As you know the whole crypto market crashed miserably in September. Now the question is “When will it recover? What is the best time to purchase crypto?” To answer these questions, let’s start with an analysis of the current situation.
The price of Bitcoin is now sitting at 10,345 USD, which marks a 1.79% decline (the price up to date on the 14th of September). Ethereum is sitting at $365.5 (-6.07%). Tether is sitting at $14.71 (0.02%). Chainlink is sitting at $4.57 (-7.45%).
The crash of Bitcoin since the 1st of September is -18.6%. And it keeps going all the way down from $12,000 to $9,800. Currently, Bitcoin is only up 5.4% from the lowest point. We saw a little bit of a spike up to $10,500, which was a gain of 7.8%. But yesterday that climb up was hindered a little bit with a drop back down.
Use Fibonacci Retracements
Now, there are many tools that you can use when you see large spikes up. Fibonacci retracements can be a great tool to use to understand what is going to happen next.
If you don’t know what Fibonacci retracements are definitely Google it. Fibonacci can be used for everything including the length from your nose to the tip of your finger. It’s taking from the lowest point to the highest point.
Basically what happens is when most prices go up or down dramatically the high and low point usually have retracements. Professional traders have seen this for months. Every single time you see a spike down it immediately comes back up by 50% of that loss. That’s a Fibonacci retracement
Looking at a huge spike up of Bitcoin in June and a drop back down what would be ideal is the retracement of 50%. But because it dropped below that level many people started to panic. Now it’s retraced in a price of nearly 80%. But the price is climbing up slowly from this point.
Usually when you see a huge spike up and a drop back down the next level up exceeds the highest point. It may take a month before we may start seeing a really heavy momentum. Or it may have a very big spike very soon. The presidential election is going to have a lot of influence on the market across the board. Whether you are looking at the NASDAQ or S&P 500 or cryptocurrency markets.
The economy reacts to who the president is going to be. So if the general population is satisfied with who’s going to win, the economy usually goes up. So probably next month crypto should see a nice spike.
Now when you take Bitcoin to the big picture you can see a trend. You basically at which direction most of the price actions are headed. If you look at the last peak that we had on the 27th of June in 2019, the price was sitting at about $14,000 and it came back all the way down to $3700 with the march crash. Since that point, the price is on the upwards climb. So theoretically, the price is on the uptrend.
There are many ways to look at the price charts. And a lot of people see head and shoulders formations here. Of course, chances are that we’ll see the price back to the point of $14,000 by February 2021. However, it’s not much likely to happen. Nevertheless, there should be a nice steady growth over time. And of course, each spike will be accompanied by a certain retrace back. That’s how it works.
So now is probably the best time to buy Bitcoin. Where can you do it? There is a great option to buy crypto on Switchere. On their website, you can get a crypto exchange credit card to the necessary cryptocurrency instantly at the lowest possible fees.
Buy Cryptocurrency with Credit Card at Switchere.com
Now when you know it’s a great time to purchase Bitcoin, visit Switchere.com. On their site, you’ll find very convenient crypto to USD dollar or euro converter. It will instantly show you how much you need to pay to get crypto into your wallet in a 100% secure, fast, and easy way.
This is probably the easiest instant method to obtain Bitcoin using your debit or credit card (you can use Visa or prepaid MasterCard). You need to go through a quick registration process. You can’t get crypto without registration on Switchere.com.
After registration, you’ll get a verification message via email to confirm your id. All the transactions are made anonymously and they won’t share your private data with anyone.
Then you need to head to their est crypto converter that you can find on their homepage, choose the type of cryptocurrency you need, and the payment method. No additional fee is applied. Then you need to click the send button and pay.
Don’t miss this great opportunity to exchange or convert cryptocurrency online with your bank card on Switchere.com, a safe and trustworthy place to buy crypto.