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Bitcoin saw a massive price correction this week as it fell to as low as $30,000 from its all-time high of $64,829.14 in mid-April. While the steep decline triggered panic selling by some investors, investor Bill Miller described the crypto’s pullback as pretty routine.
“If I liked something at higher prices, it is a safe bet I will like it even more at lower prices,” Bill Miller told CNBC in a statement on Wednesday. He added that he does not “comment on normal fluctuations in stock or asset prices.”
The investor believes that the price movements in the crypto market should not be compared to the equity market. “The Bitcoin correction, while extreme if it happened to the equity market in such a short period, is right in line with moves we have seen many times in Bitcoin,” he explained.
“I came on your show in March of 2020 to comment on the market because that 4-week drop was historic,” Miller added. “This one in Bitcoin is pretty routine.”
Miller is not the only crypto investor who remains unfazed even with the sudden price drop. For instance, New Street Advisors Group founder and CEO Delano Saporu believes that the downturn is an opportunity for long-term investors to accumulate more cryptos given the low prices of most digital currencies.
“For investors that are thinking long term, this is actually a great opportunity to buy at prices you may not see for a while,” Saporu said. “I think right now would be a great time. If you were buying at the higher levels, you should be buying now,” he added, which is similar to Miller’s statement.
In an interview with Bloomberg TV, Ark Investment Management CEO Cathie Wood opined that BTC’s setback is just temporary. “We go through soul searching times like this and scrape the models, and yes our conviction is just as high,” she responded when asked if she still follows the Bitcoin price target of $500,000 she gave in April.
In just a couple of days, Bitcoin was able to gain $10,000 and soared past $40,000 from its lowest on Wednesday.Bitcoin was able to quickly recover and soared past $40,000. At the time of writing, BTC traded at $40,220.31 based on data from Coinmarketcap.
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