A crypto chart analyst, Kyledoops, has published a 10-part Twitter thread explaining why they believe November is the best time to accumulate Bitcoin (BTC) ahead of the next bull cycle.
Putting historical data together, Kyledoops asserted that buying BTC around a year before a Bitcoin halving event has always provided investors with max opportunity before a significant bull rally.
Notably, a Bitcoin halving event occurs when the reward for mining Bitcoin transactions cuts in half, reducing the rate at which new coins go into circulation and thus lowering the available amount of new supply, even as demand increases. A significant push in the price of Bitcoin always follows after each halving event.
Given that the next Bitcoin halving will happen in 2024, approximately 1.5 years away, the chart analyst argued that accumulating Bitcoin now at the near bottom provides maximum opportunity while practicing solid risk management.
In an earlier tweet, crypto influencer Ben Armstrong, creator of BitBoy Crypto, thinks it would be pretty reckless to wait until the $10k price point. Armstrong advised the crypto community that investing in coins at the current low prices may be a good decision, as being too obsessed with numbers could cause people to miss great investment opportunities.
He believes “not taking profits at the top and not accumulating crypto near the bottom” are the two things people live to regret.
Bitcoin currently trades at $16,600.56, barely gaining a 1% increase in the last 24 hours. Earlier this month, BTC touched a year-low of $15,500 following the bankruptcy of the former second-largest crypto exchange, FTX.
The post Best Time to Buy BTC is Now Says Analyst; Halving is 1.5 Yrs Away appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
