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Bitcoin could be on the doorstep of a historic buying opportunity

The cryptocurrency fails to rally above $ 50,000

Bitcoin (BTC) has undergone a sharp correction from its high of $ 68,800 and it looks like it will end 2021 quite far from that level. In recent weeks, the leading cryptocurrency has fallen below $ 50K and recovering above that barrier is proving somewhat difficult. However, specialists believe that there will be good opportunities within this context, such as Jesse Powell, CEO of Kraken.

BTC fell 30% in the last month. If it corrects by 20% more, it will fall below $ 40,000 and will raise the alarms of the most optimistic, but it will also call investors to action. According to Powell, such a scenario would be a historic buying opportunity for the big capitalists, which with new investments could lead to the rise again.

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“I think a lot of people see something below $ 40,000 as a buying opportunity. I was personally buying when we went down about USD 30,000 a few months ago, and I think many are waiting back at rock bottom prices, “said Powell in an interview with Bloomberg.

Likewise, the crypto entrepreneur slipped that the US dollar will continue to face high levels of inflation, which would help BTC to recover its golden levels. The use of cryptocurrency as a store of value has been the key factor that led to its six-fold increase in price in the last 14 months.

A few months ago, Powell had forecast a price of BTC at $ 100K by the end of this year. The current circumstances have lowered those expectations and, despite his enthusiasm and that of many specialists about the long term, he is not entirely sure what will happen to the flagship currency in the coming months.

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“It is difficult to know where it is going. When you look at a long-term trend line for Bitcoin, it just steadily increases, “said the CEO, recalling that he always recommends his clients to project their investments in BTC with a term of at least 5 years.

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