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The crypto market plunged to its lowest since February after a series of negative developments such as Tesla’s decision to stop Bitcoin payments and China’s recently released cryptocurrency warning reminding banks not to engage in crypto-related transactions. While some investors got panicky and sold their holdings even at a loss, season crypto traders believe that the pullback is the perfect opportunity to buy cryptos at low prices.
New Street Advisors Group founder and CEO Delano Saporu believes that the market’s downturn is an opportunity for long-term investors due to 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 in an interview with CNBC’s “Trading Nation.”
While Saporu suggested that the current pullback might be a great entry point for long-term investors, he also warned that there is still a possibility for Bitcoin’s price to further decline in the short term. As for the timing, he suggested using dollar-cost averaging.
“I think right now would be a great time,” he opined. “If you were buying at the higher levels, you should be buying now.”
MKM Partners chief market technician JC O’Hara also shared views on the market pullback. “What a day for crypto,” he said. “I think it serves as a good reminder about just how volatile these currencies can be,” he said, adding that volatility can often evoke emotional responses from investors.”
He also warned that the correction might not be over yet. “When I look at the chart of bitcoin, I don’t think the selling is over just yet,” he explained.
However, he also believes that the correction is a good thing for those who want to invest in Ether. “I believe that anybody who missed that initial breakout, buying that initial breakout, we have a second opportunity right here at current levels,” O’Hara said. “I would avoid bitcoin for right now and I would focus on ethereum, because I think ethereum is buyable right here.”
At the time of writing Bitcoin, has rebounded at traded at $39,899.56 based on Coinmarketcap data up from its lowest on Wednesday when the crypto briefly traded as low as $30,001.51. Similarly, Ether recovered to $2,633.05, up from its recent low of $1,900.
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