More and more analysts are hinting to buy Bitcoin now

Image source: pixabay - MichaelWuensch

We have seen news earlier last week about Bitcoin prices dipping to new lows. Another wave of news have hit the crypto headlines dropping huge hints that we have reached a good time to buy Bitcoin. Any other altcoins including Ethereum, EOS and Bitcoin Cash have also been noted as “safe buys” during this period and holding them until next year.

Dan Morehead, founder of Pantera Capital Management, said that “All cryptocurrencies are very cheap ... to buy now and participate in the rally as it goes,” (source: CNBC - Kellie Ell). Morehead discusses about Bitcoin’s prices during CNBC’s “Fast Money”, America’s post-market show hosted by Melissa Lee and a roundtable of top traders.

“Many institutions are essentially buying the rumor [of potential SEC regulations] and selling the fact," he said. "Getting invested now so that in three, four, five months when the institutional, quality-regulated custodians that we're hearing about come online, they'll already have their positions."
Source: CNBC - Kellie Ell

For some time now the US SEC has tightened regulations in cryptocurrency as we see their prices drop over the last three months. Tax evaders sold off the crypto coins followed by potential market manipulators. Even illegal merchants and trades performed by cryptocurrency have been scruntinized thoroughly. It makes the market abusers think twice about fiddling with the coin markets.

Image source: pixabay - 3844328

Although many analysts have predicted Bitcoin not to hold at $7500, the market seems to be rallying a bouncing up after touching a low of $7000. With those Bitcoin cold wallets and whales laying dormant, a huge sell off could still shake the prices in the future. The Bitcoin predicted low is $5500.

"When we step back, we see the first phase starting to happen. We think Bitcoin is starting to bottom off some very key support around $7,000 and we think it's going to start a recovery process here," Robert Sluymer, head of technical strategy at Fundstrat Global Advisors, told CNBC's "Futures Now" on Thursday.
Source: CNBC - Keris Lahiff

Is this really a good time for buying in?
Bitcoin falling to $7500 is almost half way from its peak of $20000 back in Dec 2017. Long term predictions and stabilization of the market also show that cryptocurrency markets have not yet reached its fullest potential. While there is no guarantee that Bitcoin will stay as the top coin, the market overall has lots of room for growth using the blockchain technology.

It is a semi-good entry point as Bitcoin is undervalued at $7500. Subsequently coins can be moved towards altcoins with growing potential. It is an exciting time to invest into the cryptocurrency market, from an investors point of view. As long as there is a long term positive outlook, cryptocurrencies are the way forward in the future.

- tysler

Image source: pixabay - Free_Photos