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5 Major Reasons Why Investing in Bitcoin is a Better Idea in 2020

Everyone needs to know that day by day, the bitcoin get great hype and growing worldwide. Plenty of conceptions present regarding the bitcoin investment, and most people think it is not a good idea to invest in the same. Now, some people think professionally about bitcoin’s future, such as experts. On the other side, scammers or hackers are still a problem for the people who think about losing their investment.

People need to understand that investing in bitcoin is a good idea, and there is nothing to worry about as one can earn a good profit after then. In the forthcoming paragraphs, you will know the main reasons that prove why it is good to invest in bitcoin.

Before it, people need to know that there are various types of cryptocurrencies present, and among them all, bitcoin is the best and most valuable. It is adopting by all governments and in all countries. You can use websites or apps like Bitcoin Digital of you are planning to invest in bitcoins.  

Five reasons to understand the importance of bitcoin investment

Here comes the time when you will meet with the main five reasons that tell you why it is still a good idea to invest as much as you can in bitcoin. So, all those who are creative and want to do something new to earn huge profits than before need to focus on the points described below.

Free to know about learning investment 

Well, everyone needs to know that the learning process of everything is difficult. For example, if one has to sell clothes, then the same person can’t sell them in a single day. They have to learn everything about the market, their demand, and many other things. But when it comes to the investment in bitcoin, then the entire process is easy. After then, one can make quick profits easier than before. One has to learn the bitcoin hidden secrets and go ahead for taking the first step. 

The prices are always growing.

As people see that there are numerous benefits of investing in bitcoin, they quickly become ready to invest in the same. The same thing is the best and beneficial for bitcoin investors. The concept is simple, i.e., when the demand and bitcoin value is more by the people, then its price increases. So, it’s the best way for the investors to spend a good amount on buying bitcoin and then wait until the price rises to make more profits.

All governments support bitcoin.

It’s the major reason why all others prove why it is a good idea to invest in bitcoin. Well, the particular form of digital currency is approved or supported by all governments. Everyone needs to know that a single company or any government doesn’t own bitcoin. In simple words, bitcoin is the public currency and approved by the government. The best thing is that all governments allowed people to deal in bitcoin worldwide. It can be used for transactions or for buying assets. The major reason why the government supports it is that it has high-security features.

Authority of bitcoin 

Among all the cryptocurrencies present, the best one is bitcoin. It is the backbone of all other currencies and has the highest value than others. All cryptocurrencies are different marketing tactics and give different advantages to the users. Bitcoin is proven to be the best, safe, and reliable, while others struggle until now to gain people’s trust.

The adoption rate is high.

The last reason and the most important reason is that more and more people adopt it. It is the new form of money that people are starting investing slowly and using it for purchasing or selling activities. As time passes, the bitcoin trading is a great hype, and due to the same, its adoption rate is multiplying quickly.

Finally, all such are the reasons that say bitcoin investment is a good idea in 2020. The only thing is that people need to choose a safe platform for making investing or doing bitcoin trading. It’s the best way to earn more profits with great ease and comfort. 

Diana Dsouza , 2020-09-18 12:37:54

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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