Bitcoin Fire Sale Is Reportedly Around The Corner

The global markets fell pretty hard during the past week, and as you probably know by now, the crypto market was affected as well.

Bitcoin fell more than 50% in a couple of days, and now it seems that the most important coin is trading in the green. At the moment of writing this article, BTC is priced at $5,297.04.

This is an opportunity to buy BTC

It’s been revealed that Raoul Pal who predicted the 2008 financial crisis and said that he is seeing an opportunity to buy BTC amidst the massive fear in the market.

The former Goldman Sachs exec and founder of Global Macro Investors is calling BTC’s plunge a fire sale.

Someone commented the following to the tweet above:

“Totally agree. I want to load up, but falling knife. Until equity markets get at least a bit stable (I am sure more downside even if “stable”) then BTC looks like it has no bottom to predict. I don’t think technicals matter one iota on it. 4K? 3k? 2k?”

Pal wrote: “I’m not ready yet but watching closely… every hedge fund is liquidating and everyone with BTC on their balance sheet. It is what it is…but like god, the medium-term future is bright, in my opinion.”

YouTube star says it’s time to buy the dip

While some investors are liquidating their crypto assets, YouTube star Michelle Phan says it’s the best time to buy BTC these days amidst the global crisis triggered by the coronavirus pandemic. She is bullish on the digital asset.

Phan says she recently advised her Instagram followers to buy Bitcoin during the dip and hold. She added that with so much misinformation, she wants to use her platform to shed more light on Bitcoin.

“With coronavirus … when there’s a distrust of authorities, that’s when Bitcoin shines the most.”

More analysts say that this is the perfect time to buy the dip.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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