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21.10.202119:26 Forex Analysis & Reviews: Is it worth investing in Bitcoin after updating its all-time highs, or is it wise to wait for a correction?

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.10.2021 analysis

At the moment, Bitcoin seems more attractive than ever to institutional investors and ordinary citizens.

Bitcoin surpassed its April highs on Wednesday and traded at $66,800. However, on Thursday Bitcoin has lost more than $3,500, now it is trading at a price of $63,000.

A reasonable question arises: is it worth taking the risk, following the hype to buy Bitcoin now, leveling all the pitfalls, or is it worth waiting for the correction and then buying?

Bitcoin capitalization takes up almost half of the market capitalization, and the trading volume in the last 24 hours has increased by more than 30%, which is truly an overwhelming factor.

IS IT WORTH BUYING AT THE MOMENT?

Bitcoin showed stunning results on Wednesday, but as of this writing, it has already dropped by almost $4,000.

However, many Wall Street analysts are confident that Bitcoin will not stop there, and the next important price boundary that bitcoin will need to overcome will be the $70,000 milestone.

In fact, bitcoin has grown after the Bitcoin ETFs are created, as well as due to the fact that people are buying it, fearing impending inflation, coronavirus austerity measures, devolving, an unstable economy, a mired and rotten fiat financial system.

This forces people to buy Bitcoin and store their personal savings in wallets. The cryptocurrency market has generally been robust over the past 10 days.

Over the past week, more than $280 billion in transactions were made, according to IntoTheBlock analytics, with average amounts ranging from $100,000 and above.

Whales very often transferred their savings from wallets. The total foreign exchange inflow amounted to more than $11.7 billion, and the exchange outflow of about $11.8 billion.

Over the past month, more than 38 million Bitcoin addresses have been active based on on-chain activity.

Vitaly Kolesnikov
Analytical expert of InstaForex
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