors that can give a strong boost to the price of Bitcoin.
It is important to reflect on where we are leaving our savings in these turbulent times. The dollar, the gold, the stock market, the cryptocurrencies? Today more than ever you have to have an action plan, since nobody better than you to defend your own money.
Personally, the few savings I have, much of it is in cryptocurrencies, especially Bitcoin (BTC) and Binance Coin (BNB).
You think … Is Bitcoin ready to hit a new all-time high? Let us know your thoughts in the comment box.
I say goodbye until tomorrow with this phrase by Benjamin Franklin:
“A penny saved is a penny earned.”