Bitcoin

Is it the right time to buy Bitcoin?

Bitcoin

The crypto major Bitcoin has witnessed swinging at $7200. However at present Bitcoin and altcoin are already down by 15% in the past few days. After the market declined by 15% in a few days, investors have started puzzling as to what is the right time to enter and trade in the market. As per the valid source of Forbes, there are numerous experts and analyst community struggling to see the best time to enter the market.

A senior market analyst working on the trading platform eToro, Mati Greenspan says that a sudden drop in the market may discourage to trade with cryptocurrencies. Further, he says, the market sees “very distinct boom and bust cycles where it’s quite normal to see massive surges and sizable retracements.”

One should not scare about the volatility of the market especially on the crypto front, as the capital markets have witnessed the same rally where securities become highly volatile due to the changes in macro fundamentals and geopolitical factors.

The market may further slash as commented by Jacob Eliosofff, a cryptocurrency fund manager. He further said that “I see no reason Bitcoin’s price couldn’t keep dropping or stagnating for another year or two.”

While elaborating more on the perspective, Eliosoff further said that “Its quite impossible to forecast short movements in the highly volatile market. As the present bear market feels more like a natural reaction to 2017′s bull market than a reflection of any fundamental problems.”

With the crypto major Bitcoin and altcoin markets continue reining over the markets, analysts accept that fact that the long-term story is quite promising.

According to Greenspan, he said “Overall, those who have adopted a more long-term strategy for investing in Bitcoin have seen the best performance. Therefore, many of our clients are deploying strategies like ‘buy the dip’ and ‘dollar cost averaging’ in order to scale into a long-term position. This way, they’re able to take advantage of the current discount and still save some money in case prices go lower.”

With the volatile nature of the market, it would make no sense to trade in the market for the short-term period. Let us not forget that the crypto markets still have a long way to go. They are expected to be quite matured and stable going forward!!

About the author

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a.
You can also mail him at [email protected] to discuss anything related to his reports.

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