Should you buy Bitcoin? This concern is now capturing the minds of many investors. Indeed, given the high volatility of bitcoin lately, it is difficult to predict asset growth. However, after a deeper analysis of the events affecting cryptocurrency, you will be able to make a decision to buy BTC this week. So what about bitcoins this week?
1- New drop to $ 32,000: opportunity to refuel with Digital Gold
Bitcoin hit a new low this year on Tuesday June 8, 2021: USD 32,000 or EUR 25,500… Since then, it has grown by 10% and is now worth € 30,500 on Friday 11 June, or about $ 37,000.
Are you planning to buy bitcoin this week? It would be a great way to capitalize on the rise of Warren Buffett’s cryptocurrency. Indeed, Berkshire Hathaway recently invested $ 500 million in a digital bank in Brazil: Nubank. This contribution is considered by a well-known critic as an indirect investment in bitcoin, as this bank provides services for investing, buying and selling bitcoins.
What’s even more interesting is El Salvador becomes the first country to legalize the use of bitcoins. Moreover, the new “country of cryptocurrency enthusiasts” is encouraging investment in cryptocurrency by more people and hopes that this will help create jobs as well as increase financial inclusion.
The Winklevoss twin brothers also continue to believe in cryptocurrency and believe that, despite its price, the asset is still worth the investment. ” Gold 2.0 As they like to call it, it will cost over $ 500,000 in less than 10 years.
So what about cryptocurrency exchange platforms? As you can see, the trend is up with a 9.27% Bitcoin purchase volume for Binance only.
Finally, MicroStrategy also takes advantage of the opportunity buy bitcoin… Indeed, the firm recently received $ 1.5 billion in orders with which it intends to fund an explosive $ 600 million Bitcoin purchase. As such, he uses the 6.125% profit from ticket sales to solidify his Bitcoin buying position.
2 – PullBack : Bitcoin tests historical support for the third time and returns to the range
As noted above, Bitcoin hit a new low of $ 32,000. This value also and, above all, corresponds to a very high level of support.
As you can see from this chart, this is a price that was previously double checked. Another interesting fact is that when this price is reached, volumes also become very volatile. This means that this price triggers a reaction from many investors.
After this test Bitcoin is up 10% and go back to stagger in the previous row. This rapid growth is associated with a significant flow of purchases recorded by cryptocurrency on June 8 or 9, 2020.
As Bitcoin continues its course in the consolidation zone, you can always catch up if you haven’t already. It is highly recommended to buy bitcoins this week. Indeed, after three “retests” worth $ 32,000, the chances of seeing Bitcoin disrupt the consolidation zone from below have dropped sharply, if not that they were canceled.
So, at any moment, a breakdown of the range zone from above can be expected. Buy bitcoins if you want to take advantage of this next rise.
3. Buy Bitcoins: The Bulls Are More Liberated Than Ever
It is time for traders to consolidate their long positions. Indeed, for them, every drop in bitcoin corresponds to a buying opportunity. Therefore, they did not hesitate to enter short positions in the cryptocurrency.
For many of them Bitcoin may still fall. However, even with the probability of reaching a minimum of 17,000, nothing dramatic can be expected.
As you can see from this chart, the $ 17,000 support will only push the cryptocurrency to continue its uptrend. The risk of recurrence will be very low. Even if e-money did fall, it certainly would not lead to an even more dire fall.
In fact, as stated above, Bulls traders will make purchases every time bitcoin falls. As such, it will dampen the crypto crash and ultimately push BTCUSD into a strong uptrend. The likelihood of a fall to a new low of $ 17,000 is still very unlikely.
The lowest amount of $ 32,000 (€ 25,000) is also possible with the double variable. Finally, the very rapid growth of bitcoin is a harbinger of a future uptrend.
Therefore, buying bitcoins this week is quite possible. Indeed, the sudden drop in cryptocurrency to € 25,000 makes it more accessible to people who have been waiting for the right time to invest in it.