As Bitcoin crosses $70,000, is now the time to buy?
10/30/2024 01:11Investors debate whether it’s time to buy bitcoin amid volatile economic and geopolitical factors.
As bitcoin hovers at critical price levels, investors are increasingly debating whether now is the right moment to buy or if patience could yield better entry points. In a recent discussion, Roundtable anchor Rob Nelson sought insights from Kelly Kellam, Director at BitLab Academy, on market timing and strategies for bitcoin acquisition amid uncertain geopolitical and economic conditions.
"Anytime is a good time to buy bitcoin," said Kellam, emphasizing that waiting for the "perfect spot" is often a fruitless endeavor. He referenced Michael Saylor and MicroStrategy’s consistent bitcoin acquisitions as an example, noting, "There’s no telling when different impulses can occur that might cause the market to drop significantly."
Kellam pointed out the unpredictability of global geopolitical influences, such as the ongoing conflicts involving Ukraine, Russia, and the tensions between China and Taiwan. These factors, he suggested, contribute to the urgency some investors feel. "The question is not, is now a good time to buy? The question is, why are you buying?" he said, advising that if investors believe bitcoin will perform well in the coming year, "then I think anytime is a good time to buy."
Predicting a potential increase in bitcoin's price, Kellam expressed confidence in a nearing shift. "The days are absolutely numbered for some of the last opportunities we will probably ever get to buy bitcoin under $70,000," he remarked, further hinting at possible market shifts arriving in early December.
Ultimately, for those with a long-term view, Kellam believes bitcoin remains a strong buy despite volatility. "If you're not stacking now," he cautioned, "these opportunities will never be available again."