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Bitcoin continues to decline; Is it worth buying in 2022?

Bitcoin

www.cryptonewsz.com 08 November 2022 11:20, UTC
  
Reading time: ~2 m

Bitcoin is the largest cryptocurrency based on the market cap with a hard cap on coin circulation, which makes it one of the most popular digital assets in the world. From the USA to Australia, crypto enthusiasts love to treat it as an asset.

Still, after Ethereum’s Merge upgrade, many people suspect its sustainability for the long term because governments are focusing on eco-friendly alternatives, which is not possible in the proof of work consensus of Bitcoin. Moreover, the popularity makes the transactions slower, which opens up the opportunity for other altcoins to capture Bitcoin’s market share. As a result, it impacts the bottom line of the world’s largest cryptocurrency.

However, many large investors are optimistic about the future because they think Bitcoin will replace the value of digital gold in the next few years. Moreover, Bitcoin’s correlation with Gold price has hit a yearly high in the last month. It has a limited supply and huge popularity, more than any other altcoins in the world. Bitcoin is also used as an alternative currency in different parts of the world, which suggests its popularity and sustainability in the long term.

If you are interested in investing in Bitcoin, then 2022 gives you the right opportunity to accumulate the coin for the long term at a lower level. Now Bitcoin is trading around $18K-$20K, but it tested an all-time high of $70K, which shows its potential for long-term gain. If you invest at a lower level, you will get enough profit better than many other safer assets. Please explore the price analysis section from CryptoNewsZ before investing in any cryptocurrencies.

At the time of writing this post, the price of Bitcoin is trading around $19,613, which has broken the baseline. After forming a strong support of around $18,900, it was in an uptrend in the last two months, but this week it has changed the momentum. Now either it will take support around $18,900 or break the level to form lower lows on the long-term chart. That is why we have to analyze the weekly chart for more details.

On the weekly chart, it has been following lower highs and lower lows from the last eight months, so according to the BTC price prediction, it will break the support, which could be a great opportunity to buy for the long term.

Many retail investors are worried about the sustainability of Bitcoin, but big investors are confident about its value as an asset. So, we think you can accumulate BTC after every fall and hold it for the long term.


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