Now Is a Good Time to Buy Bitcoin?

Despite market technicals’ pessimistic expectations, Bernstein analysts are hopeful that Bitcoin and other cryptocurrencies will achieve new highs, according to Barron’s.

Analysts at the firm have emphasized the industry’s excellent track record of recovering from lows and bouncing back with exponential returns following each winter.

Bernstein’s confidence is predicated on the possibility of long-term growth due to increased internet user adoption.

While there is a bearing case for cryptocurrencies, such as negative macroeconomic conditions and regulatory threats, improvements in blockchain technology may overcome these hurdles in the future.

Finally, if they want to see big profits over time, investors should focus on long-term customer adoption.

The cryptocurrency market faced numerous obstacles in the preceding year. Bitcoin finished 2021 significantly lower, losing 65% of its value. This decrease in price contrasts sharply with a 60% increase in 2021 and a nearly four-fold increase in 2020. The current bear market circumstances are reminiscent to the flagship cryptocurrency’s 74% drop in 2018.

The recent crash of the FTX token, as well as a lack of risk appetite owing to the Federal Reserve’s rapid rate hikes, all contributed to Bitcoin prices falling toward the end of the year.

source

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