Still a Potential for Growth up to $100K? To Buy Bitcoin or Not to Buy: LATOKEN Review
Why would a possible drop in the Bitcoin price to $55,000 not affect the overall bullish trend? What is keeping the asset from going into a deep bearish phase? Read in our new LATOKEN review!
On November 17, 2021, the Bitcoin price dropped to a two-week local low of $58.3 thousand. It happened after the first cryptocurrency set a historical maximum at $69,000 on November 10. Now the asset is traded at $60,400 on the LATOKEN exchange. Let’s see what is happening on the crypto market and is it worth buying Bitcoin now — read our LATOKEN review!
Bitcoin price drop: why did it happen?
Cryptocurrency market quotations most likely fell amid news of the signing of an infrastructure plan by US President Joe Biden. The fact is that this law actually equated digital assets with cash and obliged brokers and operators to report to the tax office on all crypto deals worth more than $10,000.
The reporting will need to indicate information on the sender of digital assets, and those who do not do this will be considered a lawbreaker. Of course, such news could not but lead to negativity on the part of crypto investors.
The backlash was mainly from retail investors, and institutions continue to maintain positions in the cryptocurrency. Given the fact that the law itself will come into force only in 2024, we can talk about only a temporary correction in the digital asset market.
The market might be in correction
The current decline in the Bitcoin price is a correction relative to the increase in recent weeks. It is logical that many market participants take advantage of the situation and actively buy the first crypto on a drawdown.
The decline in the price on the crypto market in recent days is due to the growth in the volume of sales of cryptocurrency by institutions. However, there are most likely no negative fundamental factors at the present time.
Crypto enthusiasts and Bitcoin fans are hoping that the recent update of the Bitcoin network, together with an increase in institutional purchases and the start of trading in the first US Bitcoin ETF, outweighs the local negative. That is why, in the coming months, a significant drop in the crypto market is most likely not expected.
Bullish trend is strong. LATOKEN review
In general, the fundamental mood of the crypto market can be called very positive. At the moment, it is too early to talk about the market’s transition to a bearish phase.
Bitcoin enthusiasts are most likely confident that even if Bitcoin fell to $45,000 today, it still has the potential for growth of $100,000 and even more. And that’s for some reasons.
To continue to grow, Bitcoin has many factors: a large number of investors enter the market, global players such as Visa and Mastercard are actively continuing to move towards cryptocurrencies and are adapting more and more new services from the classic infrastructure for the crypto market.
However, it is never too late to start trading Bitcoin, and you can always do it on the LATOKEN exchange!
- Ranked #2 worldwide in the startup tokens primary market with 220+ IEO’s since 2017.
- Has over 2 mln registered users, over 1 mln Android app installs.
- Is in the TOP 10 of CoinGecko rank by the amount of token pairs and coins listed.
- VCTV, a live streaming panel with high-profile industry leaders, produced over 500 shows to advise traders and investors how to navigate the crypto world with discussions, news updates, and interviews.
- Advisory Board includes former CFOs from JP Morgan and Paypal.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.