Bitcoin’s Price Is Diving. Here’s What Experts Think Will Happen Next…
The price of Bitcoin is edging slightly below $11,000 USD ($14,000 CAD) after two straight days of pulling back. Despite the recent drop, many experts are predicting a minimum of a $20,000 USD bitcoin by the end of 2020. In the eyes of most experts, the most recent pullback is nothing but a temporary retracement of the price. Is now an opportunity for investors to buy the dip and strengthen their bullish position in the market?
What Bitcoin Investing Experts are Saying Right Now…
Joe DiPasquale is the CEO of BitBull Capital, a large cryptocurrency hedge fund. He maintains that Bitcoin will hover around the $11,000 USD-mark, and shouldn’t dip below that level – even though it’s breaching $11,000 at the moment. He says as long as the price stays above $10,500, bulls rooting for the price to go up still have room to run.
Kiana Danial is the CEO of Invest Diva and maintains that the price could drop down as far as $10,400 USD, but that she actually expects the price to bounce around between $11,200 and $12,400 as buyers and sellers consolidate to find a middle ground.
Jon Pearlstone of the crypto investing newsletter CryptoPatterns maintains that support is pretty strong at levels as low as $9,500 and that a break below that (while unlikely) might represent a more significant downtrend.
What Experts Say about the Long-term Outlook of Bitcoin
Billionaire stock market investor, Warren Buffett, just moved over $7 billion out of investments that are connected to the American dollar in favour of Japanese companies. It’s a major move that everybody on Wall Street is taking note of.
Bitcoiners should take note too. Buffet’s move signals he sees the dollar being devalued by the constant printing of money meant to stimulate the economy as a way to deal with the fallout from the coronavirus pandemic. Fellow billionaire investors Cameron and Tyler Winklevoss predict a $500,000 Bitcoin in the future for the very same reason.
So is Bitcoin a buy in the next 6 to 12 months? Most certainly. Is it a buy beyond that? If the billionaire investors above are right, it probably has decades of room to run.
If you’re ready to buy the dip, look no further than Netcoins. We’re a cryptocurrency exchange in Canada committed to giving you the best possible prices on Bitcoin and a handful of other cryptocurrencies.
Written by: Jack Choros
Writer, content marketing at Netcoins.