As a seasoned crypto investor with years of rollercoaster rides in this volatile market under my belt, I find Michael Saylor’s words ringing true in these testing times. Selling Bitcoin at a dip might seem tempting, but it’s like selling water when the well is full and you’re thirsty – you’ll regret it later.
In light of Bitcoin‘s recent drop in value, MicroStrategy’s co-founder and chair, Michael Saylor, has shared advice that’s struck a chord within the cryptocurrency community. On Twitter, he plainly stated, “Hold onto your Bitcoins.
You do not sell your #Bitcoin.
— Michael Saylor⚡️ (@saylor) September 6, 2024
At a moment when some investors might be considering selling due to the Crypto Fear and Greed Index indicating extreme fear in the crypto market, Saylor’s cautionary message is particularly relevant. Given the prevailing market mood, panic selling fueled by fear and doubt could lead to impulsive liquidation of assets. This is the reason behind Saylor’s advisory.
After the U.S. jobs report on Friday, there was a temporary increase in the cryptocurrency markets. However, this rise was quickly undone due to the market’s volatility, leading Bitcoin (BTC) – the biggest cryptocurrency – to reach its lowest point in a month.
After the release of the employment figures, Bitcoin (BTC) surged past $57,000; however, it subsequently reversed these gains, dropping down to approximately $54,000 – a level not seen since August 5th.
On Saturdays, various cryptocurrencies displayed a blend of price fluctuations. Bitcoin dipped by about 3% over the past day, reaching a value of $54,360. Similarly, several other digital currencies like Ethereum, Dogecoin, and Pepe experienced declines close to 4%.
In just the past day, crypto derivatives markets saw approximately $292 million worth of trades being liquidated due to sudden price fluctuations. This volatility caught many leveraged traders by surprise, particularly those who had positioned themselves as longs, anticipating further price increases based on recent trends, according to information from CoinGlass.
What indicators and analysts suggest on BTC price
According to Julio Moreno, head of Research at CryptoQuant, Bitcoin’s lackluster performance might be due to a lack of demand growth. He added, “Indeed, demand is declining right now. Basically all valuation metrics are in bearish territory.”
Ki Young Ju, CEO of CryptoQuant, shared on Twitter today that Coinbase’s Bitcoin trading volume dominance has gone back to its pre-spot ETF levels. He stated that for the bull market to persist, there needs to be a resurgence in U.S. demand, which he anticipates will happen in Q4 but could potentially be delayed. He added that we are currently in the mid-cycle and haven’t yet reached the retail bubble stage yet.
Based on crypto analyst Ali Martinez’s analysis, the Accumulation Trend Score is approaching zero. This suggests that investors are either selling or choosing not to buy Bitcoin at this time.
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2024-09-07 15:31