Bitcoin’s Movement Today Tells Us When to Expect New Record High

After climbing yesterday to $66,000, Bitcoin (BTC) has been grabbed by the bears and is down to $63,895 (BTC/USD).

This is the lowest point for Bitcoin all month and its lowest point since early May. The crypto token has fallen by 3.38% in 24 hours, which is one of its most significant drops in a while. This bodes poorly for the coin and especially for its chances of hitting a record high anytime soon.

 

Bitcoin’s recent movements have prompted analysts to call it “boring” at the moment as well as saying that it is entering a period of FUD (fear, uncertainty, and doubt). That means that analysts are expecting Bitcoin to continue to stay low and have trouble breaking through to $70K for a while. It may hover between $60K and $70K for some time before it finally moves up to a new high above $73K.

The low price today could be a great jumping on point for investors, giving them a chance to buy the coin at a value price before it eventually turns around. We do expect Bitcoin to be much healthier in the near future, but this period of uncertainty is making it incredibly difficult for investors to predict when their investments will pay off.

Bitcoin is neither stable nor trending positively for now, and any gains it makes over the next week or so could be quickly eliminated by the whims of the market.

Who Should Invest in Bitcoin Now?

Bitcoin investing is a smart move right now for day traders. They can track micromovements and make money quickly off of the erratic action of the market. Long-term investors would be wise to jump in now as well, since they can get in on Bitcoin’s low price and take advantage of the dip before the value shoots up, as every analyst expects it to.  

The new record high will come eventually. Financial experts know that as a certainty, but the question is when that will happen. We do not anticipate a new record high within the next few weeks. Bitcoin will probably stay in this period of FUD for a while longer, but then will be pushed upward by the crypto whales and the investors that want to take advantage of low pricing.

As we see the effects of the halving kick in, as well as improved sentiment thanks to Bitcoin ETFs, the BTC price should gradually climb.

 

 

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
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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