Bitcoin is very close to $20k right now, and Ethereum is just maintaining ground above $1k. This is the time when we ask the question of whether the crypto market bottom is already here or the markets are going to fall further. Well, a few well-known investors have given their opinion on the same. They include Mike Novogratz, Anthony Scaramucci, Raoul Pal, and Arthur Hayes. In short, the collective answer is mostly no! It’s not the bottom.
Arthur and Mike on Bitcoin’s price
Mike is a little positive about the current scenario and thinks that the bottom is already in or is very near. He thinks Ethereum will hold at $1,000 and Bitcoin at $20,000. He also said that the US stocks are much farther from the bottom than crypto is. They are likely going to crash another 15%-20%.
But what happens if these prices don’t hold? It is also a very real possibility. In that case, Arthur Hayes has warned about the risk of a major sell-off. He tweeted that if the $20k and $1k level for BTC and ETH breaks, then the spot market will have a huge sell pressure as investors look to hedge their portfolios. Some OTC dealers might also go under not being able to hedge their portfolio.
Its the buy zone
Raoul Pal says that we are in the buy zone right now, and he is also planning to add more crypto to his portfolio. However, this doesn’t mean that we can’t fall further. Things can definitely get worse from here. He also pointed out that the RSI is hovering at 31 and is very near the all-time low of 28. So, we could go lower from this level. But most importantly, it will be decided by how well the $20k and $1k support hold up.
Even the Bitcoin fear and greed index indicates a buy at 7, which is extreme fear. It is often said that buy when others are fearful and sell when they are greedy. This is not a full-proof plan, but for those who look to accumulate crypto, it’s at least the time to get started.
Do you think that the crypto market bottom is already here? If not, then how low can it get from here? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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