Bitcoin remains attractive to long-term investors despite its latest sell-off, according to data that shows aggressive buying from holders
Bitcoin’s status as the most recognised and widely invested cryptocurrency remains so, despite recent turbulence in the market that sent price down by nearly 20% over the past 7 days. The sell-off, triggered by Tesla CEO Elon Musk’s offhand remarks about Bitcoin mining, appears to be easing, though.
At the time of writing, BTC price is around $44,900 — nearly 25% off its 30-day high. However, it remains 370% up year-on-year, with a potential uptrend likely in the short term.
Where to buy Bitcoin in 2021
Bitcoin is available almost on every exchange and broker platform offering cryptocurrencies. While it is easy to buy BTC online today, choosing a platform that offers you security, low costs, and ease of use is recommended.
That’s why we recommend that you visit the following platforms that are not just regulated and reputable but offer several other products that can enhance your portfolio.
eToro is one of the world's leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It's social copy trading features make it a great choice for those getting started.
Cex.io offers exchange of fiat currency for Bitcoin Ethereum, Tether, and 23 other cryptocurrencies, as well as Bitcoin/Ethereum trading against the USD.
What next for Bitcoin?
Short-term, prices will likely go up, even if BTC crashes below $40k to retest December 2020 prices near $30k. The bullish outlook is from the overall positive sentiment in crypto and the aggressive accumulation being witnessed at the moment.
According to data platform Glassnode, the dip to lows of $42k and the current price levels of $44,900 are nothing new and “just another day in the office” for HODLers. Per the firm’s latest report on Bitcoin, the correction has provided an opportunity for further accumulation by long-term investors.
“In almost perfect opposition to new entrants panic selling, long term holders appear to be buying the dip and accumulating cheaper coins.”
Crypto analyst CredibleCrypto has noted that this dip represents a great opportunity to buy Bitcoin.
— CrediBULL Crypto (@CredibleCrypto) May 17, 2021