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

[rahmatrf331]

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.

Bitcoin is a very good coin and is good for investing in the long term. because bitcoin in some countries has become a legal means of exchange, however, in the exchange system there are always ups and downs. so you have to be smart when to buy and when to sell.

[skarais]

Bitcoin is a very good coin and is good for investing in the long term. because bitcoin in some countries has become a legal means of exchange, however, in the exchange system there are always ups and downs. so you have to be smart when to buy and when to sell.

In the last 10 years, bitcoin has been trusted as one of the best investment asset by people so you will know that its price has continued to increase over the years. Trust, scarcity, and adoption are some of the important factor why large investor such as institutional investor are willing to invest in bitcoin.
As a long-term investment, bitcoin has been recognized as one of the most profitable asset even when compared to gold. I think people will agree that the risk of investing in bitcoin will be worth the return they will get in the long term.

[Ceyflix-Rez]

 I'm really worried about the fall in BTC dominance and the rise of altcoins, isn't this the movement of end of bullrun season? Once altcoins takes over for sometimes it's a sign that by season is fading, anyways I will stick with my old plan which is taking profits and risking very little amount of money

[Fredomago]

I'm really worried about the fall in BTC dominance and the rise of altcoins, isn't this the movement of end of bullrun season? Once altcoins takes over for sometimes it's a sign that by season is fading, anyways I will stick with my old plan which is taking profits and risking very little amount of money

You should do that and not to worry yourself that much, if you already settled with your plans then executing it is the best way for you.

No need to think of whatever possible next market run but instead focusing with how will you gained good compensations from this venue of investment, take whatever you can and pla again for your next move.

We should established this kind of mentality instead of stressing out ourselves during our stay inside the market.

[tbterryboy]

I'm really worried about the fall in BTC dominance and the rise of altcoins, isn't this the movement of end of bullrun season? Once altcoins takes over for sometimes it's a sign that by season is fading, anyways I will stick with my old plan which is taking profits and risking very little amount of money

What bitcoin dominance will do about the future of bitcoins or does it get anything to do with future of any of altcoin? I am not sure why people always giving importance to such a useless metrics. It is really annoying.

Marketcap is also a useless/manipulated metric but continuously seeing people are trading it like a very vital metric for their financial decisions. Similarly bitcoin dominance also not having anything to do as dominance of altcoins got nothing to do against bitcoin's future. BTC dominance can be manipulated by having lots of massive circulating coins like dogecoins.

[Hamphser]

I'm really worried about the fall in BTC dominance and the rise of altcoins, isn't this the movement of end of bullrun season? Once altcoins takes over for sometimes it's a sign that by season is fading, anyways I will stick with my old plan which is taking profits and risking very little amount of money

You should do that and not to worry yourself that much, if you already settled with your plans then executing it is the best way for you.

No need to think of whatever possible next market run but instead focusing with how will you gained good compensations from this venue of investment, take whatever you can and pla again for your next move.

We should established this kind of mentality instead of stressing out ourselves during our stay inside the market.

Due to very unpredictable behavior of the market then its unavoidable on not for you to get stressed nor be mindful too much on what would be the next things to come in next hour or minute or day here on crypto space.

I agree into the things that you had said that it would be much better if you do really mind on what are the things you should do next basing off on what you had analyzed because we do all matter here in terms of profits

no matter what is the current market condition then you  should mind off on what are the next things you should do for you to utilize the movement and benefit out yourself.

[Questat]

Bitcoin is really can be trusted and no way it disappoints us but since the price is still bullish, it gonna be your guts to do it.

I'm not discouraging people not to invest but first, you have to ask yourselves if you are willing to hold if one day the price of Bitcoin will dump after buying? Because more cases happen that they once blame us because we put them into the trap which is not. That is why I need to encourage people and those who want to invest must have to clear their mind first and willing to accept whatever happens. It is not our decision but it is yours.

[macson]

I'm really worried about the fall in BTC dominance and the rise of altcoins, isn't this the movement of end of bullrun season? Once altcoins takes over for sometimes it's a sign that by season is fading, anyways I will stick with my old plan which is taking profits and risking very little amount of money

You don't need to worry too much because the domination of Bitcoin will not be beaten by Altcoins....as usual, the bull run in Altcoins is the result of the increase in the price of Bitcoin.  more popular Bitcoin, the Altcoins will definitely follow suit.

Currently the Bitcoin price is stable at the price of $56k - $57k, still a great price to buy

[bitzizzix]

Bitcoin is a very good coin and is good for investing in the long term. because bitcoin in some countries has become a legal means of exchange, however, in the exchange system there are always ups and downs. so you have to be smart when to buy and when to sell.

In the last 10 years, bitcoin has been trusted as one of the best investment asset by people so you will know that its price has continued to increase over the years. Trust, scarcity, and adoption are some of the important factor why large investor such as institutional investor are willing to invest in bitcoin.
As a long-term investment, bitcoin has been recognized as one of the most profitable asset even when compared to gold. I think people will agree that the risk of investing in bitcoin will be worth the return they will get in the long term.

Yes, we have to look at the next 10 years until now where the price continues to rise and it clearly proves that long-term investing in bitcoin is a very profitable option, we should see bitcoin's growth continue to grow.
like the recent news that big companies and big people are involved with bitcoin and that is evidence of the significant growth of bitcoin, and no one knows that there will probably be more such things in the future.
Don't panic or worry about the movement of bitcoin which is currently very slow and only lasts at a price of more than 50K, you have to be patient because the long term is the right choice so you don't feel worried and panic.

[btc78]

I have enough mate, that's why I'm looking for altcoin to be added in my folio .

I have been collecting bitcoin since july 2020 and i think what i earned are enough when the price climbs up to 100k?

10 folds is more than enough for me and i don't wanna be greedy 

[LUCKMCFLY]

Currently there is a possible reason that the price of Bitcoin helps to continue rising, apart from that the adoption is increasing, one of the ex-partners of Ripple in this case Coinme is carrying out a collaboration for purchases and sales of Bitcoin, Moneygram director Alex Holmes himself has announced that this may be one of the best collaborations that can be established, of course this comes after Ripple's problems with Sec, so now they want to give it another direction to continue in business.

This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency

Source: https://u.today/former-ripple-partner-moneygram-turns-to-bitcoin

[conected]

Bitcoin is really can be trusted and no way it disappoints us but since the price is still bullish, it gonna be your guts to do it.

I'm not discouraging people not to invest but first, you have to ask yourselves if you are willing to hold if one day the price of Bitcoin will dump after buying? Because more cases happen that they once blame us because we put them into the trap which is not. That is why I need to encourage people and those who want to invest must have to clear their mind first and willing to accept whatever happens. It is not our decision but it is yours.

- Yes, the customer satisfaction surveys of bitcoin's services are always relatively high, some stages can be stagnant but there are always apologies for inconveniences and create the greatest satisfaction. However, the nature of risk has always remained unchanged over the periods, even this year is at red alert, continuing to buy bitcoin at a high price will require statistics about profitability and potential loss of capital, people's decisions only show encouragement but they don't have the pressure so in the end, we're still the one with the heaviest responsibility.

[SaShiRaJaVu]

I have been collecting bitcoin since july 2020 and i think what i earned are enough when the price climbs up to 100k?
10 folds is more than enough for me and i don't wanna be greedy 

It is a smart investment, if anyone is planning to invest in the cryptocurrency market they should have done that before the market rally, i will not risk by investment after the price actually rallied multiple folds and hence i am more than happy with my holdings as i am not expecting the market to be rallying over $100k because we already had a huge rally and if it goes then it is an added bonus and i will gladly take that opportunity to book my profit for everything i hold.

[supine]

The only reason I need is it would still increase it's price in the future so I would earn by buying now and holding it, It is enough reason to invest on it right now since investors focus mainly on the profit.

[dunfida]

The only reason I need is it would still increase it's price in the future so I would earn by buying now and holding it, It is enough reason to invest on it right now since investors focus mainly on the profit.

Cant really be denied that majority of people in the community are really longing for the profits that they could make with bitcoin but actually if we do look into the other side of things
or directly tells about its main purpose of existence is about into in payment system which mostly not really minding at all but rather focuses on how they could make themselves rich
via holding the coin for more years to come. Price point for you to enter doesnt really matter if you are someone who are longing for future sell and doesnt mind
about selling in a short span of time. Reasons will really be that common which it isnt surprising.

[kapalmabur]

briefly fell below $ 50k and back above $ 50 in no time! How is that possible?
it should be if the bears happen it will be hard to come back, and I feel the bears are still not coming,
bulls will rule the crypto market until next season, or next year, and $ 50k is the bottom for Bitcoin, yeah I bought it!

[fancy2973]

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.

Finally someone says it! Believe me there are so many so called "TA experts" whereas everybody with some (academic) background knows that TA is BS. One reason is the time the market has been around and a second reason is that the past is a bad indicator to correctly predict the future. I mentioned two years because it sounds to be a reasonable time horizon to have a fair chance to not find yourself in the middle of an ongoing crash at least at some point in time. But, and this is a big but, you never know. Can be the same problem in two years as it might be in six months.

[buwaytress]

Finally someone says it! Believe me there are so many so called "TA experts" whereas everybody with some (academic) background knows that TA is BS. One reason is the time the market has been around and a second reason is that the past is a bad indicator to correctly predict the future. I mentioned two years because it sounds to be a reasonable time horizon to have a fair chance to not find yourself in the middle of an ongoing crash at least at some point in time. But, and this is a big but, you never know. Can be the same problem in two years as it might be in six months.

I wouldn't go so far as to call it bs, what's BS is that you can swear by it and use it as a completely reliable tool -- it helps and it confirms, and it identifies possible opportunities, but I think the TA I enjoy the most is by those who know what the real deal is with it. Helpful, informative, and entertaining (I admit, I do indulge every now and then cause it's fun to fantasise haha).

I do point out the market's still far too young to build proper TA too -- 2013/14 if you want to be lenient, is still 2 years away from completing a decade's worth of data.

[Silberman]

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.

Things are pointing out to that direction and all the indicators are signaling that and yet the price is going down right now and it is doing so in a significant manner and that is because even if we have more strong hands than before there are also a lot of newbies that do not know what they are going and they are going to sell at the first signs of trouble, and this is exactly what is happening now with the statements that Elon Musk has done lately and which have caused the price to take a nosedive.

[fancy2973]

Finally someone says it! Believe me there are so many so called "TA experts" whereas everybody with some (academic) background knows that TA is BS. One reason is the time the market has been around and a second reason is that the past is a bad indicator to correctly predict the future. I mentioned two years because it sounds to be a reasonable time horizon to have a fair chance to not find yourself in the middle of an ongoing crash at least at some point in time. But, and this is a big but, you never know. Can be the same problem in two years as it might be in six months.

I wouldn't go so far as to call it bs, what's BS is that you can swear by it and use it as a completely reliable tool -- it helps and it confirms, and it identifies possible opportunities, but I think the TA I enjoy the most is by those who know what the real deal is with it. Helpful, informative, and entertaining (I admit, I do indulge every now and then cause it's fun to fantasise haha).

I do point out the market's still far too young to build proper TA too -- 2013/14 if you want to be lenient, is still 2 years away from completing a decade's worth of data.

The problem with TA is that it doesn't capture the extremes at all. If you take the price decline in 2018 from 20k to - I don't recall exactly - let's say zero for the sake of explanatory power Do you remember how many TA experts were wrong until we finally hit rock bottom? They corrected their analyses on an hourly basis. Last year start of the pandemic when markets out of a sudden moved to ATHs? I don't a single TA expert who said we are going to have record highs at the peak of the pandemic. What did TA do in 2007? Or 2000?
If you rely on TA and don't have a trading strategy like selling some here and there and not buy in again catching a falling knife, you'll lose everything. I know that's what you basically said that TA is just one tool of many, but there are people out there who follow these TA gurus because they talk as if they had a crystal ball but can actually show a convincing fake crystal ball in the form of their computer screens (which are - you may guess - not a crystal ball).