Some sources are asking the big question, “Is now the time to buy bitcoin?”
Bitcoin: Where Will It Go From Here?
The currency is trading for just over $7,000 at press time, meaning the fall is continuing. Right now, it’s not understood why the currency is dropping so drastically. What could be occurring behind closed doors that’s potentially making the world’s number one cryptocurrency dive to record lows? It’s now the lowest it’s been in roughly six months.
While answers aren’t necessarily being given in this department, the fact is that the price is considerably low – lower than it’s been in quite some time, but on top of that, we’ve seen this many times over the past several years – bitcoin goes down, it goes back up again. It spikes to new heights, only to come crashing down roughly a month or so later. It’s unpredictable, and it’s very hard to know where – or even how – the currency will travel.
So, at first glance, right now does look like a time in which purchasing BTC may be in one’s best interest, especially if they’re a new trader. With the price having shot down so drastically, the currency is likely more affordable to those looking to enter the crypto market, though it should be said that no matter what the price of bitcoin or other cryptocurrencies may be, the entire space is open to widespread speculation.
One could easily buy bitcoin today and it goes up significantly tomorrow. It could also slink to new lows, meaning that whatever you own in BTC disappears before you even have a chance to enjoy it. The market is down, and prices are more affordable, but traders are warned to always keep an open eye (and an open mind) when it comes to trading and to exercise caution whenever possible.
Wall Street trader Peter Brandt – who over the years has widely focused his attention from traditional stocks and bonds to BTC and crypto – now says that bitcoin is likely to fall into the $5,000 range before the currency’s next halving, which is presently set for May of 2020. In a Tweet, he explains:
My target of $5,500 is not far below today’s low, but I think the surprise might be in the duration and nature of the market. I am thinking about a low in July in 2020. That will wear out bulls quicker than a price correction.
Some of the Trends Are Picking Up
Brandt initially made a name for himself by predicting that 2018 would be a massive bear market for the world’s number one digital currency.
In the meantime, many big maneuvers are still occurring through bitcoin, such as Bakkt reaching new trading heights and companies like Starbucks announcing customers can soon purchase items using crypto.