Bitcoin crash a great buying opportunity? VanEck

 

Since June, Bitcoin’s price has been on a remarkable downward trend, with the asset falling below $54,000 today. In its monthly development, Bitcoin has lost 21.7%, ending its “longest winning streak” ever.

Despite the latest moves, investment firm VanEck remains bullish on the largest cryptocurrency on the market while the price of Bitcoin is retreating due to the latest developments involving the German government and Mt. Gox. At the time of publication, the price of Bitcoin was quoted at US$ 55,504.34 with a drop of 3.8% in the last 24 hours.

In a recent move amid Bitcoin’s sharp decline, the cryptocurrency market has seen over $665 million in liquidations in the past 24 hours. This move comes as the largest cryptocurrency is facing heavy selling pressure as defunct exchange Mt Gox makes payments to its creditors.

Investment firm VanEck has termed Bitcoin’s recent plunge as a “July 4th discount.” The financial giant sees the asset’s current pullback as an opportunity for investors to buy the dip.

Opportunity to buy on the dip

Bitcoin’s price recently hit a milestone after hitting a two-month low. Cryptocurrency analytics platform Santiment noted on July 4 that Bitcoin’s milestone comes as many cryptocurrency traders bought tokens on the dip as BTC was approaching $60,000.

“Bitcoin has now fallen to a 2-month low, with most altcoins faring much worse. With many traders buying the dip as BTC was approaching $60k, longs have been liquidated aggressively in the past few hours. This goes for other large caps like Ethereum and Solana as well.”

Analysts noted caution among investors who are seeing an opportunity to buy on the dip. “Bitcoin fell to $59,400 and Ethereum to $3,100 in the past hour. The crowd is showing signs of seeing this as an opportunity to buy on the dip. Ideally, we should wait for their enthusiasm to cool down. The time to buy is when they are impatient and skeptical.”

Disclaimer:

The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.