Bitcoin failed to sustain the hard-earned $57K level on July 8, beginning a downward sell-off from 5 a.m. and dropping to around $54K. ETH also fell back to $2800, with a general decline across the market.
Renowned cryptocurrency investor Andrew Kang: Large-scale corrections will be deeper and longer than you expect
Cryptocurrency investor Andrew Kang has maintained a bearish stance recently. In response to the market’s downward reversal this week, Andrew Kang stated:
“The most common mistake you see in the crypto market is buying too early when the trend shifts from up to down. Corrections after major market structure breaks are always deeper and more prolonged than most people expect. When a few people are bearish on a 10% drop from BTC’s high, you should not be buying. After all, some people need to sell for the price to drop. You buy for the next cycle when everyone is liquidated, people leave, and the majority doubts if cryptocurrencies are dead forever.”
(Andrew Kang: Ethereum is not Nvidia; its fundamentals are worse and more like Intel)
Andrew Kang
BTC
Further Reading
Unemployment rate rises and rate cut expectations resurface as panic spreads in the crypto market due to Mt. Gox selling pressure
Analyzing Bitcoin mining data for the bottom: Most mining rigs are unprofitable, with half of mining companies losing money