According to a senior commodities analyst, this is the ‘defining moment’ in history to invest in Bitcoin
Many in the crypto world thought that Bitcoin’s value would grow in response to Russia’s invasion of Ukraine, but the opposite happened on February 24, with the market experiencing a massive selloff.
Bloomberg senior commodities analyst Mike McGlone said during an interview with Scott Melker, presenter of the Wolf of All Streets podcast, that the markets are far overdue for a large correction, most notably in stocks, but also in the cryptocurrency sector.
Notably, McGlone feels that this is a ‘defining moment’ for the digital asset; although there are hazards, he believes that this is a “really attractive purchasing opportunity” for long-term investors who have been sitting on cash.
According to the commodities strategist: “It’s critical to remember that cryptos like Bitcoin are still risked investments, and they’re giving up a significant portion of their gains. I continue to believe there is further anguish there. I don’t believe Bitcoin will go far below $30,000 as long as it maintains a strong resistance level of around $40,000. I believe that this will eventually be an excellent buying opportunity for Bitcoin for longer-term traders. It will be remembered as a watershed point in history.”
“I believe this is an excellent time to purchase long bonds, gold, and Bitcoin. It’s only a matter of time; you have to get through this.”
The S&P 500 is now down 0.62 percent on the day, while Bitcoin is down 5.88 percent in the previous 24 hours, trading at $36,233, having recovered from a low of $34,472 earlier in the day.