Should You Hold on to Bitcoin?
Bitcoin (BTC) has fallen to $67,500 (BTC/USD) as it appears to be treading water and hardly going anywhere at the moment. Is this a good time to bail on the coin?
This leading cryptocurrency token is now down by 3.35% for the past week, making it difficult for some investors to see it surging anytime soon. Bitcoin has not passed above $70,000 in several days, and there is concern that it might not do so again for a while.
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Adding to the level of fear over Bitcoin is the high US inflation rate. After a recent FOMC meeting, it became clear that the current high inflation level is very hardy. The Federal Reserve is hesitant to cut interest rates with inflation still so high. There will be further FOMC members speaking this week to address these concerns, and their statements could make it even harder for Bitcoin to rally.
When Will Bitcoin Climb Again?
The crypto token could be in for another bull run soon, regardless of these hindering factors. The coin surged recently on the news that spot ether ETFs were about to be approved. If we start to see some positive inflation news, that will certainly help investors take a chance on Bitcoin again.
We are seeing a surge among meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) right now. Their strong performances show that there is still plenty of consumer interest in altcoins even with the economy in a tight spot. Plus, Ethereum (ETH) has been quite bullish recently, which could help lift Bitcoin to a higher price point as a result.
We would advise against selling Bitcoin right now. It looks to be undervalued at this moment, and there is a very good chance that it will go up in the near future. It would be unfortunate to try to sell it now before that happens. Bitcoin may meet resistance again at $70,000, but we see no problem with it moving to a new record high as soon as next month.
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