Bitcoin

Should You Buy Bitcoin While It’s Below $60,000?

Published

7 months ago

6 July, 2024

Should You Buy Bitcoin While It's Below $60,000?

The leading cryptocurrency is poised to break out, with some powerful catalysts working in its favor.

Despite rising 275% since the beginning of 2023 and 47% since the beginning of this year (as of July 3), Bitcoin (BTC 1.05%) has been trading mostly sideways since the beginning of March. It looks like the digital asset is struggling to break out and start marching towards a new high.

And as of the afternoon of July 5, Bitcoin was trading around $56,500, or about 23% below its peak price. Here’s why investors should add the largest cryptocurrency in the world for your portfolio as long as it is less than $60,000.

Focus on the short term

As an asset that is only 15 years old, the digital currency is still reaching certain milestones on its path to development. In January this year, the Securities and Exchange Commission finally approved the trading of spot bitcoin exchange traded funds (ETFs), a monumental moment in the history of cryptocurrencies.

From the date of approval to today, its price has jumped 24%. Money is still flowing into these ETFs. With the increased accessibility and convenience that the funds provide, I think it’s reasonable to assume that larger pools of capital — from pension funds and sovereign wealth funds, for example — will move some money into Bitcoin over time.

In April, Bitcoin has undergone a halvingwhich cuts the new supply available to miners in half. This event happens roughly every four years and typically results in a major bull run for the cryptocurrency over the following 12 to 18 months. With demand increasing for an asset whose inflation rate has just dropped, it makes sense that the price would rise.

And there is another potential near-term catalyst on the horizon. While inflation remains well above the Federal ReserveWith the 2% target, there is hope that interest rates will start to fall sooner rather than later. When this happens, investors are incentivized to take on more risk in order to generate a higher return on their assets, which could lead to more capital finding its way into Bitcoin.

Focus on the long term

Zooming in and focusing on the bigger picture, there are other reasons to be optimistic about its potential. For starters, there are countless companies, particularly Blockwho are working on developing tools and services to help with Bitcoin adoption. This could mean creating a user-friendly platform physical wallets for blockchain assets or launch new payment mechanisms that use cryptocurrencies.

I also think it’s important to consider how changing demographics could affect Bitcoin for the better. Gen Z — defined as those between the ages of 12 and 27 — is more likely to own cryptocurrencies than stocks, according to a survey conducted by online insurance broker Policygenius last October. In a world that’s becoming increasingly digital, it makes sense that people would want to own something like the leading cryptocurrency as a store of value when they can feel like it serves them better than the traditional financial system.

There will only ever be 21 million bitcoins in circulation. Because of this fixed limit, the digital currency is scarcer than gold. And it is portable, divisible, and functional in transactions. It may be easy to believe that is a superior asset to gold.

The value of all the gold in the world is estimated at $15.9 trillion. As a conservative assumption, let’s say Bitcoin’s market cap reaches half that level, or around $8 trillion. At that point, each Bitcoin would be worth roughly $380,000. That implies a staggering gain of nearly six times its current market value. If it takes a decade to get there, investors are looking at a theoretical 21% annualized gain in the digital asset’s price.

With Bitcoin trading well below the $60,000 level, I believe investors would be wise to consider buying with the intention of holding the cryptocurrency for the long term.

Neil Patel and its clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Block. The Motley Fool has a disclosure policy.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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