Maybe it is Not Too Late to Buy Bitcoin! BTC has a Long Way to Go – Analytics Insight

Some might wonder if they have delayed buying Bitcoin because it is already at the US$45,000 level

Since the beginning of 2022, Bitcoin is remaining under constant pressure. The cryptocurrency price rose sharply for 10 days straight only to fall back to its previous resistance level. Even after holding their hearts in their hands for three months now, Bitcoin investors are still hopeful about BTCs value going up. Speculatively, some are even wondering if they are too late to buy Bitcoin now. Therefore, in this article, we explore what investors should worry about and not when it comes to Bitcoin investment.

The cryptocurrency market is well known for its volatility. But over the past few months, things are getting even more uncertain with Bitcoins price touching massive lows. Fortunately, BTCs value hasnt broken through the US$30,000 resistance level, which wouldve put the digital token at a loss if it did. But still, Bitcoin is getting murkier. After the announcement from Federal Reserve to raise the interest rates came out and countries started tightening the regulations on cryptocurrency policies, Bitcoin is facing back-to-back hits. Bitcoins price has blown through both supports and resistance levels over the past few weeks, defying all the previous predictions of reaching US$100k in 2022. Even though BTC managed to hit US$45,000 last week, it couldnt break through this barrier. While some buy Bitcoin despite the uncertainty, some wonder if investing in cryptocurrency now might be too late.

From the technical point of view, it is too early to say it is late. When we consider artificial intelligence, we are yet to reach artificial general intelligence and artificial superintelligence. Therefore, experts say that we are even in the early stage of technology adoption although AI is over 70 years old. If we keep away the price of cryptocurrencies and just evaluate the underlying blockchain technology, the concept has a long way to go. It is comparatively young and might unleash new advantages which will eventually put digital tokens on the growth path.

Even when we consider Bitcoin, it is the first and oldest cryptocurrency to prevail in the market. Also, a majority of factors are indicating that we have a long way when it comes to buying and holding Bitcoin.

Practical Usage in Daily Life: Although Bitcoin is viewed as a legitimate store of value, people are expected to use it daily at some point. Currently, Ethereum is highly used as a transaction token in everyday life. But over time, Bitcoin is anticipated to take over its position. Once Bitcoin becomes a trading coin, it will reach massive adoption across industries.

Increasing Institutional Adoption: Bitcoins store of value concept is increasingly putting cryptocurrency at the center of institutional adoption. Already many companies have started adopting Bitcoin as a medium of exchange. This move is giving an edge to investors and forcing many organizations to invest in BTC to keep a hold of the asset and its movement.

Growing Ease in Services: One of the best ways to streamline Bitcoin in the commercial ecosystem is to simplify its transaction process. Already, Block and Robinhood are making it easy for investors to sell and buy Bitcoin while Coinbase is allowing customers to spend cryptocurrency in ordinary stores and earn rewards. When the transaction process gets easy, people will start choosing Bitcoin over other currencies.

Although many practical factors indicate that it is not too late for Bitcoin adoption, profit rates might indicate otherwise. When people step into the cryptocurrency world, they expect massive volatility and great growth. They want their potential investors to grow 100% or even more. But if you take Bitcoin into account, it has passed through the phase long back. Besides, now people are more interested in blockchain features like smart contracts, decentralized applications, and NFTs than cryptocurrencies. Therefore, there are high chances that the concept of virtual tokens might get overshadowed by the advantages. Some of the other factors that indicate you are late to Bitcoin are listed as follows.

Share This ArticleDo the sharing thingy

See the rest here:

Maybe it is Not Too Late to Buy Bitcoin! BTC has a Long Way to Go - Analytics Insight