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Bitcoin [BTC]: Don’t buy into it if you are not ready to be rekt, warns Richard Heart

Akash Anand

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Bitcoin [BTC]: 'Don't buy into it if you are not ready to be rekt', says Bitcoin billionaire
Source: Pixabay

Proponents of the cryptosphere have always given voice to the industry, be it during the bear market or the bull market. Bitcoin’S [BTC] recent bullish spike sparked the cryptoverse back into life, with many users and luminaries calling it a positive development.

In a recent interview with Ran NeuNer, Richard Heart, famous Bitcoin billionaire, spoke about the future of Bitcoin’s price and the predicted end of the sustained bear market. Heart said that the recent spike was a sign of the “beginning of the end.” In his words,



“Even in the past, especially during the last bear market, we had a good bounced after which the prices chopped around horizontally. This is what the market is doing right now too. After the chopping, there is usually a capitulation candle which is the mark when a lot of people buy in.”

Heart added that the current price was not the point where traders buy in because they would prefer buying it when it capitulated. According to Heart, institutional investors can FOMO a bit harder and easier now. He added,

“If we don’t have the bull run right now, then come October and the price increase will be awesome. We will also start seeing the capitulation candles soon. I have a feeling the price increase will slow down a bit if a lot of institutional investors jump onboard the cryptocurrency industry.”

Heart opined that he would buy into Bitcoin again when the world’s largest cryptocurrency hits the $3000-$4200 mark because “for bitcoin history tends to repeat itself.” He added that “Bitcoin will do in the future what it has done in the past,” a statement that he backed up with BTC’s behavioral analysis. He said,

“Just like what Bitcoin did in the past, it will have a long horizontal stretch [it as 120 days last time around] after which you will see the chop. One thing we have to understand is that there won’t be any instant bull run and if anyone bought BTC during the recent fakeout, they would have been rekt by around 30 percent. If you buy Bitcoin right now, prepare to get rekt.”





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Bitcoin

Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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on

Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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