4 Signs Now Is A Great Time To Invest In Bitcoin
Bitcoin has been in the news in 2022, but not for the reason it has been in the years before. The coin has made a dive this year and is now selling for around $20,000. The good news here is that we’re seeing a lot of support for the coin right now, and anyone who knows bitcoin knows that it’s not going anywhere anytime soon. There is very little chance that it will plummet any lower and a much greater chance that its low price could get the interest of investors who may have been looking for this very moment for a while. Let’s take a look at a few signs that now could be a great time to invest in bitcoin.
$20,000 Could Be The Coin’s Floor Price
People have been trying to find a floor price for bitcoin for years, and many people agree that $20,000 could very well be it. There is a core group of holders, or should we say, hodlers, who are in it for ideological reasons, and bitcoin remains the main gateway crypto, so there will most likely always be a baseline demand for it.
The fact that we’re finally seeing a true floor price materializing will make people much more confident in investing in the coin. It will also give them hope that they could make a profit knowing the cyclical nature of bitcoin prices.
Global Economic Uncertainty
Another thing that could greatly benefit bitcoin right now is the global economic situation. Inflation is at an all-time high, and a lot of people are beginning to lose faith in the national currencies. This could be a great opportunity for deflationary assets like bitcoin.
Bitcoin and other cryptocurrencies have a reputation as being refuges against financial turmoil, and there are strong chances that they will be affected positively by all the uncertainty. This is why you should keep a close eye on the price action of cryptocurrencies and compare them to the price of local fiat currency so you can spot opportunities. If you’re looking for a great source to look up prices for bitcoin and hundreds of altcoins, sites like okx.com will help you stay on top of everything.
The Growing Number Of Bitcoin Derivatives
We’ve seen a few bitcoin ETFs being rolled out over the last few years, but there are finally talks of an actual spot ETF coming. This could be a game changer and will have a direct impact on the demand for bitcoin. This will allow people who were always interested in it to invest without them having to be involved with the sometimes-complex hurdles around regular crypto exchanges. This also gives them the certainty of investing through well-known institutions and instruments they are familiar with.
Institutional Money Pouring In
Bitcoin is also recognized as a real asset, and more money managers are starting to recommend it to their clients. You also have banks like the Bank of New York Mellon trying to cater to crypto investors by helping them hold and profit from their crypto investments. That should inject a lot of money into the markets and boost bitcoin’s value.
These are all reasons why you should consider investing in bitcoin now if you haven’t already. It still has lots of potential to grow and is showing signs of resilience, which shows great promise for the near future.