It’s that time again — when your friends and family members who know you’re into Bitcoin text asking if now is the time to buy.
A time that signifies we’re at another peak in bitcoin’s price.
I know, I know. How bah-humbug of me.
This post is part of CoinDesk's "Crypto 2024" predictions package.
But the truth is, if you’re thinking about buying bitcoin right now, it might not be the best time to make a sizable purchase — despite the fact that we might see spot bitcoin ETFs (exchange-traded funds) approved in the near future (possibly as early as January).
Why?
Let’s start by looking at bitcoin’s price action during periods leading up to the last two Bitcoin halvings. (The next is due in late-April, when block 840,000 is expected to be mined.)