Is it time to get Bitcoin (BTC)? What the Experts Say

It experienced a drop in a few days, causing Bitcoin to lose nearly half its value. Although it may seem like a frightening thought at first, many analysts and professional traders have started telling people that this decline is a great opportunity to enter the market.

In the event of an economic collapse, most people’s first instinct tells them to escape, and this attitude also applies to Bitcoin. Simon Peters, social trading network eToro analyst, said:

Traders, who previously saw cryptocurrencies as a possible safe haven in difficult times, seem to sell Bitcoin to recover liquidity with the further spread of coronavirus. In a period of uncertainty, many investors may think it is better to have cash or gold rather than more speculative crypto assets such as Bitcoin, while others may think the situation is a good opportunity to invest.

However, there are many who say that the idea of ​​escaping Bitcoin altogether is a wrong decision, and the substantially falling price of the asset is an opportunity to buy. People taking value by taking these views into account and a buying pressure that may occur may cause sudden rises.

Crypto market data collector, Crypto Compare, Charles Hayter thinks that Bitcoin should be a target for investors and that the biggest crypto money can be used to transfer value faster than traditional financial products.

The falling prices caught the attention of many people, and they seem to be interested in digital assets. Famous online privacy advocate Edward Snowden tweeted after the big crypto crash and said he wanted to buy Bitcoin for the first time.

Don’t Surrender to Fear

Daniel Wolfford, former cyber security chief of Blockchains, LLC, explained in an interview that increased activity of whales is probably the cause of the sudden and heavy drop in Bitcoin price. He said that whales tend to be very emotional, especially in difficult times, and this could result in heavy liquidation in the past few days and may have caused Bitcoin to fall below the $ 4,000 level.

Daniel Wolfford also stated that users should overcome their potential fears and it is time to buy more Bitcoin with the following words:

When $ 1,000 or worse bets start moving around, I see it as a good time to buy. When people cry, I buy Bitcoin.