At the moment, the bears are obviously overwhelming the bulls in the cryptocurrency market due to the present downtrend experienced by Bitcoin. In this regard, the CEO at Morgan Creek Digital, recently lent his bit of advice to investors while speaking on CNBC’s Fast Money.
Bitcoin’s price trend stopped impressing holders about 3 months ago, after it recorded its yearly high of relatively $13,900. Back then, there were raised expectations of BTC breaking far above $14,000 to recording a new all-time high.
The fate had since twisted for the king of coins, as it continues to face a lookalike downtrend that brought it down from $20,000 to $3,100 price region in 2018. BTC now struggles to sustain balance above $8,000.
At the time of filing this report, BTC is trading at $8,067.98, with relatively 5% price upsurge in the last 24 hours. Going by what some crypto experts are envisaging, there is possibility of Bitcoin bottoming around $7,000 price level or beyond.
This present unfavorable price action is not limited to Bitcoin, as the majority of top digital currencies also lost their footings in maintaining price uptrend enjoyed without BTC sometimes last week. However, a number of crypto analysts have been advising cryptocurrency traders and investors to take their chances by buying the dip.
Mark W. Yusko Says “Buy it”
Mark W. Yusko, the CEO at Morgan Creek Digital, as usual, is favoring Bitcoin during interrogations. Whether it rises or dumps price, Yusko has always been positive about the subsequent consolidation and future prospect of the largest cryptocurrency by market cap, Bitcoin.
In one of his recent video interviews with CNBC’ Fast Money, which has since garnered over 28 thousand views, he advised Bitcoin investors and traders to grab this opportunity by holding more BTC.
He pointed out that the digital currency is used to this type of trend, as it has been pattern since 2009. According to Yusko, it should be expected that Bitcoin will not embark on parabolic movement forever without a bit of price retraction as is at the moment.
He furthered that the steady increase in BTC wallet, hash rate, market capitalization and other measures should serve as a big sign that BTC will survive and rise again. He also compared Bitcoin to Amazon.
A Bitcoin maximalist, Anthony Pompliano, the Co-founder at Morgan Creek Digital, who related the video interview via his Twitter handle, expressed his delight to the direct response “buy it”, which Yusko gave the interviewer while he was asked about the situation of Bitcoin at $8,000 price level.
The legend @MarkYusko dropping 🔥🔥 at the 6:20 min mark.
“Bitcoin?” ….. “Buy it!”
Pretty crazy how obvious the fundamentals are for long term prospects of the asset. https://t.co/RbXD5NSYX8
— Pomp 🌪 (@APompliano) September 26, 2019