If you haven’t heard the news, Bitcoin dropped sharply over the weekend. Last week, we talked about its rise to a new price point record. That happened on Tuesday when the leading cryptocurrency hit $64,000 per coin. Since then, the market has shifted its narrative, leading to a price drop that’s currently holding at $55,000.
The sharp decline was fueled by regulatory concerns, China’s power outages, and accusations of overexcitement. While many were rightfully concerned, Bitcoin bulls are seeing it as an opportunity. Thanks to the price drop, they can buy BTC and make a profit in the short term. It’s a smart idea many investors are backing before an expected rally that could see the coin shoot to new heights.
The Time Is Now
Many Bitcoin bulls have looked forward to such a drop. Most of them believe that a storm is coming right after the price dip in which they see a great opportunity. With Bitcoin down at the moment, it’s a great time to invest and make a profit when it inevitably goes up.
So far in 2021, Bitcoin’s price has seen numerous dips and heights. It is, however, stable at around $55K, and positioned properly for a higher run. Last week’s run at $65K was not a surprise. Mainstream companies such as Tesla have been backing Bitcoin for months now, and financial investors are pumping its price too. This isn’t a 2017 repeat. Bitcoin is firmly stabler now, and in great position to reach heights previously unexplored.
One of those investors taking advantage of the price drops is Christian Armbruester. He’s the founder of Blue Family Office who recently invested in crypto on the cheap and advised his London clients to do the same. The price swings allow investors to profit fast, since things are changing from day to day and week to week.
Armbruester is now planning to set up a dedicated crypto fund for Blu in order to trade the assets. Others are joining in, pointing to the fact that now’s the time for a serious investment. Sure, the price swings are not for the faint of heart, but from what we’ve learned so far, Bitcoin is on a long-term bull run that won’t stop anytime soon.
High Expectations
After a tough weekend, Bitcoin’s price has somewhat stabilized. Experts believe that it’s only taking a breather before the next massive price jump. This time, many believe that it will test the $65K mark or aim higher for $70,000. While that seems far-fetched, it could jump and hold ground over $60,000 which would make current investors nice cash.
After Coinbase’s recent debut on the Nasdaq, Bitcoin went on a huge run. It was seen as a great new lure to bring new investors to the crypto market. Some experts believe that a run at $100,000 won’t be a surprise by the end of the year. While it looks like a far-fetched idea now, all technical indicators are pointing that we could see the price explode. It remains to be seen if the expected happens.