Crypto Twitter and financial market traders have ridiculed financial pundits for their dodgy investment advice in the past.
Financial Experts Advise Crypto Traders to Buy Gold
Financial experts are advising cryptocurrency traders to buy gold after Bitcoin continued to rise above $ 23,000 .
Despite Bitcoin’s recent surge, CNBC ‘s financial experts recommend that cryptocurrency traders sell their holdings and buy gold.
Bitcoin surged to $ 23,000 on Monday before falling sharply after the U.S. Federal Reserve announced a possible rate cut amid signs that inflation may be slowing.
CNBC ‘s financial pundits are calling on investors to ignore the “crypto cheerleaders” during the Bitcoin rally and find a “true hedge” against inflation by buying and holding gold.
Of course, you can own Bitcoin directly in a decentralized wallet – which protects you from counterparty risk – but if you want to do anything with it, risk is back on the table. As FTX clients have learned, this can be devastating. Gold, on the other hand, is just the opposite .
He then compared Bitcoin and Nasdaq 100 futures charts from 2021 to January 2023 , noting that both indexes are moving in the same direction.
CNBC ‘s financial experts believe that Bitcoin is only a risk asset and should not be called a currency or a store of value.
Bitcoin Fear and Greed Index at 55
The Bitcoin Fear and Greed Index, which fell into the extreme fear zone in the last two months of 2022 , has rebounded strongly since the beginning of the new year thanks to the strong recovery in the price of Bitcoin. This is a multi-factor crypto market analysis that analyzes the sentiment of market participants. It does this by calculating multiple metrics, including the volatility of a particular cryptocurrency (in this case Bitcoin), market momentum, trading volume, and social media sentiment. Bitcoin’s Fear and Greed Index is on the verge of greed as BTC price has recovered strongly and looks set to continue!
Bitcoin Holder Data: Over 59% of Holders Are Now Profitable!
According to the data – only about 36% of the holders’ bitcoin investment price is lower than their purchase price. Beyond that, about 61% are in profit, meaning they are still holding some unrealized paper gains, while the remaining 3% are breaking even. This shows that the recent BTC price recovery has brought many investors and holders back into the green.
Describing Bitcoin’s latest surge as a strong rally, some experienced cryptocurrency traders expect the cryptocurrency token to fall back below $ 20,000 before possibly reaching $ 15,000 or lower.
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