A crypto analyst suggests that the best opportunity for entering the Bitcoin market ahead of the next bull run will be if its price drops to the low $40,000 range.
Markus Thielen, head of research at 10x Research told in an interview, this would be a good entry.
Best Bitcoin profits comes from sell high, and buy low, but how low?
Thielen thinks that Bitcoin needs to drop to the low $40,000s to provide the ideal entry point for investors, because he believes this price point would set the stage for another epic rally. Right now, in time of writing Bitcoin is trading at $57,400
The last time Bitcoin hovered around the $42,000 mark was on early February this year. Will we see it again?
Eyperts are always divided in analysis, but Thielen is not alone
Thielen is not alone in his forecast. Other analysts also predict Bitcoin will falling to the $40,000s in the upcoming months.
One of them is Timothy Peterson, founder of Cane Island Alternative Advisors, mentioned on August 5 that Bitcoin reaching $40,000 is as likely as it hitting $80,000 in the next 60 days.
Another industry participant, the popular market analysts known as Crypto Rover in the social media, warned his followers that if Bitcoin breaks its current support, $40,000 could be next.
David Gokhstein, founder of Gokhstein Media thinks the same, and told he would buy more Bitcoin if it drops to $50,000 or even $40,000. We too, we too!
This time last year Bitcoin was around $30,000. Now it’s $57,000. What downtrend?
Bitcoin holding relatively steady around the $60,000 mark since March, but it has now slipped below this support level for two consecutive days.
Thielen advises against a buy-and-hold strategy during this period of expected near-term volatility, but he clearly do not thinking in longer term.
He notes that Bitcoin and Ether do not currently offer the same high risk-reward ratio that has been observed in recent U.S. stock markets.
Thielen acknowledges that while Bitcoin’s current price could present a buying opportunity, he recommends setting a stop loss at $54,000 due to the ongoing risk of more declines.
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