Bitcoin: Buy the Dip?
In the first half of 2023, the surprising turnaround for Bitcoin (CRYPTO: BTC) was the talk of the crypto industry. Bitcoin skyrocketed right out of the gate, and by mid-July, had nearly doubled in price to $32,000. However, since then, Bitcoin's fortunes have cooled considerably. Bitcoin is trading around $28,000 as of this writing, a nearly 15% haircut from its intra-year high.
So is now the time to buy the dip on Bitcoin? After all, according to the Bitcoin bulls, the world's most popular cryptocurrency is simply taking a breather before once again marching higher. Are they right or wrong?
If you are a long-term crypto investor, the good news is that the long-term outlook for Bitcoin remains largely unchanged. Bitcoin adoption rates worldwide continue to grow, Bitcoin still accounts for nearly 50% of the market cap of the entire crypto industry, and Bitcoin is still the crypto of choice for institutional and retail investors.
Source Fool.com
