Typically, when it comes to long-term and risky investments, buying low is preferable to buying high. That said, it may be a good idea to enter the cryptocurrency market right now. Prices are still well below their peaks, with Ethereum hovering below $2,000 and Bitcoin ranging around the $24,000 mark
There is only upward movement from here if cryptocurrency has indeed reached its bottom, as crypto investors claim. And a profitable Ethereum merger in September might serve as the fuel for a potent comeback this autumn.
Even if the analysts may be upbeat, there is no assurance that cryptocurrency is yet out of the woods. If the Ethereum update is unsuccessful,
Then there is the ongoing global energy crisis, which is affecting markets and is certain to get worse when winter sets in in the Northern Hemisphere. Furthermore, despite a little decline in July, inflation is still considerably higher than the norm. This has undoubtedly discouraged buyers from returning to high-risk assets like cryptocurrency, particularly in light of recent Federal Reserve activity
Furthermore, there is the persistent danger of far more regulation. Congress is discussing the future of digital currencies, and it's unclear what impact it will have on a market that is already unstable.
In conclusion, it's difficult to determine whether the price of the cryptocurrency has indeed reached its lowest point. There is always the possibility that it will sink again or, worse yet, plunge considerably lower. It depends if that's worth the risk.
