6 reasons why you should buy Bitcoin right now (at USD 50K-53K)

[UKprod]

The price of Bitcoin is hovering around USD 52K at the time of writing this article. In the last 24 hours, Bitcoin hit a bottom of USD 47K and has recovered since. Now you might be wondering if it is the right time to invest in Bitcoin. Here are the 6 reasons why you should:

1. Decreasing Mempool congestion: The current mempool congestion is said to be one of the reasons for the current fall in Bitcoin prices. While this might sound ridiculous, you can check and compare the charts of Bitcoin prices (https://www.coindesk.com/price/bitcoin) vs. the chart of Mempool Transaction count chart (https://www.blockchain.com/charts/mempool-count). While this congestion was at its peak between Apr 18 to Apr 24, it has since reduced considerably and we are already seeing Bitcoin price recover. When the mempool congestion is minimum we are likely to see the Bitcoin price rise.

2. Support price: The support price of Bitcoin has been set to around USD 48K-USD 50K by multiple exchanges and researchers (Refer: https://www.barchart.com/crypto/quotes/%5EBTCUSD/cheat-sheet and https://www.newsbtc.com/analysis/btc/bitcoin-makes-comeback-53-5k/). What this means is that when Bitcoin hits these price levels, people will be resistant to sell and large scale buying is expected. What largescale buying means is that the price of Bitcoin will shoot back up again.

3. Acceptance of Bitcoins by Corporations: Given that several large organizations are coming forward to accept Bitcoins as valid mode of payment, it is likely that Bitcoin adoption increases many folds. This is due to the reason that once these large corporation earn in bitcoin, to pay their suppliers, vendors or employees, they would naturally have to use Bitcoins. This increase in usage by itself would drive the demand for Bitcoin high. Further, on seeing large corporations accepting bitcoins, smaller organizations are likely to follow suit and same cycle would be followed by them.

4. Scarcity: While it is needless to say that bitcoin has always had the concept that it would remain scarce and that issue of new blocks would reduce over time, in the recent times, the amount of people engaging in Bitcoin mining has increased to such levels that miners get a very small portion of the mined Bitcoin. In this regard, one major pattern that I have observed is that every time that block rewards get halved the Bitcoin price slingshots to an all time high. This is is clearly visible with the Bitcoin price rising to an all time high in 2017 (1 year after halving in 2016) and now in 2021 (1 year after halving in 2020). Considering the above, I believe that bitcoin is likely to explode by the end of 2021 and break the current all time high again.

5. Increased HODLing: One more reason that I would consider is that there is an increased number of people who get attracted to the technology and concept of Bitcoin and therefore end up HODLing Bitcoin (like me) and would love to see their Bitcoin rise in value over the years rather than selling and making a quick buck. This would propel Bitcoin to higher prices without crashing.

6. Lost wallets: Around 20% of the Bitcoins that have been mined are locked in wallets (Refer: https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html). As time passes we could see a lot of people actually forgetting where they have kept the private key or seed phrase for their wallets (But ensure you keep them safe ). This is eventually going to cause decreased supply in Bitcoin over the years and help maintain the increase in Bitcoin prices.

While the above is my analysis of why Bitcoin should be purchased, please carry out your own analysis before you invest in Bitcoin. Further, while I have highlighted the reasons as to why Bitcoin needs to be purchased now, you should also consider various risks, legal/tax issues, etc. before you invest in Bitcoin.

Would be happy to hear your thoughts on this. Thank you.

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[noorman0]

-snip-
3. Acceptance of Bitcoins by Corporations:

I think this is more appropriate as the reason for the long-term investment goal of bitcoin.
But unfortunately, people still think that the history of bitcoin in 2018 will repeat itself, without thinking that the signs of global adoption have started since big companies started using bitcoin in their business.

[death69]

There are always reasons to collect more bitcoin, especially when it is dumped very hard in a short time like this. No matter how low bitcoin is, the current momentum is still strong and the impacts of corporations are enough to force the price back to the track

I also buy a small amount of bitcoin when it is $48000. I will sell my bitcoin when it hit $65000 then looks for extra opportunity to buy bitcoin once again. Even though bitcoin can surpass its peak and create another ATH, always remember that what goes up must come down. Bitcoin cant go up forever.

[UKprod]

-snip-
3. Acceptance of Bitcoins by Corporations:

I think this is more appropriate as the reason for the long-term investment goal of bitcoin.
But unfortunately, people still think that the history of bitcoin in 2018 will repeat itself, without thinking that the signs of global adoption have started since big companies started using bitcoin in their business.

Yes, that is true. People generally tend to be attracted towards negativity rather than the positive aspects of it. They either get panicked at short term fluctuation or greedy to book short term gains and overlook the long term gains of Bitcoin.

[ReiMomo]

If the bitcoin investors know everything about bitcoin and how it will work, it possible these 6 reasons already have them.

For me, anytime you can invest in bitcoin as long as they can hold it for the long term and sell when profit was there. However, I agree above that the number 3 is a very accurate reason why we need to invest, we know that many institutions and big companies start accepting and adopting bitcoin and time will come when there are more of them will follow on the early big investors, I guess it will have an effect to the demand and supply which is the supply will become less and the demand will increase.

[OcTradism]

The first reason is not good. Buying Bitcoin because the mempool is less congested. The mempool can be congested in two times: when Bitcoin rises a lot, and when Bitcoin falls a lot. Is it good to join and buy Bitcoin because people are FOMO with Bitcoin? I don't see it is good strategy.

Other reasons you write have been discussed many times and in many years. Repeat it won't make Bitcoin haters will change and love it.

It is fine if you say "You should buy Bitcoin because it is discounted 20%". Take it easy and simple.

[Julien_Olynpic]

Is the current moment the best time to buy Bitcoin? Personally, I doubt it a little. I can refer to my vision of the Elliott chart, where, in my opinion, the formation of a corrective wave B. After it, according to the theory, wave C should go, which continues the bearish trend. We should go below $ 50,000, according to theory. And there may still be complex corrections with a further fall. But in fairness, it must be said that the fall can be shallow. I wouldn't buy right now. Better to wait a bit.

[batang_bitcoin]

On its increasing its price, halving has the main contribution on it. And it just getting better because there were corporations that have announced their support through investing in bitcoin too.
That's a force that's hard to stop and that's why we're seeing a good price for bitcoin. If there's a correction, usually, many are going to buy the dip and those who are negative thinkers will just have to pass it.

[TimeTeller]

On its increasing its price, halving has the main contribution on it. And it just getting better because there were corporations that have announced their support through investing in bitcoin too.
That's a force that's hard to stop and that's why we're seeing a good price for bitcoin. If there's a correction, usually, many are going to buy the dip and those who are negative thinkers will just have to pass it.

And those that are spreading negativities, like the seemingly end of bitcoin when it fell down below 50k, are now seeing that they are wrong.
Have you seen several threads discussing about the fall of bitcoin or some related topics in the past few days?
Now, they can see that the support is indeed strong, and so it goes up again. And with this increase, other alts follow thru.
Seems that the adoption this time is very different from previous years, where a lot of people are comparing it from previous years, to what may happen in the next coming days.

[dimonstration]

I still somehow buy some BTC these week a little by little since we don't know or it's hard to determine how low it's dump will be or when it will bounce up again, whenever there is opportunity I just bought some since I still plan to hold it longer until more institutional companies invest into it. The price may still be higher but breaking the resistance and going below 50k dollar is still questionable, if we plan long term of holding and don't want to check every now and then the price then buying whenever you can or when you have extra can still be a good decision.

[nelson4lov]

-snip-
3. Acceptance of Bitcoins by Corporations:

I think this is more appropriate as the reason for the long-term investment goal of bitcoin.
But unfortunately, people still think that the history of bitcoin in 2018 will repeat itself, without thinking that the signs of global adoption have started since big companies started using bitcoin in their business.

True that. The fall in 2018 after that epic run is still in the minds of many crypto enthusiasts that were around during that time. Even the new crypto users are being careful not to be a victim of such a situation but they've failed to realize that the support for Bitcoin right now is much more than it was 3 years ago. People are more than willing to buy bitcoin now compared to 2-3 years ago where everything was very much uncertain. But I do believe that with time, beliefs like this would be a thing of the past.

[Vaculin]

If you are considering buying Bitcoin this time it was expected to have long-term investment purposes. The current price is so high and the risk is also high. People who'd come in here and bought Bitcoin are those who are willing to wait for several years to gain some profit but if you are just a short-term investor, I suggest waiting when the market will dump.

[tygeade]

While the above is my analysis of why Bitcoin should be purchased, please carry out your own analysis before you invest in Bitcoin. Further, while I have highlighted the reasons as to why Bitcoin needs to be purchased now, you should also consider various risks, legal/tax issues, etc. before you invest in Bitcoin.

Honestly I got five more other reasons why we should always buy even when bitcoin is into bearish mode. Few of your reasons are old or constant and not just due to recent correction of bitcoin markets, for example lost wallets and scarcity. I mean these are not just due to we are trading 20% down from the recent ATH, right? Any way, I like your analysis and reasoning.

Right now bitcoin market is trading above $53k levels which may not break $50k any more which means if we do not buy right now then we could never able to catch such a price levels forever. Yeah, there are good of chances for bitcoin prices to get doubled from the current levels in coming months hence buying right now will not make us regretting for sure.

[GreatArkansas]

Who will not buy with an asset that is already proven that can be a store of value, big companies have already proven it, especially Tesla, Microstrategy which recently Tesla tested their Bitcoin balance sheet if it can be liquidated easily, and viola, they able to do it with Bitcoin, not with fiat.
Speaking of scarcity, this is one of the best things for me, it's likely that Bitcoin is created just to UP only the price.

[wiss19]

Who will not buy with an asset that is already proven that can be a store of value, big companies have already proven it, especially Tesla, Microstrategy which recently Tesla tested their Bitcoin balance sheet if it can be liquidated easily, and viola, they able to do it with Bitcoin, not with fiat.

Unfortunately there are many of such people. If you look into the forum itself, there are people still waiting for lower low to happen so that they may buy more bitcoin for same capital, I believe those things may happen only in their dreams but I keep seeing such people always. Some people are always having their own reasons not not buying or keep delaying their entering into bitcoin holding.

The current market price of bitcoin must be a very good opportunity for all those people to get easy profits in short period of time. Not sure how many of us are going to make use of it.

[UKprod]

While the above is my analysis of why Bitcoin should be purchased, please carry out your own analysis before you invest in Bitcoin. Further, while I have highlighted the reasons as to why Bitcoin needs to be purchased now, you should also consider various risks, legal/tax issues, etc. before you invest in Bitcoin.

Honestly I got five more other reasons why we should always buy even when bitcoin is into bearish mode. Few of your reasons are old or constant and not just due to recent correction of bitcoin markets, for example lost wallets and scarcity. I mean these are not just due to we are trading 20% down from the recent ATH, right? Any way, I like your analysis and reasoning.

Right now bitcoin market is trading above $53k levels which may not break $50k any more which means if we do not buy right now then we could never able to catch such a price levels forever. Yeah, there are good of chances for bitcoin prices to get doubled from the current levels in coming months hence buying right now will not make us regretting for sure.

Thank you for your comments and inputs! Yes, I do agree that few of the points have mentioned always existed and do not contribute to the current situation. I will try to correct them in my analysis in the future.

Further, I an eager to know the remaining reasons that you think we should buy bitcoin. It would be helpful for me to understand Bitcoin trading better. Thanks again.

[UKprod]

Who will not buy with an asset that is already proven that can be a store of value, big companies have already proven it, especially Tesla, Microstrategy which recently Tesla tested their Bitcoin balance sheet if it can be liquidated easily, and viola, they able to do it with Bitcoin, not with fiat.
Speaking of scarcity, this is one of the best things for me, it's likely that Bitcoin is created just to UP only the price.

Yes, that's right! in the words of Elon, it makes more sense to store money in the form of Bitcoins rather than keeping it as cash. With Tesla and several large companies accepting Bitcoin, the demand for Bitcoin would naturally increase.

[iram3130]

Who will not buy with an asset that is already proven that can be a store of value, big companies have already proven it, especially Tesla, Microstrategy which recently Tesla tested their Bitcoin balance sheet if it can be liquidated easily, and viola, they able to do it with Bitcoin, not with fiat.
Speaking of scarcity, this is one of the best things for me, it's likely that Bitcoin is created just to UP only the price.

Yes, that's right! in the words of Elon, it makes more sense to store money in the form of Bitcoins rather than keeping it as cash. With Tesla and several large companies accepting Bitcoin, the demand for Bitcoin would naturally increase.

I feel it will be harder than ever for Bitcoin to go below the 48k-45k$ price, many of the "Institutional buyers" or companies like Microstrategy are waiting to increase their holding in BTC. The average price of all their BTC holding is still below 27k$ and we have seen them buying even at 52k$ price. By looking at the charts, it looks like there are some more entities like MicroStrategy who are waiting for the opportunity to get in.

[maxreish]

The technology has been raised and develop better than before. Thats how bitcoin advantageous with the other investment. Those who wanted to manage their own money, be their own bank and the approach of adoption in bitcoin is highly achieved today.

As you can see big companies are joining the mainstream now, investing bitcoin, accepting crypto payments. This is one of the signs that the technology has been accepted fast by different fields to show the social impact of bitcoin.

[davis196]

During the last week,the forum was full with "sell your Bitcoin now" type of FUD shitposts.
Now,the "buy Bitcoin now" bullish forum posts are returning.I guess that we are getting back to normal.
OP,did you copy paste all this text from somewhere?Could you at least mention the author or the source?
I wouldn't buy BTC right now,because the transaction fees are still high.I would probably wait until the mining difficulty gets adjusted and fees are back to normal.
We already know the reasons to buy BTC mentioned on the list.There's no point of sharing this post,other than boosting your post count.