Cryptocurrencies have dropped in price significantly in the last few days. Bitcoin going from its all-time highs of around $61,000 per coin is at roughly $51696, at the time of this posting, down 17% from last’s week peak. That is, in my opinion, a good entry (buy) price for an asset that has only room for growth long term. Certainly, BTC might still continue to go down even more, however given previous highs, $51,000 is a reasonable entry price. Many cryptocurrency analysts believe BTC will reach $100,000 by the end of the year and so do I.
Seeing a big pull back like the one we’ve seen this past week is, to me, an indicative that we might see an increase in price once BTC finds a support level which, I believe, will be between 47k to 51k. I think BTC and all other coins, which are also behaving in a similar way (crypto market is down over 6% today only).
It might be a good idea to increase your position in the crypto you believe has the most potential if you are a long-term investor. With the overall stock market going down and uncertainty in our economy after the federal government printing so much money, it would be a smart move to invest on the crypto you believe in as a hedge against inflation. Remember Bitcoin has a limited supply which in theory makes it a deflationary asset instead of inflationary like fiat currencies. Also, keep in mind I am a long-term investor and big drop in prices tend to encourage me to invest even more because I have the conviction that my investments will grow wealth in the long term.
I am a big crypto believer and I see this deep as a great opportunity to increase your position on the crypto world. My personal favorites being Bitcoin (BTC), Ethereum (ETH), Stellar Lumens (XLM) and Dogecoin (DOGE) in which I currently have investments. As in everything, make sure you do your own due diligence, do your own research before you decide to invest your hard-earned money.
Let’s all flourish together with these disruptive assets.
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