The anonymous host of InvestAnswers says a pool of large investors will help form a bottom price level for Bitcoin (BTC).
With BTC trading at $36,727.19 at time of writing, down more than 13.5% in the past seven days, the InvestAnswers analyst tells his 405,000 YouTube subscribers that Bitcoin will bottom out at $30,000.
“Volume is light but as we’ve been saying, there are thousands and thousands and thousands of investors and fund managers and hedge funds, etc., that have been looking at this space for the longest time.
And they know that this is a finite asset. They know it’ll be a flight to safety. They need somewhere to park their money that’s safe.
Fiat debases. Gold doesn’t go anywhere. Stock market’s too shaky.”
The analyst highlights that buyers with significant purchasing power are moving in to purchase Bitcoin at a discounted price.
“What we saw today was kind of interesting. Big volume came in, big buyers came in, big blocks.
But you could tell as well from looking at the on-chain data and the wallet purchases, these are people buying $2-8 million [worth of Bitcoin] a pop.
They were not retail investors, but they were grabbing what they could.”
I
Check Price ActionDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/KHIUS/Natalia Siiatovskaia
