Crypto Analyst Buys The Bitcoin Dip
The crypto market is still falling with the most important coins trading in the red today.
At the moment of writing this article, Bitcoin is also trading in the red and the coin is priced at $8,565.19.
The prices are still falling amidst the increasing global fears related to the coronavirus.
Buying the Bitcoin dip
An important tech trader said that he is buying the dip despite the bearish forecast and widespread fear in the crypto market.
The analyst is known in the crypto industry as Light Crypto and he just told his followers on Twitter that the global equity markets show signs of a potential bottom.
The price of gold fell further than BTC this Friday and this has the trader feeling bullish on BTC in the short term.
“Beginning with a broad macro perspective, after seven days of rarely seen bloodshed in global equity markets, and in particular US equities, bidders have finally stepped in today with a rally off the capitulation notched in the overnight markets,” the analyst said.
The same analyst continued and explained that “Gold is down the most since 2013, possibly sold to cover margin calls – this is a further sign of an emotional and capitulatory macro environment. In all of this, Bitcoin has held, losing less on the day than gold(!).”
/1 At the risk of looking like a fool by Monday, I want to make the case for why I am a buyer of Bitcoin at the $8,500-$8,600 level, near 20% off the recent local high. In a sea of shorts frothing about a continued plunge, it seems like the contrarian position to adopt. pic.twitter.com/9A1zKxKtS7
— light (@LightCrypto) February 28, 2020
Bitcoin halving will trigger a price rise
More than that, Light Crypto pointed to bullish sentiment on Bitcoin’s upcoming halving as the reason for being optimistic.
As you already know, the halving is scheduled for this May.
“External factors that push BTC’s price often provide excellent opportunities for taking the other side,” the analyst said.
He continued and pointed out to the fact that “with the halving looming closer every day, and that narrative showing its potential strength in January, Bitcoin’s inherent tilt is overwhelmingly bullish in my mind.”
You should check out more of his comments on Twitter.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.