{"id":3612,"date":"2021-05-20T00:15:07","date_gmt":"2021-05-19T23:15:07","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3612"},"modified":"2021-05-20T00:15:14","modified_gmt":"2021-05-19T23:15:14","slug":"cryptocurrency-crunch-is-a-great-opportunity-to-buy-trader-says-amid-a-slew-of-negative-catalysts","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cryptocurrency-crunch-is-a-great-opportunity-to-buy-trader-says-amid-a-slew-of-negative-catalysts\/","title":{"rendered":"Cryptocurrency crunch is a great opportunity to buy,\u2019 trader says amid a slew of negative catalysts"},"content":{"rendered":"\n
Cryptocurrencies collapsed Wednesday, with\u00a0bitcoin<\/a>\u00a0plunging as much as\u00a030% in a single session\u00a0amid regulatory pressures overseas and negative headlines on the home front.<\/h5>\n\n\n\n
\"Cryptocurrency<\/figure>\n\n\n\n

In an interview with CNBC\u2019s\u00a0\u201cTrading Nation,\u201d\u00a0New Street Advisors Group founder and CEO Delano Saporu said that \u201cfor investors that are thinking long term, this is actually a great opportunity to buy at prices you may not see for a while.\u201d<\/p>\n\n\n\n

He looked back on the history of bitcoin, citing its last major correction in 2017. Though the dip lasted until 2019, the cryptocurrency later took off, hitting records through the beginning of this year.<\/p>\n\n\n\n

With new negative catalysts cropping up \u2014 from\u00a0China\u2019s financial institutions barring crypto transactions\u00a0to\u00a0Tesla\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>\u00a0halting\u00a0vehicle purchases paid in bitcoin\u00a0\u2014 Saporu said this may be a great entry point for long-term investors. He warned, however, that bitcoin will likely move lower in the short term.\u00a0<\/p>\n\n\n\n

As for the best time to buy into bitcoin, Saporu suggests using dollar-cost averaging.<\/p>\n\n\n\n

\u201cI think right now would be a great time,\u201d he said. \u201cIf you were buying at the higher levels, you should be buying now.\u201d<\/p>\n\n\n\n

In the same interview, JC O\u2019Hara, chief market technician at MKM Partners, shared his take on the turbulent trading. <\/p>\n\n\n\n

\u201cWhat a day for crypto. I think it serves as a good reminder about just how volatile these currencies can be,\u201d he said, adding that volatility can often evoke emotional responses from investors.<\/p>\n\n\n\n

To get an unbiased read on the trade, he suggested using technical charts. <\/p>\n\n\n\n

\u201cWhen I look at the chart of bitcoin, I don\u2019t think the selling is over just yet,\u201d O\u2019Hara said.<\/p>\n\n\n\n

In the same interview, JC O\u2019Hara, chief market technician at MKM Partners, shared his take on the turbulent trading. <\/p>\n\n\n\n

\u201cWhat a day for crypto. I think it serves as a good reminder about just how volatile these currencies can be,\u201d he said, adding that volatility can often evoke emotional responses from investors.<\/p>\n\n\n\n

To get an unbiased read on the trade, he suggested using technical charts. <\/p>\n\n\n\n

\u201cWhen I look at the chart of bitcoin, I don\u2019t think the selling is over just yet,\u201d O\u2019Hara said.<\/p>\n\n\n\n

\u201cI believe that anybody who missed that initial breakout, buying that initial breakout, we have a second opportunity right here at current levels,\u201d he said. \u201cI would avoid bitcoin for right now and I would focus on ethereum, because I think ethereum is buyable right here.\u201d<\/p>\n\n\n\n

<\/p>\n\n\n\n

Cryptocurrency<\/h6>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies collapsed Wednesday, with\u00a0bitcoin\u00a0plunging as much as\u00a030% in a single session\u00a0amid regulatory pressures overseas and negative headlines on the home front. In an interview with CNBC\u2019s\u00a0\u201cTrading Nation,\u201d\u00a0New Street Advisors Group founder and CEO Delano Saporu said that \u201cfor investors that are thinking long term, this is actually a great opportunity to buy at prices you […]<\/p>\n","protected":false},"author":63,"featured_media":3613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[238],"tags":[324],"class_list":["post-3612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","tag-trader"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/106885566-1621456041311-xbt_chart.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3612"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3612\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3613"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}