Buying the dip is easier said than done. When an asset moves lower, the tendency for those who were waiting for the breakdown is to freeze and fail to press the buy button. However, Alex Mashinsky, chief executive of Celsius Network, strongly urged his followers to go out and buy the big bitcoin dip.
In an August 23rd interview on CNBC, the top honcho predicted that we’ll drop to $8,000 levels before rallying back up. Start watching the video at the 2:25 mark:
In a nutshell, Mashinsky projected that the top cryptocurrency will descend to $8,600 before restarting its uptrend. According to the chief executive of the crypto lending platform, the U.S. Dollar is nearing the end of its global dominance cycle. With bitcoin emerging as a non-correlated asset, investors would eventually park their capital in the top cryptocurrency. This would then prompt an ascent to new highs.
Building on his interview, the head of the crypto lending firm took to Twitter to encourage his followers to buy the recent breakdown. In the tweet, Mr. Mashinsky wrote,
I said several times on CNBC in the past few weeks that we will retest the $8400-$8600 price level for $BTC before we move back up.
CCN.com reached out to Mr. Mashinsky and asked why he thought that now is a good time to buy bitcoin. The chief executive responded,
There was no bad time to buy BTC over the past 11 years. So if you believe that we are close to a recession and that the NY Fed printing of $275B into the Repo market is a problem, buy BTC. The best insurance policy for doomsday is bitcoin and buying the dips is the best way to accumulate while lowering your average cost basis.
In addition, Andy Cheung, head of operations at OKEx echoes Mr. Mashinksy’s sentiments. He said,
When we talk about an ecosystem, we look at a macro view. This one-time plunge does not affect our faith to the market and we have our system to closely monitor and red-flag upon serious price actions that could have happened before the selloff.
It looks like the big boys in the cryptocurrency industry have a lot of faith in bitcoin. Perhaps, it is time to consider buying the dip.
This article was edited by Sam Bourgi for CCN.com. If you see a breach of our Code of Ethics or Rights and Duties of the Editor, or find a factual, spelling, or grammar error, please contact us and we will look at it as soon as possible.
Last modified: September 27, 2019 1:23 PM UTC