BTC - Should You Buy Bitcoin While It's Still Below $20000?
Bitcoin (CRYPTO: BTC) bulls have reason to be nervous. In the span of just a week, the entire investment narrative surrounding Bitcoin seems to have shifted, thanks to the spectacular meltdown of cryptocurrency exchange FTX (CRYPTO: FTT) . On Nov. 9, the price of Bitcoin fell below the $16,000 mark, and it was briefly trading at its lowest price in nearly two years. This after Bitcoin had been trading near the $20,000 level for months. For the year, Bitcoin is still down 65%.
That doesn't seem to paint an overly attractive investment outlook for Bitcoin , but there are three key catalysts that could move Bitcoin higher in the coming months.
The first major catalyst, of course, is a brightening outlook for the U.S. economy. When Consumer Price Index (CPI) numbers came out just days after the FTX collapse, they provided an immediate boost for Bitcoin. The inflation rate , which had been 8.2% in September, cooled off to just 7.7% in October. On news that inflation appears to be declining, the price of Bitcoin immediately spiked from $16,500 to $17,500.
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Should You Buy Bitcoin While It's Still Below $20,000?