The price of Bitcoin, the largest cryptocurrency by market capitalization, has been hovering within a range without significant growth for several days. This trend has led to fear of buying the dip whenever the opportunity surfaces.
This prompted Bobby Lee, the CEO of Ballet, to share his concern about the collective problem shared by most Bitcoin traders and investors regarding their attitudes towards accumulating BTC at any price condition.
Bobby Lee Stresses on the Hesitation of Bitcoin Investors
FOMO and FUD are common languages with different impacts on traders and investors in the cryptocurrency space. And they are both known as initiators of the majority of buying and selloffs that play out in the sphere of digital currency.
Regarding these two major factors, the CEO of Ballet and board member of Bitcoin Foundation, Bobby Lee stressed on the common problems shared by most BTC investors in a recent tweet.
In the tweet, Ballet factually pinpointed the usual attitude of most investors in terms of investing in Bitcoin when the need be, as most complain about high prices, restraining them from buying and most of them will then clamor for price dip.
In another way, he said, the price of the digital currency could eventually drop during retracement seemingly in their favor. But this trend would also cause fear and loss of confidence, restraining them from buying as they once wished.
He said, “A common problem shared by most people when it comes to investing in Bitcoin: They complain about high prices & are afraid to buy now, so they want to wait and then buy when prices dip. And then when prices do come down during a correction, they get scared & lose confidence.”
Next Bitcoin Possible Trend
Bitcoin price has obviously dipped farther from prices it maintained a few months ago. When the digital currency was trading around 12,000 USD, some investors were busy calling for the dip.
Bitcoin is now priced at around $7,000. Going by the opinions of most crypto pundits and enthusiasts, a $6,500 price region is more feasible than an upsurge to a $9,000 price level.
However, Bitcoin enthusiasts still remain optimistic about the eventual price trend of the digital currency. At press time, BTC is trading at $7,251.29, with a 0.69% price plummet in the last 24 hours.