Eric Choe, who has more than 7 years of experience in both the stock markets and the cryptocurrency industry, tweeted expressing his thoughts about Bitcoin’s recent price movements. Choe said that a correction under $ 9,000 is actually one of the things BTC needs most.
1/ I do think we need a correction around these levels
2/ It doesn’t have to go below March lows
3/ But if it does, we’ll be ready
4/ Would I buy here? No. I’d wait for a small or big dip
5/ My bias will change if we get major institutional buying volume
— Eric “Swing” Choe (@ChoeTrades) May 4, 2020
In his statement, the analyst stressed that Bitcoin needs a $ 9,000 correction, yet this drop may not result in a fall to the 4,000 band in March. Stating that even in such a case, investors will be ready for the decline, the analyst said that he can still make purchases after the price drops even more than $ 9,000.
Bitcoin indeed created many investors the opportunity to buy after the fall on March 12. Nowadays, the price has risen above the 200-day moving average again, suggesting that there may not be a sharp decrease for a long time.