After a rapid increase in price triggered by the erroneous news that the United States Securities and Exchange Commission (SEC) had approved a spot Bitcoin (BTC) exchange-traded fund (ETF), the maiden cryptocurrency has settled down a bit but is still trading above $28,000, leaving many to question whether it is too late to buy it cheaply.
As it happens, most crypto market participants, particularly institutional investors like Michael Saylor’s MicroStrategy and Elon Musk’s Tesla (NASDAQ: TSLA), have purchased Bitcoin between $25,000 and $30,000, making this area a crucial demand bucket in BTC history,” as crypto trading expert Ali Martinez explained on October 19.
‘Not too late’
As Martinez further added, this means it is still not too late to purchase the flagship decentralized finance (DeFi) asset as a bargain and that waiting for it to drop to $20,000 might not be the wisest investment decision at this time:
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“So when they tell you ‘It’s too late to buy BTC’ or ‘Wait for $20K,’ please ignore them!”
That said, another renowned crypto market expert, Michaël van de Poppe, pointed out that Bitcoin was “taking out some liquidity on the long side, through which a test at $27,600-$27,800 seems likely,” adding that “both $27,700 and $27,300” are the areas for long positions, as he highlighted in an X post on October 18.
Bitcoin price analysis
Meanwhile, the maiden cryptocurrency was changing hands at the price of $28,367, recording a decline of 0.61% in the last 24 hours but still indicating an increase of 5.84% across the previous seven days and a 5.55% gain on its monthly chart, as per the most recent data.
All things considered, it may not indeed be too late to buy Bitcoin, but time might be running out, as a crypto analyst known on X as Seth earlier highlighted that the Gaussian channel indicator had suggested it was “time to HODL” and told his followers to “get ready to ride the wave to the MOON,” as Finbold reported on October 18.
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