Bitcoin Plunges to 54K Andrew Kang Warns Against Common Mistakes Avoid Bottom Fishing Too Early
Bitcoin was unable to support the hard-won 57K level on 7/8, and started to sell off from 5 am, plummeting to the 54K level; ETH also dropped back to 2800, with the overall market experiencing a general decline.
Renowned cryptocurrency investor Andrew Kang: A large-scale correction will be deeper and longer than you imagine
Cryptocurrency investor Andrew Kang has recently maintained a bearish attitude, facing the market that reversed downwards again this week. Andrew Kang stated:
“The most common mistake you see in the crypto market is buying too early when the trend changes from up to down. Corrections that break the structure of a big market are always deeper and longer than most people expect. When a few people see a 10% drop from the BTC high, you should not buy. After all, some people need to sell for the price to drop. When everyone is liquidated, people leave here, and most people doubt whether cryptocurrencies will ever die, that’s when you should buy for the next cycle.”
(Andrew Kang: Ethereum is not Nvidia, with poor fundamentals more like Intel)
BTC
Further reading
Unemployment rate rises, rate cut expectations rise again, cryptocurrency market fears spread due to Mt. Gox selling pressure
Looking at the bottom from Bitcoin mining data: Most mining machines no longer meet the cost, half of mining companies are losing money
