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Toward the end of June 2023, Bitcoin briefly broke above $30,000, and most people thought the price would skyrocket. However, the price failed to break the strong resistance around $29,000 and stalled for weeks. Eventually, in mid-August 2023, BTC plunged from $29,000 to $26,000 and is still trading sideways around that level.
One question that's always on an investor's mind, especially during this bear market: Should I buy Bitcoin now, or could it drop a little further?
While no one is 100% sure that Bitcoin has bottomed out yet, this article explores whether you should buy Bitcoin when it’s still below $30,000 or wait for a major price rally (up/down) to get in.
Key Takeaways:
A decision on whether to buy Bitcoin now depends upon various factors — such as your investment goals and the prevailing market conditions — which could favor an entry due to the discounted prices.
The upcoming Bitcoin halving in 2024, intensified interest by institutional investors and increased clarity of regulation could be catalysts to drive up Bitcoin’s price.