Having lost around 17 percent of value in the last few days, Bitcoin is now trading in the $7,100 area. The cryptocurrency market is in the red, still many prominent crypto experts recommend people to ‘buy the dip’.
Bitcoin uptrend still intact
One of those optimists is Tuur Demeester, the founding partner at Adamant Capital. On Friday, he tweeted to calm down the community stating that the parabolic uptrend that Bitcoin started in 2015 remains.
Peter Brandt responds
The veteran old-school trader believes that perhaps Bitcoin needs a long journey below the line (i.e. bearish one) to let the price prepare for surging towards $50,000.
Peter Brandt states that Bitcoin bulls on Twitter are only a hindrance to that and states they must be gone to let the market rise properly again:
“When no bulls can be found on Twitter, then we will have a great buy signal.”
Tuur, I think a prolonged journey below the line might be needed to thoroughly prepare BTC for the move to $50,000. The bulls must first be fully purged. When no bulls can be found on Twitter, then we will have a great buy signal.— Peter Brandt (@PeterLBrandt) November 23, 2019
Bulls here are apparently those who wish to wake up the next morning and become a BTC billionaire or at least by a Lambo without accepting the market as it is – with its bears, big price corrections, etc.
Experts keep warning – the crypto market is highly volatile, do your own research, do not invest more than you can afford to lose.
Tom Lee steps in
The chief Fundstrat’s expert on crypto investment Tom Lee also refers to Tuur Demeester, saying that traders and investors should keep in mind a broader picture of Bitcoin rather than focusing on short-term price fluctuations.