Is Below $60,000 the Best Time to Invest in Bitcoin?

Bitcoin (BTC) is at $58,365 (BTC/USD) now, under the crucial $60,000 level and far from its all-time high. At this low point, should investors be buying Bitcoin?

They need to be careful about buying up Bitcoin when the token is on the rise, as it is this Thursday morning with a 1.48% increase over the previous day. They might not have missed their window of investment, though, considering how low Bitcoin is at the moment.

Any point under $60,00 is likely a good place to invest in Bitcoin, since the coin has historically this year been well above that mark. The last time we saw Bitcoin hang out below the$60k level was back in late February, so it is probable that $60k is a resistance level that has been temporarily passed. We will have to wait and see if Bitcoin continues to remain down , but we suspect it will not be long before it surges past $60,000 and stays above that level.

What Is Working in Bitcoin’s Favor?

Many investors simply will not accept that Bitcoin has slipped so low, and they will do everything in their power to move the coin back up above the key $60k level. We also have a coin that is historically high right now, close to its record high, historically speaking. Bitcoin has had one of its best years ever so far in 2024, and we expect that trend to continue. What we are seeing now is probably just a hiccup before the coin gets back on its feet and moves forward.

What would really help Bitcoin is some positive inflation data. If those numbers start to change, then Bitcoin will surge quickly and stay high, we suspect. This is not a bad time to invest, as Bitcoin is expected to go back above $70,000 later on in the year.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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