The best time to enter a market is when it’s oversold, which is exactly what is happened with the crypto industry as it retains a yearly bearish pattern.
With a recent drop, followed by some significant gains from a certain bottom area has upped medium-term bullish sentiments in the crypto market. The biggest cryptocurrency in the market, Bitcoin has reversed its downtrend on several occasions after testing a $250 wide area below $6,000 as strong support. The price action has led those with bullish attitudes to conclude that it would be impractical for the bears to crash Bitcoin below the $6,000 mark citing miners breakeven ROI.
The growing number of hedge funds launched this year and has testified that there is a demand for crypto gateways amongst institutional investors. The endowments of several various high profile institutions including MIT, Harvard, Stanford and Yale universities to name a few have spread their risks into at least one digital currency fund.
Big names are entering the crypto industry such as Mike Novogratz who is a well known Bitcoin supporter. Pantera Capital-fame founder, Dan Morehead invested in over 40 cryptocurrency related startups and is currently one of the biggest institutional owners of digital assets. And the list goes on.
According to News BTC:
“Garry Tan, a prominent seed investor, stated that investors believe that Bitcoin is bottoming out and noted a “buying-the-dip” sentiment among prominent investors, majorly citing David Swensen, Yale’s Warren Buffet, who recently invested an undisclosed sum into two crypto-funds.”
The current price of Bitcoin is $6,634 and is in the red with a 1.12% change over the past day.
What are your thoughts? Let us know what you think in the comments down below!
By Adrian Barkley