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Bitcoin: Why now is a perfect ‘buying opportunity,’ per execs

2min Read

Bitcoin’s bullish outlook persists despite challenges; execs foresee potential rise to $70k-$100k by 2024.

Bitcoin: Why now is a perfect 'buying opportunity,' per execs

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  • Despite BTC’s decline, SOL, NEAR, and KCS show buying potential.
  • Execs are bullish on BTC post-halving and see this period as the perfect buying opportunity. 

Bitcoin [BTC] halving has been the talk of the town for quite some time, and now, with the recent volatile price trajectory, conversations about its future have resurfaced.

Interestingly, according to CoinMarketCap, BTC, along with other cryptocurrencies, seems to be on a downward trend. 

However, there were exceptions like Solana [SOL], Near protocol [NEAR], KuCoin [KCS], which were flashing greens on the daily charts. 

Perfect time to buy Bitcoin?

Thomas Lee, Co-founder and Head of Research at Fundstrat, was optimistic about Bitcoin’s rise. He said, 

“I think that we’re kind of being fooled by the April turmoil and I think that’s why it’s a buying opportunity for both Bitcoin and stocks now.” 

Also, just a few weeks back, Arthur Hayes also came up with his essay titled- ‘Left Curve’, and offered insights into a strengthening trend that could drive BTC’s continued rise.

This underlined Hayes’s confidence in Bitcoin and the overall crypto market, despite regulatory concerns and the current volatile price condition. 

“So end of the year, I think we’re going to be between $70k to $100k on the price of Bitcoin end of 2024.” 

Not out of danger, though

But despite such positive sentiment, Josh Olszewicz, a seasoned trader, believes that the cryptocurrency is not quite out of danger. 

Josh Olszewicz's tweet on BTC

Source: Josh Olszewicz/X

Olszewicz uses the Ichimoku Cloud indicator to analyze Bitcoin’s trend, which is currently bearish, with Bitcoin below the cloud acting as a barrier.

To reverse this trend, Bitcoin needs to break above the cloud. He added, 

“Watch for iHS + cloud breakout this week if momo continues.”

This was further confirmed by AMBCrypto’s analysis of Santiment data. 

BTC's MVRV ratio

Source: Santiment

The declining MVRV ratio showed that most holders were in losses at press time.

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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