Crypto giant Bitcoin has been stuck in a bear market since early 2022, dragging the prices of all altcoins down with it. For some investors, the strong downward trend – true to the motto “buy the dip” – represents an opportunity to invest cheaply and possibly massively in BTC in the long term as soon as a trend reversal should be achieved. can make profits.
But is this the right way? Or is the risk of loss with the current purchase of Bitcoin too high? Today, not only are we asking questions about BTC, we are also introducing an interesting coin that may have better potential for rapid price increases than all cryptocurrencies.
Does it make sense to buy Bitcoin now?
If you’re wondering whether or not you should buy Bitcoin 2022, it’s worth considering both the pros and cons for and against the current investment. We see the two different ideas separately.
Pro arguments for buying Bitcoin
On the one hand, this could be a golden opportunity to buy Bitcoin for less than $25,000 right now. After all, the price has not fallen so much since the beginning of 2021, which is why it has not been possible to invest in BTC so cheaply for a long time.
If you look at Bitcoin’s one-year chart, specially trained people will notice one thing. Although the price has declined significantly since October 2021, we could see a brief, short-term price rally starting in July 2022. After all, since the beginning of July, the price has risen from $19,200 today (as of 8/17/2022) to $23,850, an increase of around 25% over the six weeks.
Even if a trend reversal is by no means complete, it can still be seen as a first step in the right direction. Because both experts and speculative price forecasts indicate that Bitcoin could increase in value massively in the next few years.
Looking at PricePrediction.net’s BTC forecast shows that BTC could break through to $100,000 by early 2026 and end at $130,000 (+445%) on average. The analysts at Kursprognose.com are a little less optimistic, but also expect the price to rise to USD 52,800 (+120%) by early 2025.
— Crypto Compass (@CryptoKompass) August 19, 2022
The stars of the crypto scene are similarly confident in a lucrative Bitcoin future. For example, Bobby Lee, co-founder of the Chinese exchange BTCC, believes that the price of Bitcoin could be in the millions in less than 20 years. John Pfeffer, a partner at Pfeiffer Capital, estimates that the price of BTC will reach $700,000 by 2030.
The fact that all experts are optimistic about the long-term future of Bitcoin is mainly due to the coin’s market presence. As the first, largest and most well-known cryptocurrency, BTC still has a market dominance of 40% despite increasing competition.
Arguments against buying bitcoin
On the other hand, it must be clearly stated that regardless of the current economic situation, it is good for Bitcoin to get back on track. Inflation, war in Eastern Europe, rising interest rates and the threat of resource shortages do not seem to be abating, they are just beginning.
It also failed to end the crypto bear market, so expect another drop in bitcoin prices. Oleg Giberstein, co-founder of UK exchange CoinRule, told Forbes that he sees the cryptocurrency’s price falling in two more years.
Of #Bitcoin There is no intrinsic value. However, as it is used extensively to pay for criminal transactions, it will remain justified and potentially increase. If this is stopped, Bitcoin and all other cryptos will be destroyed with it.
— Emanuel Boeminghaus (@E_Boeminghaus) August 19, 2022
Aside from the troubled global economy, some aspects of Bitcoin’s infrastructure appear to be outdated and outdated. Not only the energy-intensive proof-of-work consensus mechanism, but also the further development of blockchain technology and the possibility of creating dApps through smart contracts makes projects like Ethereum or Avalanche far further than Bitcoin.
Finally, one must consider the considerable risk involved in adopting the immersion theory. The signs of the times are currently – at least for the coming months and years – that the bear market will continue with significant price losses. Long-term oriented investors in particular who want to buy Bitcoin now and hold it for years must imagine hopes and opportunities for massive price gains.
Conclusion: Invest in Bitcoin now or not?
After weighing up the pros and cons, the question of whether you should buy Bitcoin now can only be answered with a personal risk assessment. Not only the high volatility of the crypto market, but also the currently difficult economic situation makes the boiling “buy the dip” strategy a hot affair.
It may be worth waiting a little longer to see how the current crisis (inflation, war in Ukraine, gas shortages) will develop in the near future. In fact, it doesn’t look like the value of Bitcoin will continue to fall in the coming months.
If you want to take a little less risk, you can wait until the overall market has recovered significantly. Bitcoin might be worth a little more then than it is today, but you avoid the risk of falling into a perpetual bear market and taking a loss from the start.
Alternatives to Bitcoin: Why experts are currently considering Tamadoge
Despite the current bear market, a new cryptocurrency is likely to see massive growth in a few weeks: Tamadogge (TAMA). Memecoin is still in presale and has already raised $4.7 million.
The reason for the hype surrounding TamaDoge lies in the solid usage that few doggy cryptocurrencies have – after all, meme tokens are mostly created just for a funny background.
TamaDoge is a money-making game that lets players breed, groom, and breed virtual dogs in the form of NFTs, similar to Axie Infinity. It requires native TAMA tokens, after which you can discover Tamaver with your virtual four-legged friend and compete against other dogs in battle.
If you are particularly good at competitions and climb the Tamadoge leaderboard, you will receive rewards in the form of crypto coins. You can also make money by farming and trading TamaDoge NFTs.
The entire Tamdoge ecosystem is based on Ethereum, but due to the current pre-sale, TAMA coins cannot be sold yet. With Tamadoge targeting its first core listing early next year, focus on the hyped canine P2E game could increase and the price skyrocket in the coming weeks.