Bitcoin price has permanent hike?
Nigel Green of deVere Group recently came out stating that current bitcoin market price dips will likely be bought by institutions. This results in a form of support for bitcoin prices in the days ahead.
“The current slow-down, together with greater ongoing regulatory scrutiny, can be expected to prompt the herd-like mentality of many inexperienced investors who will now cash-out their Bitcoin, forcing the price temporarily lower.
“And this is when institutional investors, many of whom are just beginning to dip their toe in the crypto water, will likely dive in. They will employ the ‘buy the dip’ mantra.
“With them, they will bring their enormous capital, clout and expertise to the market, and this will then prove to be another considerable confidence shot for even more retail investors.”
Institutions have been trying to find different avenues to invest their fiat and since crypto is now getting mainstream the demand for bitcoin and other cryptos are only increasing.
We have to take this serious as proven in the stock market over the years all buy the dips have come out positive. Case in point just look at the S&P price rise since inception.
SPY ticker symbol that represents S&P 500 has risen since 1994. All the significant dips like 2008/09 great recession and recent 2020 coronavirus dip have seen dips bought and prices soar above those old highs.
With a strong by the dip group it is very likely that bitcoin can do the same.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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A small fall after a great rise is expected as normal. In fact I would be surprised if this fall is not there.
As you correctly said already people who were here for short term would withdraw their share and we will only left with firm believers.
Cheers to the green market
!GIPHY cheers
Via Tenor