Following Bitcoin’s hit to all-time high of $49,714 recently, Ki Young Ju, the CEO of the popular crypto monitoring platform, CryptoQuant, has said that this might be the best time for long-term investors to invest in the cryptocoin.
After hitting an all time high yesterday, Bitcoin has slumped below $46k as a result of the bearish level with failure to attain the highly coveted $50k.
According to Ki Young Ju, the on-chain indicators shows that there are enough stable coins in exchange compared to Bitcoin to get an increase.
However, he was not sure of the number of corrections it would experience along the way, he tweeted.
Between August-September last year, when the price of stablecoins was low, there was a corresponding increase in the price of the cryptocoin.
Early this year, the price of Bitcoin and other cryptocurrencies have experienced great value, this may yet be the beginning as the party is yet to start.
There are reports that Bitcoin is set to reach $600k before the end of 2021, this may be due to the recent interest in the crypto by multinational companies.
According to JP Morgan, a global leader in financial services, had projected that the crypto will reach $650k before the end of 2021 if multinational companies keep shifting their gazes at it.
Also, Jesse Cohen, a senior financial analyst at investing.com, Bitcoin will hit $60k within the first quarter of 2021.
This, however, is not untrue as the price is heading towards an all-time high of $50k.
Experts believe that once the crypto hits $50k its price will keep spiraling all it gets to the bearish point at $60k.
This may yet be the best time to invest in Bitcoin and hold (hoarding of cryptocurrency) till the price increases.
Featured Image: Ki Young Ju, CEO of CryptoQuant
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