So much for all the bearish forecasts for Bitcoin (BTC)… the so-called “king of crypto” is now sitting at an 8 month high!
Since the start of the year, BTC price points have almost DOUBLED. The thing is, this increase seems to be far from over.
If you’re up for it, a Bitcoin buy-in could bring in some big bucks.
Here’s everything you need to know about this cryptocurrency comeback and why it makes sense to get in sooner than later if you’re trying to make some extra cash.
On Friday, May 10th, BTC shares were selling at $6,236, but over the weekend prices almost broke into the $8,000s.
Values like that haven’t been seen since last August!
From a year-to-date perspective, Bitcoin is up a total of 90%!
In other words, if you were lucky enough to pick-up some Bitcoin at the turn of the new year, your investment would now be worth close to 2Xs what you originally put in.
It may seem like this rally came out of nowhere, but turns out there’s a completely valid explanation for why the world’s most popular digital coin took off the way it did.
Let me explain…
If there’s no end to the number of Bitcoin that can be created, eventually there will be so much in circulation that they’ll have very little value.
Bitcoin was designed to be valuable and it’s mysterious creator understood this predicament so he/she put 2 rules in place to ensure its worth remained relevant.
1. Bitcoin has a finite supply that’s limited to 21 million.
2. For every 210,000 Bitcoin created, the mining reward is cut in half.
It just so happens that we’re now only a year away from the next mining reward halving!
Every 4 years or so, this magic number is reached. When it is, not only are mining rewards decreased, but BTC shares are prone to go up in price as well.
Do you remember back in late 2017 when Bitcoin was valued around $20K?
Just a year before that all-time high was hit, this historical uptrend was set into motion as a direct result of halving mining rewards.
Now we’re in the same exact scenario as before and history is looking to repeat itself!
If that’s the case, then BIG GAINS could be underway.
Over the course of a single weekend, BTC shares increased close to 30%! On top of that, price points are above both moving averages, a bullish sign to say the least.
With everything adding up, the digital currency has the potential to soar as it’s still in the early stages of this bull cycle.
There’s never any guarantees when it comes to buying and selling shares, especially when crypto is already more volatile in comparison to traditional stocks.
Either way, what we’ve seen so far gives every indication that a substantial price hike is on the horizon.
There’s no way to say for certain if we’ll ever seen that $20,000 price tag on BTC again, but as a crypto investor myself, I’m optimistic for whatever may lay ahead.
Almost every market trade revolves around timing and for Bitcoin that time appears to be NOW.
It would be shame to miss out on the profits at hand. If you do decide to get in though, just know that the earlier you invest, the better.
