Bitcoin (BTC) Beneath $40K Is a ‘Buy Opportunity’ – Kraken CEO

ByDawn Pipkin

Dec 15, 2021

Kraken executive Jesse Powell doesn’t rule out plunged under $40,000 but views it as a ‘buy’ opportunity.

Jesse Powell, Kraken CEO, told Bloomberg that Bitcoin (BTC) below $40K would mean an accumulation opportunity. Powell stated that he was purchasing BTC when the leading crypt crashed back to $30K. He added that sidelined buyers purchase more during massive falls.

Meanwhile, U.Today reported that Mike Novogratz forecasted BTC steadying beyond $42,000 as he maintained a bearish stance on the overall crypto space in the near term. Novogratz believes the US equity market in late this year and early 2020 will weigh on the cryptocurrency industry.

The Kraken executive highlighted his failed $100K forecast, stating that he considers BTC for long-term games. Powell said predicting short-time actions is challenging due to volatility. Powell also witnessed non-fungible tokens (NFTs) dominating the crypto industry in 2021.

Powell also predicted US dollar movements, saying it is heading to zero, advising individuals to stock on milk and gasoline. The Kraken leader sees interest rates slipping into negative territory, urging people not to hold currencies in dollars.

Market players expect Federal Reserve to confirm quitting monetary easing on its Wednesday meeting. That can mean interest hikes.

Meanwhile, BTC has recorded gradual upsurges since breaching long-term support during the 4 December session. For now, the currency shows bullishness after a rebound from support. Moreover, technical indicators display bullish signals. The MACD and RSI have generated green lines (bullish divergences), indicating that price decreases did not include momentum drops. That confirms a bullish reversal case.

For now, the daily chart indicates lucrative conditions for a support reclamation.

BTC Current Channel

The 6-hour chart indicates that Bitcoin traded within a sliding channel since attaining its ATH near $69K on 10 November. For now, BTC trades above this channel’s midline. Furthermore, the Moving Average Convergence Divergence and the RSI have displayed bullish divergences. The daily time frame analysis confirms this narration. A breakout will see Bitcoin exploring the nearest resistance at $55,500 – $58,680.

What are your views on dip-buying? Is it a money-making approach? You can share your thoughts in the reply area below.

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