Bitcoin: Why Now Is a Perfect ‘Buying Opportunity’, Says Executives
Despite BTC’s Fall, SOL, NEAR, and KCS Show Buying Potential. Executives are bullish on BTC post-halving and see this period as a perfect buying opportunity. Bitcoin halving has been a topic of conversation for a while now, and now, with the recent price volatility, discussions about its future have resurfaced.
Interestingly, Bitcoin and other cryptocurrencies appear to be trending downwards, according to CoinMarketCap data.
However, there are some exceptions, such as Solana [SOL], Near protocol [NEAR], KuCoin [KCS], which are flashing green on the daily chart.
Best Time to Buy Bitcoin? ?
Fundstrat co-founder and head of research Thomas Lee is optimistic about Bitcoin’s rise. He said,
“I think we were a little bit fooled by the volatility in April, and I think that’s why there are buying opportunities in both Bitcoin and stocks right now.” In addition, just a few weeks ago, Arthur Hayes published an article titled “The Left Curve” that provides insight into the trends that could drive BTC’s continued rise.
This highlights Hayes’ confidence in Bitcoin and the entire cryptocurrency market despite regulatory concerns and the current volatile price conditions.
“So by the end of this year, I think we’re looking at a Bitcoin price between $70,000 and $100,000 by the end of 2024.”Not out of danger though
But despite such positive sentiment, veteran trader Josh Olszewicz believes that crypto is not completely out of danger yet.
Olszewicz uses the Ichimoku Cloud indicator to analyze Bitcoin’s trend, which is currently bearish, with Bitcoin below the cloud acting as a barrier.
In order to reverse this trend, Bitcoin needs to break above the Cloud. He added,
“If momo continues, watch for an IHS+ Cloud breakout this week.” This was further confirmed by AMBCrypto’s analysis of Santiment data.
The decline in the MVRV ratio suggests that most holders are in the red at press time.
