Should You Buy Bitcoin While It's Trading for Less Than $70,000?

Since the start of 2023, Bitcoin (BTC -0.73%) has been one of the best assets to own. Its price has soared roughly 300% during that time

Bitcoin (CRYPTO: BTC) has had a wild ride in 2023. After hitting an all-time high of nearly $77,000 in March, the coin has since fallen back to trade around $69,000 as of June 14. But despite the pullback, Bitcoin is still up an impressive 300% year to date.

So, is Bitcoin still a buy with less than $70,000 in your pocket? Let's take a look at the bear and bull cases for the top cryptocurrency.

The bear case

There are several arguments against buying Bitcoin, especially at current prices.

First, there's always the risk that Bitcoin could be banned in the U.S., following a similar move by China. Others speculate that advances in computational technology, such as artificial intelligence or quantum computing, could render Bitcoin's cryptographic structure obsolete.

Second, Bitcoin's price has been volatile in 2023, and it could easily fall further before rising again. For example, Bitcoin's price dropped by more than 50% in 2022.

Finally, there are several other cryptocurrencies on the market that offer similar features to Bitcoin but at a lower cost. For example, Ethereum (CRYPTO: ETH) is the second-largest cryptocurrency by market cap and offers a wide range of decentralized applications.

The bull case

Despite the bear case, there are several reasons to be bullish on Bitcoin, especially at current prices.

First, the approval of spot Bitcoin exchange-traded funds by the Securities and Exchange Commission in January has brought a wave of new capital into the cryptocurrency. These funds make it easier for investors to buy and hold Bitcoin, which should help to support the coin's price over the long term.

Second, Bitcoin underwent another halving in April, which occurs roughly every four years and reduces the new supply of coins entering the market by half. This event has historically been a catalyst for Bitcoin bull markets.

Third, Bitcoin's unique properties as a store of value and an alternative to fiat currencies make it an attractive asset in an era of rising inflation and geopolitical uncertainty.

To sum up

Ultimately, whether or not to buy Bitcoin depends on your individual risk tolerance and investment goals. However, if you're considering buying the coin, it's important to understand both the bear and bull cases.