Marc Faber starts buying cryptocurrency. He is the famous investor who was able to predict the stock market crash in 1987 known as Black Monday. And now, is it really a good time to buy Bitcoin? Should you start investing in Bitcoin now? Despite losing 80% of its all-time high in December, there are those who believe that it is actually a good time to buy cryptos today.
According to a trader known as “Galaxy”, it might be rare to see Bitcoin to reach $3,000 again. And why is this? It has been a trend that Bitcoin reaches a new all-time high once it faced a steep decline in its price. And also, it is known for recovering to a new high. Galaxy mentioned that “Although price may appear to be random (to some), they acutally create repeating patterns and trends. Observing this pattern makes April the last month of cheap BTC”.
There are also other traders who see things the same way. There are traders who think that the cryptocurrency is about to replicate the November movement. This means that we might be seeing a few months of stability.
Tom Lee has been bullish on Bitcoin ever since. He mentioned yet again that Bitcoin is going up this year. Though he has been wrong on several occasions, he draws his conclusion based on the macro, technical, and fundamental indicators.
He coined 2019 as the year of “repair” for Bitcoin. He mentioned that there are a number of positive factors that will allow Bitcoin to go back up once again. For instance, you have the improvement in terms of infrastructure. You now have Fidelity’s Bakkt platform. Also, you have the technical factors such as Bitcoin price bouncing along the 200-day moving average.
He also believes that adoption is going to grow especially in Venezuela. He pointed out that the hyperinflation in the country is going to get people to use cryptocurrencies. Currently, there are businesses starting to accept Dash and the government has now resorted to blockchain solutions having a digital currency. Lee mentioned that “Turmoil is causing adoption to grow”.
Tom Lee also touched on the topic of the JP Morgan Coin. JP Morgan suddenly made their own coin. though it isn’t a cryptocurrency considering that it is only going to be used internally, plus it is pegged on fiat making it a stablecoin, it relies on blockchain technology.
Lee believes that “It’s not a threat to Bitcoin because it doesn’t offer upside but it probably makes other stablecoin projects less useful…Bitcoin is essentially starting to look like a reserve currency for digital currencies in general”.
For Lee, he believes that recovery is on its way. He believes that given five to six months, we are going to see Bitcoin come back to its $3,000-$4,000 range. Keep in mind though that Lee has failed to predict the movement of Bitcoin several times especially last year. He actually believed that Bitcoin would’ve surpassed its all-time high last year when the market was actually bearish from start to finish of 2018. Should you be buying Bitcoin now? Or do you think that it is still going to go lower?
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