Popular crypto analyst Lark Davis says Bitcoin traders shouldn’t sweat Elon Musk’s comments or Bitcoin’s (BTC) latest price dip.
CoinGecko indicates Bitcoin has tumbled more than 20% in price in the past seven days at time of writing, likely due to Musk’s announcement last week that Tesla will no longer accept Bitcoin for purchases, citing concerns over BTC’s energy use.
The Tesla chief executive continued to fuel uncertainty in the markets this week with contradictory remarks on Twitter regarding whether or not the company plans to sell its BTC holdings.
— Elon Musk (@elonmusk) May 16, 2021
Davis, however, tells his 347,000 YouTube subscribers to look back to the 2017 bull run as evidence that Bitcoin can weather numerous pullbacks. The analyst notes that the bull run saw four different corrections in the 30-45% range. With Bitcoin dropping to a 90-day low of $42,207 from an all-time high of $64,863, the 35% drawdown puts the flagship crypto asset is within the range of 2017 bull market corrections.
Davis maintains the “current bull run is just getting started,” predicting that prices will move a lot higher for the rest of 2021.
“You have to zoom out. You have to look at the big picture here. What we’re currently seeing with Bitcoin – it is not something to be worried about. This is a pretty typical situation that we see happening in the cryptocurrency markets. Chances are in a few weeks’ time, everything’s going to be back to being mega-bullish. Everyone’s going to be talking about it being the new paradigm of money and all that stuff…
This is not a time to panic-sell your crypto. This is a time to be panic-buying crypto. These are great buying opportunities.”
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