The total cryptocurrency industry has seen a decrease in prices from Saturday dropping from a high $179 billion to $145 billion today.
Ronnie Moas, a bullish analyst tells us to resist the urge of going into panic mode. He believes the price has been affected by large traders who are trying to build up their positions in the cryptocurrency world.
Moas believes, that these large traders are trying to shake small investors out of the trade by creating this short-term panic, as well as getting their hands on more Bitcoin at much lower prices.
All these traits fit into the definition of a “bear trap” meant to create more buying opportunities for the large investors.
Even if that’s not the case, it’s important to remember that just 2 months ago Bitcoin was trading at $1800 and is now $4395.34. This is a massive price increase in between two months therefore everyone should keep at least 11% of market correction in perspective.
Moas sees this as an opportunity for new buyers that have been awaiting on the sidelines to step in right now when the price is plummeting.
However, because the price is constantly changing buyers need to beware of the risks. For example he explained that he went to a major exchange to buy more bitcoin yesterday. When he put in the order the price was $4,633, however, immediately after submitting he went to another exchange and they were trading at under $4500.
When he contacted the previous exchange about this, they told him that they would get back to him a few days.
“You really need to know what you are doing here,” he concluded.
Image Source: CoinTelegraph