$BTC
📢 Should You Buy Bitcoin While It's Less Than $70,000? 🤔🫢🤔🤔
🔥 Bitcoin (CRYPTO: BTC) has come a long way since the depths of the crypto winter of 2022. In the last two years, it has climbed more than 300% and recently notched a new all-time high.
Yet, since hitting that peak in April, things have cooled off and -- dare I say -- become lackluster. Volatility has returned, and any momentum that Bitcoin tries to muster seems to be short-lived. However, while the current situation might look a little bleak at the moment, I view a sub-$70,000 Bitcoin as an opportunity that won't last long.
✍️ Why now might be a good time to buy
In the short term, there are two events that will likely prove to be significant factors that eventually push Bitcoin's price well past $70,000.
The first is Bitcoin's halving. Occurring approximately every four years, the halving reduces the rate at which new Bitcoins are produced, thus increasing scarcity. In other words, halvings alter the dynamics around Bitcoin's supply and demand.
✍️ By reducing the supply rate at which Bitcoins are produced, the halving essentially makes it so that even if demand remains constant, the price has to increase in order to compensate for the reduction in supply. After all, the mining operators still need to pay their electric bills. On average, in the year a halving occurs, Bitcoin's price increases by about 125%. Should a similar situation unfold this time around, Bitcoin could potentially reach nearly $100,000 by the end of the year.
#BNBHODLer #Megadrop #BinanceTournament #Write2Earn! #btc73k
