After the crypto crash earlier this week, Bitcoin was left (and still is at the time of writing) around the $7.5k range. Whereas Bitcoin is now worth less than it was it can provide a buying opportunity, that being said it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Market leaders are estimating that the Bitcoin price could have even more room to fall before regaining its upward momentum alongside improving fundamentals. So if they are right on this, we could see something before 2020.
One bitcoin bull and veteran trader, Mike Novogratz is able to see the silver lining though. Things can go either way now we’ve slumped to such a price. The Galaxy Digital CEO is still bullish though, all you need to do is wait:
“I’m hoping it holds here. $6,500 would be the next downside…I think you got to get back through $8,200 first and if it gets back through $8,200 we’re then back at the $8,000-$10,000 range. It’s going to need new energy to really make the big move.”
There are some potential triggers that could create such positivity, one of which could be Bakkt. The disappointing launch of the ICE-backed bitcoin futures platform began trading physically delivered Bitcoin in September but couldn’t live up to the hype. Since then, BTC has been in a price slump ever since.
“The NYSE’s Bakkt just got set up. There’s a futures exchange that’s starting to gain some volume. But more importanly, they’ve got a custody solution that is just coming online that’s going to get approved…world class custody which allows more and more people to get comfortable with it.”
It will be interesting to see how this plays out.