Bitcoin Maxis Continue Buying Low As Market Turns Green

0

Last Updated on 9 August 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

While Bitcoin seemed on track to continue its bullish rebound of the past couple of weeks (ever since it hopefully ended its bear run which began since it hit an all time high of $69,000 in November 2021), the world’s biggest crypto coin looks to some to be ranging again.

Analysts claim it is facing stiff resistance around $26,000.

While last week was marked by geopolitical tensions between China and the United States over Nancy Pelosi’s visit to Taiwan, the king of cryptos was unable to regain traction.

Furthermore, we’ve also seen a divergence from the major US equity indices (Dow Jones Industrial, S&P 500 and Nasdaq Composite) which were clearly positive the last week.

Then again, from a technical perspective things might just start to look up now. Famed analyst Rekt Capital claimed on Monday, when Bitcoin broke $24,000, that the coin:

Has successfully retested the 200-week MA as support.

He’s bullish on the short term then.

Advertentie.

Bitcoin on sale

In any case, all this ranging does not seem to frighten the so-called ‘Bitcoin Maxis’ or ‘Bitcoin Evangelists’ as the MSM likes to call them. In several interviews last week, many of them pointed out that they are still buying Bitcoin which is currently simply ‘on sale’.

Although 2022 has been marked with the collapse of both Luna and Celsius, hardcore Bitcoin believers say they still believe crypto’s biggest coin will ultimately survive.

Speaking to the New York Times recently, Cory Kilppsten, a 44-year-old entrepreneur from Los Angeles explained that:

The only future for non-Bitcoin crypto is to seek to be co-opted by banks and governments and become part of the existing system. Bitcoin actually is outside of the system.

He also admitted his company was still buying Satoshi Nakamoto’s invention at the recent prices.

Another example is Microstrategy Chairman Michael Saylor. Although his company suffered a grueling 2 billion loss on it’s Bitcoin investment in the second quarter, Saylor remains convinced that:

Bitcoin is the best idea. There is no second best.