Bitcoin has faced a steep correction since Wednesday’s highs of $19,600, the highest the cryptocurrency has traded since the late 2017 highs. The coin currently trades for $17,200, though fell as low as $16,300 on some exchanges early Thursday morning.
“Bitcoin going to the moon. Great news. Gold and silver going down. Even better news. Buying opportunity especially silver. If gold hits $1750 and silver $19.00 back up the truck. Be aware. Great times ahead for gold , silver and Bitcoin. Take care.”
Kiyosaki believes that the mass amount of money printing taking place due to the pandemic will cause a widespread devaluation of fiat money, driving BTC and other non-inflatable assets much higher than they are now.It’s important to highlight that strong corrections are par for the course in bull markets.Bob Loukas, a long-time Bitcoin investor known for predicting the coin’s macro cycles, wrote the following on Twitter after the drop:
“Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline. Never a one way street.”
Antoni Trenchev, a managing partner and co-founder of Nexo, made a similar comment to CNBC.Trenchev noted that “any healthy market needs to have pullbacks and periods of consolidation” prior to further rallies.It is unclear when BTC’s sell-off will abate in the near future. But assuming crypto remains crypto, a strong rally that will surpass the recent one may follow once the market finally stabilizes.