As Crypto Market Sheds Billions, One Analyst Sees Buying OpportunityThe total value of all cryptocurrencies has dropped 11 percent since Saturday, declining from a high of nearly $180 billion to under $160 billion today.
But that might not be cause for alarm, according to one bullish analyst.
In fact, Ronnie Moas, the founder of Standpoint Research (known for his prediction that the cryptocurrency asset class will one day be valued in the trillions), contends that the price break is rather the work of larger traders who want to build up even bigger positions in cryptocurrency.
"When people panic and start selling, they are going to come in quietly and start buying again. So it's buying 50,000 then dumping 20,000, for example," he said, adding:
"They are trying to shake people out of the trade – so that they can get their hands on more bitcoin at lower prices."Such statements echo commentary from yesterday, in which market analysts, most of whom are long-term bullish on the technology's prospects, put forth the claim the current market conditions might fit the definition of a "bear trap" meant to open up buying opportunities.
Even if that's not the case, Moas said it's important to remember that just six weeks ago bitcoin was trading at $1,800 – and it's at $4,400 now, meaning the price has risen over 140 percent in the last month and a half.
"It's a healthy correction. You need to keep this 11% correction in perspective," he said.
https://www.coindesk.com/crypto-market-sheds-billions-one-analyst-sees-buying-opportunity/
