After reaching a record high of $73,750 in March, the price of Bitcoin (CRYPTO: BTC) recently fell back below $61,000. Despite short-term fluctuations caused by the distribution of assets from the Mt. Gox exchange and inflationary pressures, there are several strong reasons to consider buying now. Given the recent halving of Bitcoin mining rewards, the limited supply, and new exchange-traded funds (ETFs) making Bitcoin more accessible, the prospects look promising.

The first reason is the historical trend of price increases after halvings. Bitcoin halvings, which reduce the rate at which new coins are created, traditionally lead to significant price increases over 12-18 months. The second reason is the influx of institutional investors. The introduction of spot Bitcoin ETFs in February 2024 opened the door to large capital investments, as seen in the increase of direct Bitcoin assets by $50 billion.

Finally, the third reason is Bitcoin’s built-in scarcity. The limited supply of 21 million coins makes Bitcoin a unique asset with fixed supply, ensuring long-term price growth amid increasing demand. Combined, these factors make the current price of $61,000 an attractive entry point, especially for long-term investors prepared for potential short-term fluctuations.