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Bitcoin (BTC) and other cryptocurrencies suffered price corrections after China’s recent renewed calls for a crypto crackdown. However, some analysts believe that the current pullback is an opportunity for investors to acquire digital currencies at low prices.
“I definitely see this as a buying opportunity if you’re looking further out,” Delano Saporu told CNBC’s “Trading Nation” on Tuesday. Saporu is the founder and Chief Executive Officer of the investment advisory firm New Street Advisors Group.
Saporu also believes in having higher allocations to actual cryptocurrencies than to other crypto-based vehicles. “I prefer direct exposure to the assets themselves and not indirectly through owning ETFs,” he explained. “But if I were to go with one, it would be BLOK.”
“It has some of the companies that I really like as far as their top holdings, whether it’s Square, PayPal or MicroStrategy, which is directly tied to bitcoin itself, so that’s what I would pick if I were going an indirect strategy route,” he explained his preference for Amplify’s Transformational Data Sharing ETF (BLOK).
Meanwhile, Blue Line Capital founder and President Bill Baruch also shared Saporu’s belief that the current correction is an opportunity. “I don’t think it’s a time to be concerned or panicked,” Baruch told “Trading Nation” in the same interview. “It’s a buying opportunity.”
He revealed that he had his eyes on Bitcoin for weeks. “As it started to tap out in May, I set a game plan, and my game plan was I wanted to be buying bitcoin into that previous 2017-2018 high of 20,000,” Baruch said. “I started looking at 32,500 as the first place to be looking to buy bitcoin.”
Bitcoin isn’t the only crypto that Baruch bought during the correction. “Today, I bought ethereum,” the Blue Line Capital president said. “Ethereum is testing into a big level of support. What you’re seeing is a spinning-top bottom that’s created right now ... which could lead to a bullish turnaround.”
