As the majority of the cryptocurrency market has started the week on a bullish note, Bitcoin (BTC) is no exception, its recent price increases adding up to gains of over 60% since the year’s turn, and data indicates that investing $100 per week in 2023 would have been a profitable strategy.
Specifically, this strategy, called dollar-cost averaging (DCA), is a popular and straightforward investment method, and it refers to spreading out investments by buying at periodic intervals and in approximately equal amounts of money, regardless of the share price.
As it happens, using this strategy on Bitcoin in 2023, the $3,100 investment (31 weeks by August 3) would now be worth $3,268, or 5.42% more than the amount invested, according to the observations made by a cryptocurrency analyst and CEO/founder of Into The Cryptoverse newsletter, Benjamin Cowen, and shared in an X post on September 19.
On top of that, Finbold carried out a more recent analysis that takes into account the current date and has arrived at similar results – 5.69% return on investment for purchasing $100 worth of Bitcoin every week since January 1, 2023 (i.e. spending $3,800 over the course of 38 weeks), with today’s DCA value of $4,016.30, according to the data retrieved.
Bitcoin price analysis
At press time, the flagship decentralized finance (DeFi) asset was changing hands at $27,085, which indicates an increase of 1.42% in the last 24 hours, as well as a 5.08% gain across the previous seven days, while in the past month, the maiden crypto has grown by 3.76%, adding up to the 62% growth since the year’s turn.
Meanwhile, Bitcoin has recently crossed its first bullish cross for the first time since July 2022 and has flashed a buy signal at its three-day chart by the TD Sequential indicator, which suggests potential trend reversals and continuation patterns in financial markets, including the crypto market.
At the same time, multiple experts are bullish on Bitcoin’s future for the next couple of years, with some predicting that it could surpass the price of $32,000 following the halving event in 2024, as well as breaking through the $100,000 price target in 2025, possibly even culminating at $1 million.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
