Maybe it is, maybe it isn’t. When it comes to cryptocurrency trading, timing is the most challenging thing.
At the end of February 2018, Bitcoin fluctuated at a range between $9,000 to $11,000. Does it make sense to buy it for this price? It depends on your intention.
If you want to record a high return, why consider Bitcoin? Go for some emerging altcoins that might see their quotations surge by several times. Bitcoin’s market cap is already too significant to double every week. So why not make a decent cryptocurrency portfolio?
Some crypto watchers say that Bitcoin is currently a bubble, and it even shows striking similarities with classic bubbles.
Well, this is true, but it is also true that Bitcoin has all the chances to hit $50,000 by the end of 2018.
At the end of 2017, crypto entrepreneur Julian Hosp told CNBC:
“I think we’re going to see bitcoin hitting the $60,000 mark, but I also think we’re going to see bitcoin hitting the $5,000 mark.”
So, according to some experts, there is still much room for growth, even for Bitcoin.
If you want to invest in Bitcoin as a saving method that would protect you from inflation, this can be considered as a live option. But if you want to invest in Bitcoin for high returns, don’t go for it. Ethereum, Stellar, EOS, Cardano – there are so many better options out there.
Bitcoin is a different product, and it might not obey the classic bubble formations. It was hit by negative news from South Korea, China, Japan, the Netherland, and India. Some of these countries came with new regulations (South Korea), an Indian minister said that he would like to see crypto trading banned there, while China’s government would totally ban crypto trading, including peer-to-peer. It is natural that Bitcoin reacted promptly to the news, so we got a chart that coincides with a bubble burst. However, it was about fundamentals rather than technical behaviour.
We’ll see where Bitcoin goes, but, in the meantime, you can do your homework.
Is it a right time? I would say 50/50.