Bitcoin Price – Should I Invest Now? – May 2020

Image Source: Tron Weekly Journal

The cryptospace has eagerly been waiting for May 2020 – the month of the Bitcoin halving; an event that happens once in 4 years and has a record of pushing BTC to its newest all-time highs. 

This is also the month or rather phase where a lot of new people come into the space to invest and try their lucks out. Some enter with the intention of making some quick bucks, some to try it out for once and some people come to hodl. Nevertheless, whatsoever the intention maybe it is extremely important to understand that BItcoin and cryptocurrencies are extremely volatile; the best thing to do is to invest not more than what one can afford to lose. 

A couple of points to note before you invest more or get into the market at the current price i.e. $9800 per Bitcoin:-

For the newbies

  1. Check the legality of investing in Bitcoin and cryptocurrencies in your country
  2. Find a reliable and trusted exchange that supports your country
  3. Invest what you can afford to lose, halving ends with price drops.
  4. Do your own research, read articles online and understand the market before anything
  5. Don’t send money to people on random social media channels who tell you they’ll send you a bitcoin in return – they’re just scammers.

Signals/Analysis by traders

  1. Resistance test – here
  2. Risky shorts and psychological resistance of $10000
  3. Signals that show the sideways market has wrapped up and BTC is outside the wedge
  4. Perfect set-up for more price growth
  5. Bitcoin Divergences

Sentiments of the cryptospace

  1. Bloomberg Commodity Index [used as an investable allocation to commodities for inflation hedging purposes] showed 25% decrease mainly due to oil prices tanking meanwhile, Gold and Bitcoin hiked a green trail with 11% and 22% pumps.
  2. On 7th May, Hedge fund legend Paul Tudor Jones announced that Tudor Investment Corp valued at $38 billion USD is now into BItcoin futures to gain better insight into the crypto market to hedge against the incoming inflation.
  3. $13 billion increase in market capitalization – check CMC for more details
  4. Crypto valley experts say they’re bullish and this time the halving scene is different from the previous ones.
  5. Bitcoin hashrate is healthy, miners are mining and as of now there aren’t any significant hash wars in the pipeline – check here for more]
  6. The Bitcoin Lindy effect – a myth gone right?
Simran Alphonso: She came across Bitcoin in 2014 and hasn't stopped advocating since. The kind of person you can ping for explanations on topics related to cryptocurrencies, technology, trading and dogs