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Amidst an ongoing bearish scenario, Bitcoin may potentially be stepping into a “crypto winter,” which is, a phase of heavy losses followed by a sustained period of stagnation. When the same happened between 2018 and early 2020, the crypto space was able to outgrow it eventually, and register recovery.
Warren Buffett, the “Sage of Omaha,” once said, “Be fearful when others are greedy, and be greedy when others are fearful.” Now, with “buy the dip” messages doing the rounds within the community, does Buffett’s philosophy apply? How do emotions factor in here?
This chart explains the significance of the same:
Talking about opportunity, popular cryptocurrency analyst Kaleo recently tweeted about the current buying window (of opportunity) despite growing concerns about the crypto market’s current state.
He urged his followers to “keep stacking” and not to let go of this opportunity. It all comes down to sentiments; if one perceives the current market correction as a window to buy more at a discounted rate, then the overall (community) sentiment doesn’t matter. With regards to this, Kaleo reiterated:
“If you don’t believe Bitcoin is dead, this is called opportunity.”
Looking at this chart showcasing a price recovery, can “now” be a good opportunity to buy? The analyst thinks so.
This wasn’t the first that Kaleo put forward his optimistic approach, despite headwinds. As covered before, he predicted Bitcoin to outperform tech stocks and in doing so trace a path surpassing $100k in the long run.
Other crypto bulls jumped on this “buy the dip” bandwagon too. Not so long ago, Lex Moskovski, investment director of Moskovski Capital, saw the plummeting price as a great time to HODL.
Negative Stock-To-Flow deflection is the highest it’s ever been in the whole #Bitcoin history.
This is a great buying opportunity, if you’re a believer in this model. pic.twitter.com/N3CFLLJdH9
— Lex Moskovski (@mskvsk) July 10, 2021
Another Bitcoin supporter tweeted,
Buying #Bitcoin right now isn’t risky.
Missing the opportunity to buy Bitcoin right now, is risky.
Accumulate when others are fearful!
— The Moon (@TheMoonCarl) July 16, 2021
On the contrary, Billionaire fund manager Jeff Gundlach had a different approach toward the current setback in the market. The “bond king” predicted the price of bitcoin to fall below the $23K level. “Right now, the chart on bitcoin looks pretty scary,” he said, adding,
“It looks like a massive head-and-shoulders top.”
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