—The best time to buy Bitcoin is when the price is lowest, but knowing the right price point is the issue.
—Along with other cryptos, bitcoin has seen its worse period in the last two years in 2022.
—Experts are divided on bitcoin future as some expect its price to dip lower and others believe it will reach its highest ever.
Bitcoin, like other crypto assets, and frankly, tech stocks, have experienced a bad year in 2022 but there are still several ‘experts’ claiming that this is the best time to buy it. Why?
Likely, they are saying this because this is the first time since December 2020 that Bitcoin dropped below the $18,000 mark. However, it seems that suggestions like this are trends-influenced. A brief history of Bitcoin shows that it has always been this volatile and there is no assurance that it won’t drop further.
Bitcoin’s growth during the pandemic coincides with the growth of tech stocks as well. However, what we saw this year was a massive wipe out and with what outlook? Tech bosses and decision maker, who have more insight than many of us, are not doubling down. Instead, they have been freezing hiring, laying off employees and refocusing their business.
–How 100-Year-Old IBM Survived Tech Stocks Worst Year
–Meta Settles To Pay $700M Over Facebook Cambridge Analytica Scandal
–Elon Musk Vows To Stop Selling Tesla Stock In Bid To Calm Investors.
Even crypto companies have gone down the same route, with giants reducing overhead cost of operations. To compound matters, the industry, which has operated mostly without much government intervention, is facing likely increased regulation in 2023.
Of course, there have been arguments that regulation may see more businesses trusting crypto for transactions, but before that will happen, there would be a lot of shave offs in value. Not to forget, FTX collapse also cast crypto exchanges in bad light and made customers more deliberate in their decisions.
The best time to buy Bitcoin would be well into 2023, as you observe what is happening with the crypto world. If you feel the price is right at this time, give it a month or so, and check it again.
Meanwhile, for those who trade frequently, the best time to buy Bitcoin is early in the day before trades open as the price rises as the day progresses. In a month, it is best to buy Bitcoin towards the end as the beginning of every month sees Bitcoin price climb.
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