© Reuters. Best Time to Buy BTC is Now Says Analyst; Halving is 1.5 Yrs Away
Crypto analysts assert that November is the best time to hoard BTC.Ben Armstrong argued it would be reckless to wait for BTC at $10k.Not taking profits at the top and not buying near the bottom are the two things people live to regret, says an analyst.
A crypto chart analyst, Kyledoops, has published a 10-part Twitter thread explaining why they believe November is the best time to accumulate (BTC) ahead of the next bull cycle.
Putting historical data together, Kyledoops asserted that buying BTC around a year before a Bitcoin halving event has always provided investors with max opportunity before a significant bull rally.
Notably, a Bitcoin halving event occurs when the reward for mining Bitcoin transactions cuts in half, reducing the rate at which new coins go into circulation and thus lowering the available amount of new supply, even as demand increases. A significant push in the price of Bitcoin always follows after each halving event.
Given that the next Bitcoin halving will happen in 2024, approximately 1.5 years away, the chart analyst argued that accumulating Bitcoin now at the near bottom provides maximum opportunity while practicing solid risk management.
5/10) Observation of Cycle 4 (current cycle)We are currently 1.5 years out from #BTC halvening event once againWhat is interesting is that if we drawdown 80% we will hit a key-yearly level, if we draw down 85% then its the strong & critical support of $10-12K. pic.twitter.com/g4AxTv0fFo
— Kyledoops (@kyledoops) November 25, 2022
In an earlier tweet, crypto influencer Ben Armstrong, creator of BitBoy Crypto, thinks it would be pretty reckless to wait until the $10k price point. Armstrong advised the crypto community that investing in coins at the current low prices may be a good decision, as being too obsessed with numbers could cause people to miss great investment opportunities.
He believes “not taking profits at the top and not accumulating crypto near the bottom” are the two things people live to regret.
A on the #Bitcoin bottom.In crypto, we get so obsessed with numbers… $100k $BTC, $10k $ETH, $1 $DOGE, etc.But what has been more important during the Bitcoin cycles has been the time frame. I nailed the timing for the top on 2021 bull run. Way off on price.1/4
— Ben Armstrong (@Bitboy_Crypto) November 23, 2022
Bitcoin currently trades at $16,600.56, barely gaining a 1% increase in the last 24 hours. Earlier this month, BTC touched a year-low of $15,500 following the bankruptcy of the former second-largest crypto exchange, FTX.
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