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Bitcoin at $3560: Why you shouldn’t miss the opportunity to buy BTC now?

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Some of the points indicating bitcoin at around $3560, why shouldn’t you miss the opportunity to get it now. Let us have a glance at these points.

The Bitcoin industry performed nothing less than wonder in 2017. But, 2018 proved to be a troubling one for this industry. The market faced a severe value down in the year. The price in Dec 2017, it was $19783 while today it is at just around $3560. The down value percentage is around 82%! Now, due to this breakdown, the existence of bitcoin has been doubted by some of the traders. However, there are many positive things if focussed on, lead to conclude that it is the best time to get bitcoin.

This article explains some of the points indicating bitcoin at around $3560, why shouldn’t you miss the opportunity to get it now. Let us have a glance at these points:

 

1.  Botton Level of BTC:

No one in Dec 2017 would have thought that the price of bitcoin can go to such lower depth. Certainly, the value of bitcoin is at its bottom and if viewed in perspective of positive business mind, this is the right time to buy it. Profitable business has one simple fundamental: Buy when the price is the lowest, and sell when it is at its highest. The price of bitcoin is undoubtedly at its lowest level and this is the time to buy it. Since, there is a lot of trade analyst who is also predicting that 2019 is the year for bitcoin, just buy it today, preserve it and sell it when the price once again is at its peak. Suppose you buy bitcoins of worth around $10000, and if it is assumed that even it reached its previous high in some later point of time, the same net worth will be around $60000, i.e. around 600% profit! Isn’t it amazing?

 

2. Expected Rise in future:

A lot of factors are leading us to thin about unexpected rise of bitcoin in the future. The current technologies, legal, and market are days by day changing and promise to be on the positive side of bitcoin.

  • One of the major reason of fall of bitcoin was scalability. The speed was restricted to just a few transactions per second. Now after the idea of BTC LN or Bitcoin Lightning Network, the issue of scalability is assumed to be removed. And if the bottleneck is removed, then surely it will help in the rise of bitcoin.

 

  • Another reason to expect rise is the evolution of Bakkt, an exchange provided by ICE and supported by Microsoft Azure. This is in continuation to provide seamless, efficient and trustful transaction of BTC along with the conversion of BTC to normal financial currency. If Bakkt becomes successful then undoubtedly use and importance of bitcoin will enhance.

 

  • Entry of institutional money into the crypto industry: The institutional money is all set to enter into crypto space and if it happens then it can ignite the downed bitcoin industry to the desired position. The entry of this money will lead to more and more investments in this space and eventually, it would regain its old position or maybe better than that.

 

  • Many new countries are modifying and making new legal regulations about bitcoin, thus welcoming the crypto space. This will lead to attracting more and more investment to this country which is a positive sign for rising of bitcoin in the future.

 

3. Bitcoin Halvening in 2020:

Bitcoin has planned the third halvening in 2020. The halvening even occurs  in two conditions:

  • Every 4 years or,
  • After 210,000 blocks have been mined.

 

The halvening event has been always historical for bitcoin. Bitcoin halvening have been occurred two times in history, firstly in 2012 and then in 2016. The third bitcoin halvening is scheduled in 2020. When first-time bitcoin halvening happened in 2012, in the next year bitcoin rose to that time highest value of $1,000. Again, the second halvening occurred in 2016, and the result of halvening was same. In 2017, the bitcoin rose to all-time highest to $19783.

The third bitcoin halvening is supposed to happen in 2020. If the predictions of halvening continued as earlier, then again bitcoin will reach a respectable position. And in that case, the price of bitcoin will again rise. Since the price of bitcoin is at the bottom level right now and if it is assumed that the magic of bitcoin halvening is again going to strike in 2020, it is the best time to buy it.

 

4. Mass adoption of bitcoin:

Although the crypto space is on it every time low, still the major contribution in the space is of bitcoin. It still occupies about half of the total of the crypto market. Bitcoin is still the oldest, the most valuable and relevant cryptocurrency. Various stores have started accepting bitcoin from their customers. For example- Starbucks has started accepting bitcoin from its customers for morning breakfast at some of its centers.

Since the end of crypto space is impossible right now and even though, bitcoin has lost around 82% of its all-time highest value, the fact can’t be ignored that bitcoin has a secure future.

 

There are several other factors which indicate that it is the best time for buying bitcoin. Although there are several factors which may affect the future of bitcoin for sure, the above factors assure that Bitcoin at $3560, why shouldn’t you miss the opportunity to get it now?.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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