Crypto Guru Advises to Buy Bitcoin Despite Bearish Sentiment By CoinEdition


© Reuters. Crypto Guru Advises to Buy Bitcoin Despite Bearish Sentiment
  • Ryan Selkis tweeted that investors should “Buy .”
  • Peter Schiff tweets that several bankruptcies will come during this crypto winter.
  • BTC’s price has dropped 8.27% over the last 24 hours.

The founder of Messari Crypto, Ryan Selkis tweeted a recommendation to buy Bitcoin despite the bearish sentiment that has been prevailing in the crypto market, which has seen a 7% drop in its total market cap in the last 24 hours. This goes against the views expressed by Peter Schiff.

Schiff expressed skepticism about the future of cryptocurrencies, saying that Silvergate was “already a thing of the past” and that a wave of bankruptcies related to blockchain technology was on the horizon. He advised crypto investors to sell their Bitcoin and purchase gold instead.

CoinMarketCap reveals that BTC has dropped by 8.27% in the last 24 hours and 11.20% over the week. The current trading value stands at $19,860.24.

The crypto market cap has also decreased by 7.75% to under $1 trillion.

Daily chart for BTC/USDT (Source: TradingView)

Yesterday saw BTC’s price open at $21,704.37 and reach a daily low of $20,042.72 before closing at $20,362.22. The key support level at around $21,600 was broken through.

Today’s trading session has seen BTC’s price drop below the next key support level at around $19,853.96. Fortunately, buyers have stepped in to push the price back up but it could continue to fall to $19.5K if it closes the session below $19,853.96.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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