Bitcoin fell below $7,000 on Monday but has since rebounded some. While it’s at just over $7,066 at the time of this writing, many have been wondering if now might be the time to make an investment in cryptocurrency.
The blame for the sell-off and price drop is being placed on China and the surrounding geopolitical factors. The bitcoin and crypto industry has been rocked by a severe bitcoin and crypto trading warning out of China. Others blamed taxes for the sell-off.
As Cointelegraph theorized, an increasingly popular theory around Bitcoin trading activity focuses on tax obligations. In the United States, investors may be attempting to drive the market lower in order to record small or even negative gains on their holdings for 2019. It remains uncertain just how much participation from would be needed to move the market as much as it did in the past week so investors can post losses on their taxes for 2019.
That makes now not the worst time to grab some Bitcoin if you’ve considered adding it to your portfolio.
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However, Wall Street veteran Peter Brandt, predicts that Bitcoin will go even lower in the coming months. Brandt, who made a name for himself by predicting bitcoin’s devastating 2018 bear market, has called bitcoin’s low for July 2020–two months after bitcoin’s closely-watched halving event. If that happens, and it’s likely that it will, it could pay to wait it out until then. But Brandt’s guestimate is not much lower than Bitcoin is now. “My target of $5,500 is not far below today’s low,” Brandt wrote on Twitter ahead of the weekend’s sell-off.
If you choose to wait on Bitcoin until after the halving, it won’t be a poor decision. But buying now won’t be either. Bitcoin will eventually go to all time highs again, especially considering the centralization and manipulation fiat currencies are currently undergoing. But don’t expect it to jump up dramatically before 2019 draws to a close.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.