Back in January of this year, the total market capitalization of all cryptocurrencies reached above $832 billion. At press time, the total market capitalization has plunged to a mere $234 billion, showing the degree of carnage this space has suffered.
Such a fall can scare away even the most patient investor, but big money is made by going against the herd at the right time. We believe that the cryptocurrencies are setting up for such an opportunity.
Bottoms are usually not made in a day. Hence, it would be wise to invest gradually so that the buy price overages out as close to the lows as possible.
Founder of OnChain Capital Ran Neu-Ner believes that Bitcoin might test $5,350 within the next couple of weeks, yet he is upbeat on the long-term picture. He advocates buying for the long-term.
Fundstrat’s Robert Sluymer said that a rally above $6,300 might reverse the trend in Bitcoin but a rally to $25,000, as predicted by Tom Lee, might be “tough to achieve.”
What does our analysis forecast? Let’s find out.