Coming Generational Purchasing Opportunity For Cryptocurrency: The cryptocurrency market continues to fall as speculators run to anything they believe might be valuable. It appears that there will be more suffering because the inflation has not abated and rate increases as a result have caused crypto to lose liquidity, which has caused it to fall. But what if the price of cryptocurrency crashes?
Purchasing Opportunity For Cryptocurrency
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Since roughly the time of its launch in 2011, the last quarter for Bitcoin has been the worst. Given that the June monthly candle closed below the $20,000 support and that the price of bitcoin is currently just above $19,000, it is likely that it will drop back to the local low of $17,500 before moving on to the main support at roughly $14,000.
BK, the bitcoin expert on CNBC’s “Fast Money,” claimed on Thursday that the severely depressed crypto market is about to present itself with a “generational buying opportunity.”
The analyst claims that bitcoin will reach a bottom between 10 and 15k due to the present flushing out of leverage. Although the buyers of last resort are getting their bids filled for pennies on the dollar, he believes that there is still a lot of leverage available.
BK acknowledged that the “Lehman moment” in cryptocurrency might not come for several months. He predicted that the last flush out would most likely require someone significant to fall who would be least expected.
Opinion
All of this undoubtedly doesn’t put the typical investor in a good position. There is little question that a large portion of the retail industry has already been cleaned out, and this undoubtedly includes those who used leverage.
Even those who had done the right thing and had dollar-cost-averaged in would be starting to feel very uneasy because the present economic crisis has driven them to sell and their positions have likely gone deep under water.
The buying chance of a lifetime may be waiting for anyone who is still invested and/or has dry powder on hand for when cryptocurrency eventually succumbs to total capitulation.
When that moment comes, buyers may want to consider if private digital assets will have a future before making a purchase. If the answer is “yes,” then the daring and those who are ready may be on the winning side of the impending full financial revolution.
Disclaimer: This content is being offered just as information. It is not meant to be used as advice in relation to law, taxes, investments, finance, or any other subject.
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