As the week commenced, Bitcoin’s (BTC) valuation dipped below the $60,000 threshold, only to rally in the subsequent days, reclaiming its position in the $61,000 territory as it seeks to reestablish its upward trajectory. Amidst the recent downturn, the question arises: is this an opportune moment to invest in Bitcoin?
Esteemed cryptocurrency analyst Ali Martinez has posited that, with Bitcoin’s valuation currently under the $62,000 mark and the RSI index indicating oversold conditions, this could be an opportune moment for acquisition. The decline of BTC presents a potential buying opportunity.
“Bitcoin’s daily RSI has plummeted into oversold territory thrice over the past two years, each instance followed by a surge in BTC’s price by 60%, 63%, and 198%, respectively. With the RSI once again signaling oversold conditions and BTC’s price below $62,000, this juncture may present a prime ‘buy the dip’ opportunity,” Martinez elucidated.
Moreover, Martinez’s technical analysis highlights that the TD Sequential indicator is currently signaling a buy on Bitcoin’s daily chart, forecasting a potential rebound spanning one to four days for the cryptocurrency.
Financial guru and ‘Rich Dad, Poor Dad’ author Robert Kiyosaki, a staunch advocate of Bitcoin, has disclosed his investment strategy amidst the cryptocurrency’s recent steep decline. Kiyosaki’s approach is to “buy and hold indefinitely.”
“Bitcoin is on a downward spiral. While the general advice might be to sell, I’m poised to increase my holdings. Market fluctuations are a given — they rise and fall. Trading the markets can be lucrative, entailing buying at a low and selling at a high. However, trading any asset comes with its own set of challenges, particularly the burden of ‘short-term’ capital gains taxes. My investment philosophy mirrors that of Warren Buffet’s: ‘buy and hold indefinitely.’ If I’m not trading assets, what am I doing? I dedicate my time to creating new assets, which aligns with my role as a ‘serial entrepreneur.’ I’m currently developing two new start-ups. If market volatility unnerves you, it might be wise to sell and secure your employment — a path most suited for ’employees.’ In essence, entrepreneurs and employees represent two facets of the same coin. Exercise caution; challenging times lie ahead. Make choices that align with your best interests,” Kiyosaki advised.
At the time of reporting, Bitcoin is valued at $61,760.61, marking a 0.9% increase over the past 24 hours.
**Disclaimer:**
The perspectives and opinions presented by the author, or any individuals referenced in this article, serve solely for informational purposes and should not be construed as financial, investment, or other forms of advice. Engaging in cryptocurrency investment or trading entails a risk of monetary loss.
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