Bitcoin has been in constant decline for more than a year, losing more than 80% of its value in the last 14 months, and traders are looking carefully for any clue that the market has reached its lowest level, because according to some has already arrived.
The bear market of the price of Bitcoin, also called within the crypto ecosystem as “Crypto Winter”, for its debilitating effect on the nascent industry, has seen some 400 billion dollars disappear from the value of the cryptocurrencies around the world as investors resent, worried about the expected institutional investment and widespread adoption that clearly do not materialize, and do not seem to be close, unless the SEC comes out with a miracle.
Now, Zhao Dong, a Chinese billionaire who is one of the biggest traders in Bitcoin OTC, over-the-counter, has said that:
“It is now time to stock up on BTC because all that is needed now is patience, and wait for the price increase that is around the corner.
This is a warning for most people, if they do not pay attention to Bitcoin now, in the future this majority will not pay much attention, so for them, only the BTC and the Blockchain will be news when the price levels break the tens of thousands of dollars for each BTC.
If you and I believe in the future of Bitcoin, it is better to keep, and Hodl, as much as possible when no one cares and its price is as low as it is now.”
The price of bitcoin has been hovering around $ 3,600 for most of the year 2019, after falling sharply in November last year in the midst of a civil war in the Bitcoin Cash community, which is a variant of Bitcoin Core.
Zhao Dong, a Chinese billionaire
Zhao, who previously predicted that the Bitcoin price will reach $ 50,000 by Token by 2021, spoke at a WeChat group called “The Public Chains Alliance that crossed the Bulls and Bears Elite Team,” local press reported.
It is no secret to anyone that China has become an important country for the crypto ecosystem of Bitcoin and cryptocurrencies in recent years, and some are expressing concern that China’s control of crypto mining in China gives it too much control over growing digital file.
Bitmain Technologies, based in Beijing, now extracts more than half of the world’s Bitcoin, according to some reports.
Earlier this year, Hong Kong billionaire Li Ka-shing doubled his position at BTC.
“In the bull market, in the Bull, I do not start telling people to buy their BTC, because it seems easy to make money and everybody becomes an expert, but in reality it is not, and they are not. Now, in the Bear market, I begin to convince, to evangelize people to buy their BTC.” Zhao expressed.
In addition to this, Zhao added that however the crypto winter could be prolonged throughout the year 2019, the bulls will return strongly until the year 2021.
Zhao’s comments come after the technical data suggested that Bitcoin could suffer more pain after five weekly drops in its price levels for each Bitcoin, with the cryptocurrency’s price range at its narrowest level since October of the year. Last, he announced his sudden fall of more than $ 6,000, up to around $ 3,500 in a matter of days.
Remember that the price of Bitcoin has been falling steadily since reaching a record high of almost $ 20,000 in December of 2017, which forced many Startups that had support in BTC, cryptocurrencies and specialized in Blockchain technology to cut posts of work, or close completely and leaving investors desperate for signs of how the next market will move, said disaster, or bubble burst put us in these circumstances where we have to discuss whether or not we are at the bottom of the that as a crypto ecosystem we can arrive.
Bitcoin fever and cryptocurrencies took over the world in 2017, with some important Tokens, such as Ripple’s XRP, Ether and Litecoin, as the increases in the price percentages far surpassed those of Bitcoin itself , when this was about to reach its maximum.
Bitcoin’s epic upward race 2017 was largely limited to the expectations of institutional investment and the expectation of the early arrival of the great banking support for the entire market.
Zhao’s comments echo other Bitcoin loyalists, including Twitter CEO Jack Dorsey, who remains unconcerned about the steady decline in the prices of the original cryptocurrency.
Last week, Dorsey reiterated his expectation that Bitcoin would eventually become the first “native currency” of the Internet.
“I think the internet will have a native currency and I do not know if it’s the BTC. But, I think it will be Bitcoin because of all the difficult tests it has gone through and the principles that support it, how it was created, that I feel will be the only long-term survivor.”
Dorsey said in an interview with the US media, although he did not speculate on what this could do at the price of bitcoin.
Many investors and traders who have their money and their faith in Bitcoin are looking for things like the long-awaited BTC futures platform of Bakkt and a Bitcoin exchange fund, better known as the famous ETFs, within the North American territory to increase the price, although those expectations have been slowed down lately as the US Securities and Exchange Commission. The US, better known as the SEC, is very concerned about the possible price manipulation of these assets that generate damages to their original holders.
As we have previously expressed, the platform that will allow institutional investors to invest in BTC legally, thanks to the “futures” financial tool, Bakkt, which is being developed with Intercontinental Exchange, owner of the New York Stock Exchange, as well as the companies with the chain of coffee shops Starbucks and the PC giant Microsoft, plans to offer BTC futures from the first quarter of this year and open the Bitcoin and other cryptocurrencies to a larger retail market.
We warn our readers that this article is merely informative, does not intend to advise anyone to buy or sell cryptocurrencies at this time, it is no secret to anyone that the crypto market is extremely volatile and unpredictable, we urge our readers to prepare as much as possible. possible before even trying to do trader for the moments in our beloved crypto market.