The price of Bitcoin is currently gaining momentum, rising to hit $73K at press time. This price surge has come at a time when Bitcoin has been undergoing immense pressure, battling several volatility woes to jump out of the rut. In another development, a veteran investor has shared his side of the story after witnessing the rising ebb and flow in BTC prices, stating how the worst phase for Bitcoin might be over now.
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Veteran Investor in Bitcoin: The Worst Is Over
Bitcoin has lately been experiencing sharp volatility, a phase where BTC is showcasing a strange to-and-fro pattern, with its price going upwards and downwards rapidly.
With the ongoing geopolitical narratives heating up, Bitcoin is emerging as one of the leading safe haven assets, giving its price a much-needed boost. Adding to this, a veteran investor, Mark Yusko, has brought forth an interesting insight, adding how Bitcoin’s worst phase might be over by now. Yusko stated that when assets start to trade below fair value, investors begin to purchase those assets, giving them momentum to surge again.
Yusko later shared how BTC accumulation has already begun to show its effect, with investors busy purchasing, which is now reflecting in its price momentum.
“Veteran investor Mark Yusko thinks the worst of the #Bitcoin selling may already be behind us. His reasoning is simple: when assets trade below fair value, investors start buying. That’s their job. Yusko estimates Bitcoin’s fair value is somewhere in the $80K range, while $BTC recently traded closer to $70K. So what happens in this phase? Long-term investors start nibbling and accumulating, which slowly stabilizes the market. Then traders come back, momentum builds, and eventually the cycle moves into the next phase. According to Yusko, we’re likely near the end of the deleveraging phase of this cycle & the market may already be close to the lows.”
Accumulation Going Steady
Per the latest data released by Santiment, the percentage of bitcoin on exchanges has dropped to its lowest since 2017. This particular sentiment suggests long-term accumulation, which is bullish for BTC’s future price and structure.
“Based on available tracked wallets, the percentage of Bitcoin on exchanges has dropped to its lowest level since November 2017. In the over eight years since, it’s fair to say that quite a bit has changed in both crypto and the world.”
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