The Fall In The Price Of Bitcoin (BTC), Monero (XMR), And Other Cryptos Is Good For The Industry, Says, Analyst

The crypto market bathed in bloody prices during the past few days as you could see for yourselves.

While some traders have been freaking out, others are looking at this as a great opportunity.

The price of Bitcoin, Monero, XRP and other important altcoins took a hit, and BTC fell below $10,600 level and the altcoin bleeding back into 2017 levels.

Today, things are looking better, with all top coins trading in the green on CMC.

But a few days ago, everyone was expecting that the bleeding will stop and the prices continued to fall against the US dollar.

Short-term traders have been selling

According to Smartereum, short-term traders have been selling to protect their capital.

Now, a famous crypto analyst Josh Rager suggested that the fall in BTC’s price is in fact good for the crypto market.

The online publication mentioned above said that Josh Rager, who has over 50k followers on Twitter is popular for his accurate price predictions and analysis.

BTC back in the $10k levels may not be that bad

On Twitter, the man posted that the fall in the price of Bitcoin back to the $10k levels is “a gift to the cryptocurrency market.”

“Said it once and will say it again 4 digit Bitcoin is a gift. Whether it hits $9ks or even $8ks.”

He also said the following:

https://twitter.com/Josh_Rager/status/1149181145457844229

It may be time to buy the dip

He’s not the only one who is maintaining a bullish stance on BTC. More experts are saying that now, it’s time to buy the dip.

“Anyone who bought Bitcoin at the $3200 level would have made more than 250% gains when the price of the cryptocurrency touched the $13,800 level last month,” according to Smartereum.

The online publication also believes that “even if the price of Bitcoin is currently within the $10k level, it is still well above the opening level of 2019. Many bulls see price declines as the perfect buying opportunity.”


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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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2387 Articles

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