Should you buy Bitcoin at $20,000 or wait for another dip?

Vinod Dsouza
bitcoin bubble crash burst
Source: BBC/Getty Images

Bitcoin slipped thrice this week below the $20,000 mark but managed to claw back above $21,500 each time. BTC is now hovering around the $20,000 mark again, and investors are finding it hard to pinpoint the bottom. While some investors claim BTC has bottomed out, others believe the worst is yet to come.

Financial analysts recently debated about ‘should you buy Bitcoin now at $20K’ or ‘wait for further dips’ and buy it at a lower price. CNBC recently held a segment on Bitcoin, and in no surprise, all the analysts revealed that investing in BTC for $20K could still be considered dangerous.

Also Read: Bitcoin might not Recover till 2025 if it plunges to $10,000: Analyst

None of the analysts advised entering the BTC market at this period, citing that another crash is around the corner. The debate ended up one-sided as analysts agreed that now is not the right time to accumulate Bitcoin.

Ian Harnett, Chief Investment Officer at Absolute Strategy Research, predicted that Bitcoin could fall to $13,000. The king crypto will shed almost 40% from its current price to reach 13K. Harnett revealed that institutional investors will still be selling BTC at $13K, making it slump furthermore.

“We would still be selling these kinds of cryptocurrencies into this environment,” he said on the segment.

Also Read: Man Robs Gold Store After His Bitcoin Investment Suffers Losses

Another analyst on the segment, Alex Kuptsikevich, senior market analyst at FXPro, echoed the same thoughts as Harnett’s. Kuptsikevich revealed that the market would take considerable time to recover and could stress investors out. The analyst also claimed that entering BTC at its current price of $20K could be wrong.

“It may not be the best time to buy (Bitcoin). As it may take considerable time before the crypto market digests the recent turmoil and enters a new phase of sustained demand from broad segments of investors,” he said.

How Low Can Bitcoin Go?

Analyst Says That Bitcoin Plummeting Below $30K Is “Very Possible”
Source: Somag News

Several financial analysts have predicted different numbers for BTC to bottom out during the bearish cycle. Veteran gold and stock market analyst Peter Schiff predicts that Bitcoin could fall to as low as $5,000.

Another analyst revealed exclusively to Watcher Guru that BTC could bottom out at $11,000 before shooting up in price. Read here to know more about the Bitcoin’ bottoming out’ prediction for a better understanding.

Also Read: Ethereum Price Prediction: ETH Might Crash to $300, Claims analyst

At press time, Bitcoin traded in green at $21,016, noting a surge of 2.1% in the past 24 hours. However, past bearishness remains as BTC was 70% down from its all-time high of $69k noted in November 2021.