Here Are 3 Reasons Why Now is a Good Time to Buy Bitcoin
Last trading in the $35,300s and only just below recent yearly highs in near $36,000, Bitcoin (BTC) is up a stunning more than 110% on the year.
Having been as much as 77% down from its all-time highs when it fell into the $15,000s last year, Bitcoin has now managed to erase these losses to an impressive less than 50%.
Its recovery has come as a surprise to many analysts and crypto critics who declared Bitcoin and the broader cryptocurrency market dead back in 2022 in the wake of a long central bank rate hike/liquidity tightening bear market and the collapse of FTX.
Investors who didn’t get in in late 2022/early 2023 clearly missed the bottom.
But despite the fact that Bitcoin has already come a long way since its recent lows, its certainly not too late to invest.
Here are three reasons why now is a good time to buy Bitcoin.
Multiple indicators point to the fact that the Bitcoin bear market of 2022 is now in the rear-view mirror.
The long crypto winter appears to have come to an end, and the crypto spring has appeared to arrive.
Firstly, Bitcoin appears to be following almost perfectly in the footsteps of its usual roughly four-year market cycle, where it sees an intense year-long pullback from all-time highs, only to then push higher and go on to hit new all-time highs over the course of the next three years.
Meanwhile, a suite of widely followed on-chain indicators tracked by Glassnode have been flashing on and off all year that Bitcoin could be transitioning into a new bull market.
The dashboard analyses whether Bitcoin is trading above key pricing models, whether or not network utilization momentum is increasing, whether market profitability is returning and whether the balance of USD-denominated Bitcoin wealth is in favor of
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