Analyst Ponders Possible Bitcoin Buying Opportunity As It Remains Above $20k
Even though the analysis of Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research, continues to create confusion, there are also those that Bitcoin at $20k is a buying opportunity.
Ian, as we also highlighted, warned earlier this week that Bitcoin could go as low as $13,000 (which would mean we still have to see a 40% decline) given that you can expect the Satoshi Nakamoto’s invention to dip similarly to declines experiences in 2013 and 2017, aka an 80% fall from the top.
Stable price point
However, FxPro senior market analyst Alex Kuptsikevich claims that this analysis is wrong mostly because of Bitcoin’s underlying strength in the most recent bullish cycle.
In our view, it is much more reliable to estimate that bitcoin finds a long-term bottom near the highs of the previous four-year cycle.
It may not be the best time to buy, as it may take considerable time before the crypto market digests the recent turmoil and enters a new phase of sustained demand from broad segments of investors, not just stressed asset hunters.
He summarized that Bitcoin is now approaching a stable price point, and that investors should perhaps wait (but not too long) before buying.
Notable other analysts, like Michaël van de Poppe for example, seem to agree with Alex, and stated that Bitcoin seems ready for a breakout.
I guess we’ll find out in the next few weeks who is right.
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