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Analysts' Take - Tough to call a Bottom, but HODL still a wise Proposition

Since cryptocurrency prices began their wave like movements in the start of 2018, investors have been analysing and debating on the right time to purchase Bitcoin(BTC). A prominent investor and leading voice in the crypto community, EmptyBeerBottle has made an interesting claim that it a vast majority of people will be unable to predict the exact bottom be it an analyst, a reader or an investor.

Crypto “HoDling” begins

Retail investors have been given a good thought to accumulating at present price levels. As per data gathered by Diar, Bitcoin addresses reflect that the retail investors are going strong despite crypto winters. 

The firm also reported that number of addressed which hold approximately 1 to 10 BTC, saw an increase of 5%. Also, several investors liquidated their holdings in November’s plunge. 

While the prominent investor Beer Bottle claims that 50% of his tweets have a hint of sarcasm, his current tweet is backed by historical evidences. It has time and again been advised to hold BTC with a schedule. 

He further elaborated that if the users buy a set amount of BTC on regular basis, this investment can reap huge dividends in the future. 

BeerBottle in a sardonic laugh also said that those who are calling for a sub-$2000 Bitcoin are pushing it. If in case Bitcoin rallies again, such margins will be of lesser significance.

The Real Picture

While Bitcoin price has been able to hold strongly above its 2018 lows set in the low-$3,000 region, an analyst Jani Zeidins believes that lack of buying pressure can imply that the crypto asset has run out of “ dip buyers” and downside is inevitable. 

“Bitcoin failed to hold on to last week’s rebound [above $4,000] and slipped back under this psychologically significant level. If dip buyers were waiting to pounce on these discounts, they would have done so by now,”

said  Jani Ziedins. 

Alec Ziupsnys, also known as Rhythm Trader said that trying to predict the exact bottom is a futile exercise with zero to little potential return.