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

[electronicash]

most of all. the profit to make which OP didn't add as one of the reasons. the bullrun isn't over just as we had expected and since it had already crossed several times to $60k i guess it will once again try that resistance which i guess many of us will still be selling by the time it crossed that price again. the money to make still is a good profit while you stack BTC.

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[fancy2973]

All reasons are appropriate and well explained and for one reason I can vouch personally: I lost a wallet in the past that contained 0.6 BTC. Didn't bother too much then, but looking at these prices the pain finally became real. But hey, it's ok. Shit happens.

Yeah man. i also lost my wallet as my phone lost . and unfortunately i do not have any backup. I can imagine your pain..

What's also great is when you lose your 2fa device and you have to provide KYC to some underground exchange that just refuses to accept what you provide. You can't even sue them because you don't know who they are and where they are. Also experienced that... 

[so98nn]

Yeah, I am all into bitcoin right now because of acceptance by corporate world and second the hodling has increased a lot by now. These are actually true reasons for me which convince for the long term hodling. Even when the btc dropped drastically I was stubborn not to sell any dime of it. I have done these mistakes earlier in my life time and have regretted the same. But not anymore. I understand and value BTC in completely different way now. The current price 50-53k is nothing as compared to whats going on around the globe. The mempool crash is literally the factor which pulled bitcoin's bullish trend, otherwise 100K was not that far from reaching. So yeah, if you have money then just buy it without any further knowledge.

[jaberwock]

the bullrun isn't over just as we had expected and since it had already crossed several times to $60k i guess it will once again try that resistance which i guess many of us will still be selling by the time it crossed that price again.

Yeah, the bull run is not yet over which could be the enough reason for anyone to buy more bitcoins right away but it seems most of the people are ignoring the current cheaper bitcoins as market is witnessing sideways for last 3 to 5 days. Bitcoin is trading between $56k to $52k as its both resistance and support levels are firming holding respectively. I guess this will not continue from tomorrow onward.

We are going to enter a new month which will be definitely a complete different one from the current market scenario. I am speculating about reaching $100k levels within this May month; let's wait and watch how accurate my technicals are.

[UKprod]

the bullrun isn't over just as we had expected and ....

Yeah, the bull run is not yet over which could be the enough reason for anyone ....

I do hope your technical analysis is right. As per my analysis, I hoped it would reach at least $65K level and started off a trade with 10x leverage. So far I have made a gain of about 50%. However, like you mentioned, if it hits $100K I would have pulled off the most successful trades of my lifetime!!  

[MIner1448]

A very weighty argument is the adoption of bitcoin by corporations, this had a very good effect on the cue ball rate, when Elon Musk bought bitcoins because of this hype, bitcoin rushed up. It seems to me that this kind of hype is also necessary for the price tag to skyrocket.

[wahyu wida]

the bullrun isn't over just as we had expected and since it had already crossed several times to $60k i guess it will once again try that resistance which i guess many of us will still be selling by the time it crossed that price again.

Yeah, the bull run is not yet over which could be the enough reason for anyone to buy more bitcoins right away but it seems most of the people are ignoring the current cheaper bitcoins as market is witnessing sideways for last 3 to 5 days. Bitcoin is trading between $56k to $52k as its both resistance and support levels are firming holding respectively. I guess this will not continue from tomorrow onward.

We are going to enter a new month which will be definitely a complete different one from the current market scenario. I am speculating about reaching $100k levels within this May month; let's wait and watch how accurate my technicals are.

during some side ways these days, and forming a defense area, we have to be careful, because usually after that there will be a big movement, either a downward correction or even a bounce up after breaking through the defense area. I think if we are still able to hold it for a long time, buying now is not a problem

[blckhawk]

the bullrun isn't over just as we had expected and since it had already crossed several times to $60k i guess it will once again try that resistance which i guess many of us will still be selling by the time it crossed that price again.

Yeah, the bull run is not yet over which could be the enough reason for anyone to buy more bitcoins right away but it seems most of the people are ignoring the current cheaper bitcoins as market is witnessing sideways for last 3 to 5 days. Bitcoin is trading between $56k to $52k as its both resistance and support levels are firming holding respectively. I guess this will not continue from tomorrow onward.

We are going to enter a new month which will be definitely a complete different one from the current market scenario. I am speculating about reaching $100k levels within this May month; let's wait and watch how accurate my technicals are.

during some side ways these days, and forming a defense area, we have to be careful, because usually after that there will be a big movement, either a downward correction or even a bounce up after breaking through the defense area. I think if we are still able to hold it for a long time, buying now is not a problem

Indeed. Besides bull run was not yet over so I haven't seen any problem buying right now though it may go under correction once again after reaching $60k as long as you can hold it up then there will be no problem. I also believe that Bitcoin will be pushed through breaking its current ATH, and  I don't think large institutions are done accumulating so why not go along with them pretty sure it will be pushed into 6 digit who knows. Anyway, the thing is no matter what price mark you buy it won't be a problem as long as you can hold it for a long time.

[goldade]

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.

I believe this is a careful analysis and I thank you for taking time out to actually make this analysis possible. I am sure with this, we now have more reasons to buy bitcoin.
Personally,  I do not really think a real bitcoin user needs the motivation of an increase in the price of bitcoin to buy bitcoin. The real users are those whose primary reason of buying bitcoin is not for profits, but to enjoy the freedom that comes with it. They are those who buy bitcoin in order to make anonymous transactions, pay less fees and wait lesser days for these transactions

[fancy2973]

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.

I believe this is a careful analysis and I thank you for taking time out to actually make this analysis possible. I am sure with this, we now have more reasons to buy bitcoin.
Personally,  I do not really think a real bitcoin user needs the motivation of an increase in the price of bitcoin to buy bitcoin. The real users are those whose primary reason of buying bitcoin is not for profits, but to enjoy the freedom that comes with it. They are those who buy bitcoin in order to make anonymous transactions, pay less fees and wait lesser days for these transactions

The not for profits thesis I would highly doubt. Nobody buys Bitcoin for the sake of others being able to sell at a profit to them. Buys buy because they hope attain a surplus value due to their buying decision. Th surplus value can come through selling Bitcoin again or through holding it and making use of its purchasing power that it one day may have in the real market as a stand on its own asset. For now Bitcoin is not denominated in Bitcoin but in USD.

[chikading2016]

Well in my own investagations about the bitcoin price i see that buying bitcoin this time is more risk than buying bitcoin on last 2018, if we are going to buy bitcoin in the price of 50k to 53k$ we can really say that this is a risky type of buying because 53k$ is not a joke it is a big money comes with a big loss if ever btc will drop down after buying, i think the posible great option is to wait for the dip and then buy to avoid big loss, beause we really dont know after this bull run there is a big dip waiting and we need to be more careful on it.

[buwaytress]

Well in my own investagations about the bitcoin price i see that buying bitcoin this time is more risk than buying bitcoin on last 2018, if we are going to buy bitcoin in the price of 50k to 53k$ we can really say that this is a risky type of buying because 53k$ is not a joke it is a big money comes with a big loss if ever btc will drop down after buying, i think the posible great option is to wait for the dip and then buy to avoid big loss, beause we really dont know after this bull run there is a big dip waiting and we need to be more careful on it.

Actually, every day that passes that Bitcoin does NOT die is another day it becomes less likely to ever fall to zero. So in terms of risk, I'd say every day you wake up and Bitcoin is still trading, your risk of losing it all becomes less.

More adoption, more recognition, more "too big to fail".

What may be lower every day would be the risk to return ratio. But even so, after 12 years, that return is far more attractive than almost any other asset I could easily access.

Which risk are we talking about here? =)

[Yamifoud]

I don't go all for this because there is only one reason that I have to invest in Bitcoin and that is because it was the most promising and reliable coin in the market. Congestion, transaction fees, scarcity and etc...these are making no sense as they are eventually be changing from time to time.
If I buy it today, I expecting a profit in the future, nothing else. But I'd never find this time as the best time to buy Bitcoin, we will be facing a huge risk since the price is too high, better to wait for the bear season.

[traderethereum]

the bullrun isn't over just as we had expected and ....

Yeah, the bull run is not yet over which could be the enough reason for anyone ....

I do hope your technical analysis is right. As per my analysis, I hoped it would reach at least $65K level and started off a trade with 10x leverage. So far I have made a gain of about 50%. However, like you mentioned, if it hits $100K I would have pulled off the most successful trades of my lifetime!!  

Maybe you can search for more info from his analysis to find out more about the market situations because I think the market is changing and becoming a bit stable.
Yes, I agree that the price still has a chance to back to $64k-$65k soon, but it will need more time to back to that price as the price is below $60k.
We can still search for more profit at this moment as the price is up and down many times to expect to buy low and sell high.
Maybe we do not need to make a big profit if the situations are not conducive, but when the price can jump higher, we will make a big profit.

[fancy2973]

Well in my own investagations about the bitcoin price i see that buying bitcoin this time is more risk than buying bitcoin on last 2018, if we are going to buy bitcoin in the price of 50k to 53k$ we can really say that this is a risky type of buying because 53k$ is not a joke it is a big money comes with a big loss if ever btc will drop down after buying, i think the posible great option is to wait for the dip and then buy to avoid big loss, beause we really dont know after this bull run there is a big dip waiting and we need to be more careful on it.

Actually, every day that passes that Bitcoin does NOT die is another day it becomes less likely to ever fall to zero. So in terms of risk, I'd say every day you wake up and Bitcoin is still trading, your risk of losing it all becomes less.

More adoption, more recognition, more "too big to fail".

What may be lower every day would be the risk to return ratio. But even so, after 12 years, that return is far more attractive than almost any other asset I could easily access.

Which risk are we talking about here? =)

And also you can always argue retrospectively why it would be more risk today than it was three years ago as you have the information from today. Buying Bitcoin also depends on the time horizon you are having in mind. I would say if you buy and hold for two years you are likely to be alright, but if you need the money in half a year from now you could have a bad timing and have to sell in the middle of a crash, like many had to sell in 2018.

[Silberman]

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.

The reason to buy bitcoin right now is very simple, the price is nowhere near the top, if you watch the previous bull runs you will realize that bitcoin has a tendency to slow down and it takes a few months to gather strength to keep climbing up, this is what we are seeing right now and sooner or later its price is going to go up and when that happens you need to have as much bitcoin as you can as this is the opportunity of a lifetime, and if you do not take it this is something you are going to regret for the rest of your life.

[buwaytress]

And also you can always argue retrospectively why it would be more risk today than it was three years ago as you have the information from today. Buying Bitcoin also depends on the time horizon you are having in mind. I would say if you buy and hold for two years you are likely to be alright, but if you need the money in half a year from now you could have a bad timing and have to sell in the middle of a crash, like many had to sell in 2018.

Analysis is always retrospective though, and every TA person knows this, which is why the good ones can laugh about their charts and not take themselves too seriously;) That's the problem with risk analysis based on a market which has only been around for 10 years (we can't really call the early years a real market!). You simply just have too little data to make any really meaningful analyses.

Oh, and I remember biting down in 2018/19/20 when forced to sell for bills coins I'd earned at far higher prices. Much pain.

[Gozie51]

The major reasons to me are two. Yes the institutional acceptance is a plus and that has also caused it that the price not dropping rapidly like in 2017 after halving because they have hodl and not dumping.

Another reason is the investors know the mining and supply is getting to cause scarcity very soon and they are buying up in case of scarcity. Expect a very volatile and expensive price after the next halving.

[bitgolden]

the institutional acceptance is a plus and that has also caused it that the price not dropping rapidly like in 2017 after halving because they have hodl and not dumping.

2017 was a year of strong bull run and usual fluctuations were happening in that year. If you consider those fluctuations were rapid then in recent times as well bitcoin was dumped from $62k levels to $47k levels in most quicker time. So, institutions involvement not changed things much in my opinion.

Another reason is the investors know the mining and supply is getting to cause scarcity very soon and they are buying up in case of scarcity. Expect a very volatile and expensive price after the next halving.

Every halving will bring more scarcity which may go wild intensity in upcoming halving as well. But, world population and level of reach of technology are few practical limitations on-which we need to consider how peak bitcoin may test.

[mrjoy15]

It's now very clear that the BTC balance on exchanges continuously diminishing, implies low pressure on selling. No more explanation need, if the trend continuous BTC price will be soaring up. Institution investment coming in and there is good back up between $52k - $53K. Long term holders are also increasing, so it's time purchase bitcoin and hold your BTC bags.