Bitcoin

Bitcoin is in Worst Dip: Is it the Right Time to Buy?

Disasters, Pandemics or any sort of disturbance to our normal lives seem to have been developing negative shades to price inflation especially in the stock market and currency exchanges. This is mainly because the operations are hindered due to the unusual disturbance causing a huge dip in the price exchanges in the market. That is the similar situation of the crypto market as we speak.

The Current fluctuations:

The Corona pandemic has been sending shockwaves across many market domains and it is definitely having an influence on the bullish prices that the various cryptocurrencies are facing. The most affected is definitely the Bitcoin exchange prices. The pricing which was expected to soar as high as $10,112, saw a rapid plunge to nearly $5036 as we read.

The major influencers in the crypto world state that the corona pandemic is the major reason as to why there is a huge influence in the exchange prices. Even though that might be a possible reason, it is highly not the important point of discussion as Bitcoin has already faced such plummets and has got back on track.

Right time to Buy?

Now the biggest point of concern is to know whether it is the right time to buy off your Bitcoin stashes and get a profit before the price dips even further. 

There are many factors that you need to take into consideration before you even proceed with the transaction.

  1. If you are looking for a long term investment with Bitcoin then probably it is the right time to buy your coins and stock them and make sure that they reach a very safe landpoint to sell and get a profit of your investment. You can also use immediate edge bot app to identify only profitable trades.
  2. If you are looking forward to a short term return type of investment, then probably it is not the right time to lay your hands on the crypto network as the process might even turn worse from where it is now due to the given circumstances. This is probably not a good time to make an investment in the same.

Experts say:

There are a lot of definite arguments that are happening around the crypto bench of experts, especially on twitter.

Binance CEO, Chanpeng Zhao, took to twitter and affirmed his followers that they do not have to worry about the Bitcoin prices going down as he said that as long as he is around it will definitely not happen.

Even though this sounds quite assuring and affirming amidst the tremendous amount of definitions that are being spread in the market in the negative horizons. There are also other experts that took to twitter to explain the situation and convinced the Bitcoin buyers to not panic.

One such tweet from ToneVays, an expert analyst of Bitcoin stated that this recent dip need not be the reason for not buying Bitcoin as the coin has not gone below the $3012 mark. In one way, it is promising that it has ample space to bounce back to regular pricings. He says that it is extremely difficult for the prices to stoop even low taking into account the past that the coin had experienced. He says that the current situation must not be the reason as to not buy the coin.

To assure more security on whether to buy the coin or not, Samson Mow, CEO at Pixelmatic and an excellent market strategist says that it is definitely a good time to buy as he tweeted on his feed and the current situation should not influence any of the purchases.

The assured words of experts might sound reassuring, but the best option would be to buy particularly if you are looking forward to a long term investment.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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