With Bitcoin struggling to regain momentum recently, some traders are questioning whether it’s too late to buy BTC in 2023 amid the ongoing bear market.
Although BTC remains the most talked-about crypto globally, certain low market-cap coins are catching traders’ attention due to their inherent upside potential.
One such coin is Bitcoin BSC (BTCBSC), which seeks to combine Bitcoin’s legacy with the efficiency offered by the Binance Smart Chain.
Bitcoin Price Struggles as Critical Support Level Held
At the time of writing, Bitcoin is trading around the $26,170 level, unable to break out of its recent downtrend.
Over the past four weeks, BTC has shedded nearly 12% of its value – and is down 17% from July’s yearly high.
Currently, Bitcoin is below its 20-day EMA of $26,200 and 50-day EMA of $27,110 on the daily chart.
This indicates that the short-term and medium-term trends are bearish, positioning BTC for further downside.
Moreover, the Crypto Fear & Greed Index has remained in “Fear” territory since mid-July, prompting lackluster price action from BTC and other altcoins.
However, the key support level around $25,000 has held so far, providing a glimmer of hope for Bitcoin bulls.
Additionally, Bitcoin produced a strong bullish reversal candle on the daily timeframe on Tuesday – hinting that the price could be about to rebound.
Spot BTC ETF Approval Could Reignite Bitcoin Momentum
With Bitcoin’s future remaining hard to predict, some investors are debating if 2023 is too late to buy BTC at a fair value.
However, several prominent institutions like BlackRock and Valkyrie have filed for spot BTC ETFs in recent months – and if the SEC approves even one of these filings, it could ignite renewed retail and institutional interest in Bitcoin.
The subsequent capital inflows would likely propel BTC out of its current slump, potentially sparking a new leg upwards before the end of the year.
Thus, while Bitcoin’s short-term outlook seems bleak amid ongoing investor uncertainty, its long-term prospects still look strong.
As such, many savvy investors are using this period of uncertainty to accumulate BTC at a relatively low price in anticipation of the next bull cycle.
Ultimately, it’s challenging to determine whether it’s too late to buy Bitcoin in 2023 – but if institutional ETF approval occurs and market sentiment shifts, it may still be a favorable time to invest.
Bitcoin BSC Emerges as Undervalued Low Cap Gem After Raising $1.5m
While Bitcoin is grabbing headlines due to its recent price volatility, some traders have turned their attention to emerging low market-cap cryptos that could generate sizable returns before the end of the year.
One such project is Bitcoin BSC (BTCBSC), which combines the familiarity of the Bitcoin brand with a high-yield staking protocol and low-fee transactions.
Currently in presale at just $0.99, Bitcoin BSC’s team aims to give investors exposure to BTCBSC’s substantial upside potential before the token is listed on decentralized exchanges later this year.
Moreover, with 29% of the total token supply available to presale buyers, almost a third of all BTCBSC tokens will be in the hands of early adopters – giving them a prime position to benefit if the project takes off.
This setup also helps ensure that the community controls a sizable portion of the token supply, rather than the development team or private investors.
Looking ahead, Bitcoin BSC’s whitepaper outlines plans for additional features and functionality – yet the specifics of these plans are being kept under wraps for the time being.
These elements have combined to create a rapidly growing buzz around Bitcoin BSC, with YouTuber Jacob Bury stating that the token could have “10x potential”.
Cilinix Crypto and Alessandro De Crypto also recently reviewed the low market cap crypto project positively.
With over $1.5 million in funding raised already, it’s clear that Bitcoin BSC has already generated considerable interest – potentially positioning the token for significant growth in market capitalization once listed on exchanges.
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