Is Bitcoin (BTC) Taken From These Levels? Where is the Least Risk Level?

In the past few hours, Bitcoin (BTC) has performed extremely poorly and billions of dollars have disappeared from its market value. The leading cryptocurrency fell from the cliff and fell below $ 6,400, down to $ 5,600. Moreover, this decrease led to liquidation of long positions of 500 million dollars in BitMEX.

Some analysts say BTC’s long-term bullish trend has deteriorated, while some analysts remain a bit more optimistic, saying that the current levels are quite reasonable to buy Bitcoin at current prices.

Does it really make sense to buy Bitcoin at current levels?

“It Can’t Be Better”

Charlie Morris, the CEO of cryptocurrency analytics firm ByteTree, who warned investors that Bitcoin might fall soon this past week, said it might be the “least risky” time to buy Bitcoin.

Referring to Morris’s “Fair Value” statistic derived from its “Network Value / Transactions” ratio and transaction value, BTC’s “Fair Value” is currently $ 6,400, and every price level below this price is an opportunity to buy. stated:

The network is developing with a weekly spending of $ 18 billion. When it comes to valuation, “Fair Value” will return. We are at the “least risky” time to buy Bitcoin! It doesn’t get much better than this.

The two big risks in the #bitco that concern me are valuation and the network. With $ 18bn of weekly spend, the network is thriving. As for valuation, it is back to fair value. This is the “least risky” time to buy bitcoin! It doesn’t get much better than this. pic.twitter.com/tınklhlre3

– Charlie Morris (@AtlasPulse) March 12, 2020

Morris is not the only one to speak optimistically in this pessimistic setting. BitMEX CEO Arthur Hayes also recently stated that he expects the price of BTC to make a good return between $ 10,000 and $ 20,000 by the end of the year.

Similarly, bull-minded analyst Joel Kruger explained his thoughts in his last interview with BlockTV as follows:

If Bitcoin drops to $ 6,000 and remains strong here, the macro bullish trend will prove to be solid and the bullish trend will continue.