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Crypto Analysts Warn Investors to Watch Out for Buy Zones
- During the cryptocurrency market downturn, investors are debating whether to purchase during the low (‘buy the dip’) as suggested by Raoul Pal.
- Scott Melker disagrees that the Spot Bitcoin ETF launch was flawed, arguing instead that it’s the most successful ETF launch in history and predicting Bitcoin’s price will rise.
- Analyst Rekt Capital suggests that the Macro Diagonal resistance level that’s currently contributing to Bitcoin’s price decline will turn into a support post-halving.
- Dan Gambardello advises investors to be prepared for market volatility and anticipates that Bitcoin ETFs will drive a significant crypto rally.
- Meanwhile, the key might be in Jim Cramer’s inconsistent crypto opinions as a contrarian indicator.
WTF Is It With All These Abbreviations in Crypto?
Amid the current correction we are seeing in the crypto space, many investors asking themselves if it is time to buy the dip or if it’s better to wait, because more pain may be on the way. As Raoul Pal says – DFTU and BTFD (don’t f* this up and buy the f*ing dip), but this is NFA (not financial advice) so DYOR (do your own research).
With this out of the way, let’s look at what some of the industry experts say about the current situation. If you are interested in what caused the current dip, you can read about that over here.
The Wolf Of All Streets
Scott Melker, also known as The Wolf Of All Streets, clarified that despite the recent market crash, he believes the Spot Bitcoin ETF launch was successful and not indicative of a failure.
This is not an unsuccessful spot ETF launch. In fact, by almost any metric, this is the most successful ETF launch of all time […] Once GBTC is done selling, once people stop exiting GBTC, which should slow to a trickle, we should once again see the price of bitcoin rise and tremendous demand coming through these other ETFs.
Scott Melker Rekt Capital
Analyst Rekt Capital stated that while the Macro Diagonal currently acts as a resistance and contributes to the price decline, it is expected to become a support level after the halving event.
This suggests that the pattern observed in the past is expected to repeat itself: initially, the Macro Diagonal is a barrier before the halving, but becomes a foundation for price after the halving, potentially leading to a recovery or price increase as it has in previous cycles.
Dan Gambardello
Trader Dan Gambardello urged his followers to embrace situations like these, after all we can’t always see ‘number go up.’ Gambardello said the savvy investor should be prepared for any kind of scenario, whether the market goes up or down. He also believes that Bitcoin-based ETFs are going to propel the upcoming exponential surge in the crypto markets in an unprecedented way.
Jim Cramer: “Bitcoin= tough own”
If all that doesn’t convince you what to think about the market, perhaps the biggest market indicator out there, Inverse Cramer, might help. Jim Cramer once again made another sweeping statement after yet another 180-degree turn in his opinion towards crypto.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
