Should You Buy Bitcoin While It's Below $70,000?
Heading into the second half of 2024, Bitcoin (CRYPTO: BTC) is no longer the no-brainer investment that it was at the beginning of the year. Ever since Bitcoin hit a new all-time high of $73,750 in mid-March, it has struggled to push past the $70,000 price level, and currently trades at just $61,000.
No surprises here, but some people are starting to wonder if Bitcoin is somehow broken, and are turning their attention to other potential cryptocurrency investments. But I think that would be a mistake. There are two good reasons to buy Bitcoin while it's below $70,000.
First and most importantly, the new spot Bitcoin exchange-traded funds (ETFs) continue to attract new investor inflows. As long as money is pouring into these ETFs, there's no reason to worry. While the inflows of money into Bitcoin do not appear to be as strong as they were when the ETFs first launched at the beginning of the year, this steady buying pressure helps to prop up the price of Bitcoin.
Source Fool.com
