It’s not too late to buy the dip – what is Bitcoin cooking in the oven?

It’s not too late to buy the dip – what is Bitcoin cooking in the oven?

Written by Deepak Bhagat, In Crypto, Published On
December 16, 2022
, 249 Views

Cryptocurrency has been around since 2009, but with all the market downturns and major global events such as the Covid-19 pandemic and the Russia-Ukraine war, people have started wondering if it’s still worth getting into it.

For someone who hasn’t dipped a toe into Bitcoin yet, investing in it in 2022 may be a bit doubtful. If you’re one of those constantly asking yourself this question, you’ve come to the right place. We’ll clear up all your doubts or misconceptions regarding digital currency, particularly Bitcoin – the world’s largest cryptocurrency by market cap.

Here’s why it’s not too late to purchase Bitcoin:

Potential of Bitcoin

It’s not too late to buy the dip - what is Bitcoin cooking in the oven?

Before altcoins emerged, Bitcoin was the first, and its release considerably changed how the world works. It’s impressive how something that started with almost no value is today sold for thousands of dollars. Bitcoin has cleared the path for many companies and corporations to do a shift regarding their finances and investments and became a globally adopted cryptocurrency, regardless of its initial purpose – allowing individuals to send money digitally without depending on a central authority to validate transactions.

It’s now a medium of exchange for various goods, including branded watches and jewelry, cars, travel tickets, technology and e-commerce products, and even a Starbucks coffee. All these have only proven Bitcoin’s growth potential and value over time, so if you’re asking yourself whether the coin has a promising future, the answer is right under your nose.

Moreover, this virtual currency is often compared with gold, being believed to offer similar revenue security to the precious metal, which has been used as a universal store of value for thousands of years. According to experts, the only difference between the two is that the latter is mined physically while the former is mined digitally. Indeed, the coin’s limited supply (a maximum of 21 million bitcoins) contributes to Bitcoin’s value, but there’s also its real-life utility. It’s currently accepted by over 100,000 merchants, programmable doesn’t rely on a central bank, and is safe to hold on to, especially if you choose a cold storage option.

Bitcoin price history

It’s not too late to buy the dip - what is Bitcoin cooking in the oven?

Understanding the crypto’s price history is crucial for a full picture of the situation. Thereby, you can predict future price moves. Bitcoin was perceived as a joke in its first years, but it started to gain popularity rapidly due to its potential to facilitate transactions.

Bitcoin’s first significant price rise happened in the early 2010s, but the real shock came between 2013 and 2014 when Bitcoin’s price increased by about 5,600%.

At this stage, many of today’s reputable exchanges came into being. The period from 2014 to 2020 was a rollercoaster, as the coin experienced numerous bull runs, which were, though, instantly followed by bearish pullbacks. At the beginning of the pandemic, in March 2020, Bitcoin’s value dropped considerably, but it’ll quickly increase again until April 2021. Eventually, after a bearish retracement in the following months, the crypto reached its all-time value in November 2021.

How has the crypto performed in 2022?

It’s not too late to buy the dip - what is Bitcoin cooking in the oven?

It’s true that Bitcoin is no longer at November 2021’s highs, but this doesn’t mean it’s an insignificant asset. It has maintained the largest cryptocurrency by market cap ever since its introduction. Bitcoin price falling from November all-time high is considered another bearish pullback, which experts believe will make a bullish move sooner or later. Such retracements are common in crypto, given that this industry is still in its early stages. The vast majority of virtual currencies – altcoins and stablecoins alike – suffer price fluctuations, some more evident than others. Factors such as supply, demand, scarcity, social media, and regulatory developments significantly contribute to this.

The ever-increasing interest rates and record-high inflation caused many investors to put their money into less risky investments, so the demand for Bitcoin has somehow diminished, hence the price decrease. The preference for less risky assets is growing, but Bitcoin isn’t going anywhere. This bearish momentum is forecast to end soon, all the more so since many corporations are focused on adopting this cryptocurrency. If Bitcoin has grabbed your interest, as well, don’t be scared to buy the dip. Regardless of its current price, Bitcoin is still the most valuable digital currency on the market at the time being and one of the safest, too. Nevertheless, be sure you buy Bitcoin after researching the best strategy to hold onto it and the best way to buy Bitcoin – is it going to be from an exchange or broker?

Mainstream adoption growth

Not so surprisingly, there’s a relation between Bitcoin’s price and the number of users – the more people trading the cryptocurrency, the higher its value. Bitcoin adoption has been rising at a rate of more than 100% in 2021, based on a CoinShares report. At the same time, individuals adopted the Internet at a rate of only 63%. If a rate similar to that of the Internet’s earlier times is maintained, then a billion Bitcoin users are estimated to exist by 2024 and no less than 4 billion by 2030. At the moment, there are about 200 to 300 million Bitcoin users, which is quite impressive if we’re to allude to all the ups and downs of the crypto market in the last couple of years. So, if users are going to be measured in billions in the coming years, Bitcoin demand will definitely increase, as well as its value.

Is it a good time to buy Bitcoin?

Given that Bitcoin hasn’t reached its all-time high of November 2021 yet, many people have come to believe that it’s going to fall. Although it’s true the coin has gone through testing times, losing hope regarding a future return would be too exaggerated. Despite its volatility, Bitcoin is the most valuable player in the crypto space, so market expectations regarding this asset don’t cease to be high. After all, we’re talking about the very essence of virtual currency. Dashed hopes might be present, but future growth is coming, so keep a close eye on this crypto’s performance – 2023 is going to be big!

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