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buying the dip

Veteran Investor Mark Mobius Expects Bitcoin to Fall Further — Cautions Crypto Traders Against Buying the Dip

14/05/2022 by Idelto Editor

Veteran Investor Mark Mobius Expects Bitcoin to Fall Further — Cautions Crypto Traders Against Buying the Dip

Veteran investor Mark Mobius, the founder of Mobius Capital, has cautioned cryptocurrency traders against using the “buy the dip strategy.” He expects the price of bitcoin to plunge further with some temporary relief happening at $20K.

Mark Mobius’ Warning and His Bitcoin Price Prediction


The founder of Mobius Capital Partners, Mark Mobius, warned crypto traders about buying the dip in an interview with Financial News Friday. He also shared his price prediction and future outlook for bitcoin.

Prior to starting his own company, Mobius was executive chairman of Templeton Emerging Markets Group. He joined Templeton in 1987 where he managed more than $50 billion in emerging markets portfolios.

While acknowledging that some crypto traders have previously been successful using the “buy the dip strategy,” he stressed that it is not a strategy that would pay off while the market still has some way to fall. Commenting on buying the bitcoin dip specifically, the 85-year-old founder of Mobius Capital told the publication:

It will not work this time until bitcoin hits $20,000, from where there might be a bounce but then the next target will be $10,000.


Some people have expressed similar warnings on social media, especially after the collapse of terrausd (UST) and terra (LUNA). UST lost its peg against the U.S. dollar and is currently trading at $0.11 while LUNA is near worthless.

“Terra Luna provides a perfect example of why you shouldn’t always ‘buy the dip,’” Gold bug Peter Schiff tweeted Thursday. “Yesterday Luna was down 98%. If you bought that dip thinking the crash created a great buying opportunity you lost 99.3% today. This can happen to any crypto.”

However, many bitcoin investors are not buying the dip to time the market for a quick profit; they plan to hold their BTC long-term. Those who believe that the price of the cryptocurrency will reach $100,000 this year, for example, are happy to get in at any price below that target.

Mobius has long been a bitcoin skeptic. In October, he told the news outlet that cryptocurrency “could really blow up,” emphasizing that it was a risk that central banks “should be paying attention to.”

He advised people in November not to look at cryptocurrency as a means to invest. “It’s a means to speculate and have fun. But then you’ve got to go back to stocks at the end of the day,” he said.

What do you think about Mark Mobius’ warning? Let us know in the comments section below.

Filed Under: Bitcoin, bitcoin bottom, bitcoin fall, bitcoin price prediction, buy the dip, buying the dip, crypto, crypto price prediction, cryptocurrency, English, Mark Mobius, Markets and Prices, mobius capital, News Bitcoin, veteran investor, Veteran trader

El Salvador Buys 500 Bitcoins Amid Crypto Bloodbath

10/05/2022 by Idelto Editor

El Salvador Buys 500 Bitcoins Amid Crypto Bloodbath

El Salvador has bought the bitcoin dip. Amid a heavy crypto market sell-off, the Salvadoran president announced that his country has purchased 500 more bitcoins. Since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased 2,301 bitcoins altogether.

El Salvador Buys the Bitcoin Dip

Amid a crypto bloodbath, El Salvador has bought the dip. The Salvadoran president, Nayib Bukele, announced Monday on Twitter that his country has purchased 500 more bitcoins. “El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744,” he wrote.

His tweet came as the crypto market lost billions, and the price of bitcoin fell more than 50% from its all-time high.

At the time of writing, BTC is trading at $31,607. It was down 8.5% in the last 24 hours, 18.1% in the past 7 days, and 25.4% in the last 30 days.

El Salvador became the first country to make bitcoin legal tender alongside the U.S. dollar in September last year.

Since then, the company has been purchasing bitcoin periodically. After an initial purchase of 700 bitcoins, the country bought 420 BTC in October, 100 BTC in November, 171 BTC in December, and 410 BTC in January. With Monday’s purchase, the total number of BTC purchased by El Salvador has grown to 2,301 bitcoins.

According to one estimate, El Salvador’s total bitcoin holdings have lost more than $30 million in value. Nonetheless, President Bukele is still bullish about bitcoin, expecting the price of BTC will reach $100K this year.

El Salvador also plans to issue bitcoin bonds but the launch date has not been set. Alejandro Zelaya, El Salvador’s treasury minister, explained that the market conditions and the Russia-Ukraine war have affected the bond issuance. “We are waiting for the right moment and the president says when … It depends on how the market is,” he noted.

What do you think about El Salvador buying 500 bitcoins after the price of the cryptocurrency plunged 50%? Let us know in the comments section below.

Filed Under: Bitcoin, Bitcoin sell-off, buy the Bitcoin dip, buy the dip, buying the dip, crypto, crypto sell off, cryptocurrency, cryptocurrency bloodbath, el salvador buys bitcoin, English, Featured, News Bitcoin

El Salvador Buys 410 Bitcoins as BTC Plunges to Lowest Level in Months

23/01/2022 by Idelto Editor

El Salvador Buys 410 Bitcoins as BTC Plunges to Lowest Level in Months

El Salvador bought the dip as the price of bitcoin plunged to a record low. President Nayib Bukele said Friday that his country has purchased 410 more bitcoins. The Salvadoran government has bought a total of 1,801 bitcoins since the cryptocurrency was made legal tender in the country.

El Salvador Buys the Dip

The president of El Salvador, Nayib Bukele, tweeted Friday that his country just bought 410 BTC for $15 million. Having paid about $36,585 per coin, Bukele wrote, “Some guys are selling really cheap.”

In the same tweet, Bukele also stated that he did not miss the dip after all. “Nope, I was wrong, didn’t miss it,” the Salvadoran president wrote in response to his own tweet on Jan. 14 that says, “I think I might have missed the dip this time.”

The price of bitcoin began a steep decline in early November last year from above $67K, based on data from Bitcoin.com Markets. BTC started the year around $47K but fell below $41K on Jan. 8. The crypto then slowly crept back up and moved sideways until Jan. 20 when it suffered a sharp decline. At the time of writing, the price of BTC is $35,713.02.

While bitcoin was moving sideways, Bukele thought he missed the dip. On Jan. 14, BTC was hovering around $43K.

At the time of writing, the price of bitcoin has dropped almost 8% in the last 24 hours, more than 17% in the past seven days, and almost 29% in the past 30 days. However, it is still up 15.4% for the year.

El Salvador passed a bitcoin law making BTC legal tender alongside the U.S. dollar in September last year. Since then, it has been a regular purchaser of bitcoin.

In September last year, El Salvador bought 700 bitcoins. The country additionally bought 420 BTC in October, 100 BTC in November, and 171 BTC in December. With the latest purchase, El Salvador has bought 1,801 BTC altogether.

Earlier this month, Bukele made some bullish predictions for 2022 about bitcoin. Besides expecting the price of bitcoin to reach $100,000 this year, the Salvadoran president foresees two more countries adopting BTC as legal tender. He also said that El Salvador’s Bitcoin City will commence construction during the year and the country’s volcano bonds will be oversubscribed.

What do you think about El Salvador buying the dip again? Let us know in the comments section below.

Filed Under: bitcoin decline, bitcoin falling, Bitcoin Price, buying the dip, el salvador, El Salvador buying Bitcoin, El Salvador buys the dip, El Salvador’s bitcoin, English, Featured, Nayib Bukele, News Bitcoin

Veteran Trader Peter Brandt Shares ‘Sacred Trading Rule’ as Bitcoin Falls, Warns Against Buying the Dip

09/01/2022 by Idelto Editor

Veteran Trader Peter Brandt Shares 'Sacred Trading Rule' as Bitcoin Falls, Warns Against Buying the Dip

Veteran trader Peter Brandt has shared “a sacred trading rule” he uses in response to a comment about buying bitcoin as the price of the cryptocurrency continues to fall. “Never add to a losing trade,” he affirmed.

Peter Brandt Offers Trading Advice

Veteran trader Peter Brandt has a trading suggestion for anyone considering buying the dip. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar.

Replying to a comment on Twitter stating that there may be additional opportunities for long-term hodlers to buy even cheaper bitcoin in the coming months, Brandt wrote:

A sacred trading rule I have used is never add to a losing trade.

He explained in a tweet that people were saying the same thing about silver futures in 1980 after it topped $50. “lt then sank to a low of $3.65 and did not start back up for 24 years,” he stressed. The trader clarified, however, that he is not predicting that bitcoin will follow the same path.

The price of bitcoin has fallen significantly this week, losing over 10% in the past seven days. At the time of writing, the price is $41,657.45 based on data from Bitcoin.com Markets.

Brandt commented on bitcoin’s violation of the parabolic advance on the Bitcoin Live discussion Thursday.

However, he tweeted Friday: “I saw the violation of the parabolic advance and commented on it in real time to members of Bitcoin Live in real time, but in hindsight, I might not have taken the event seriously enough. We’ll see.”

He followed up with another tweet. Noting that “Some view predictions as a ‘one-and-done’ event. I am [a] student of Bayesian probability. Predictions and analysis must always morph relative to the events of the time,” he concluded:

When circumstances change, predictions must change. The parabola might not be the driving force in BTC.

What do you think of Peter Brandt’s advice? Let us know in the comments section below.

Filed Under: Bitcoin, buy the dip, buying the dip, chartist, English, Markets and Prices, News Bitcoin, Peter Brandt advice, Peter Brandt bitcoin, Peter Brandt charts, Peter Brandt crypto, Peter Brandt cryptocurrency, Peter Brandt recommendation, Peter Brandt warning

El Salvador Buys 100 More Bitcoins Amid Crypto Sell-Offs and New Covid-19 Variant Scare

27/11/2021 by Idelto Editor

El Salvador Buys 100 More Bitcoins Amid Crypto Sell-Offs and New Covid-19 Variant Scare

As reports of a new Covid-19 strain spread, tanking the price of many cryptocurrencies, El Salvador bought the dip. The country has added 100 more bitcoins to its treasury despite a recent warning by the International Monetary Fund (IMF), bringing the total number of bitcoins purchased to 1,220.

El Salvador Buys the Dip: 1,220 Bitcoins Purchased to Date

El Salvador has taken advantage of the Friday sell-off and purchased 100 more bitcoins as reports of a new coronavirus variant spread. The Salvadoran president, Nayib Bukele, tweeted on Black Friday that his country has bought the dip. “100 extra coins acquired with a discount,” he wrote.

El Salvador Buys 100 More Bitcoins Amid Crypto Sell-Offs and New Covid-19 Variant Scare

An advisory panel of the World Health Organization (WHO) on Friday classified the new Covid-19 variant, first detected in South Africa, as a highly transmissible virus, naming it “Omicron.”

The crypto market shed billions of dollars on Friday amid reports of the new coronavirus strain. The price of bitcoin fell from $59,165 Thursday afternoon to $53,798 Friday afternoon. BTC is trading at $54,830.98 per coin at the time of writing based on data from Bitcoin.com Markets.

El Salvador made bitcoin legal tender alongside the U.S. dollar on Sept. 7. At the time, the price of BTC was approximately $46,000.

Since bitcoin became legal tender, El Salvador has purchased 1,220 BTC altogether, according to announcements by Bukele.

The day before the country’s bitcoin law went into effect, El Salvador purchased two sets of 200 bitcoins. It bought 150 BTC more on Sept. 7 and 150 more coins on Sept. 20. Bukele said at the time, “El Salvador now holds 700 coins.”

Since then, El Salvador bought 420 more coins on Oct. 27, bringing the total purchase to 1,120 coins. Friday’s purchase pushes the country’s bitcoin stash to 1,220 coins. At the current price, 1,220 bitcoins are worth approximately $66.9 million.

President Bukele announced last week a plan to build the world’s first “bitcoin city” powered by a volcano and financed by bitcoin bonds. He noted there would not be any taxes in the bitcoin city except for value-added tax (VAT).

However, a day after the announcement, the International Monetary Fund (IMF) warned the country against using BTC as legal tender. The IMF cited “significant risks to consumer protection, financial integrity, and financial stability” as the reasons, adding that it “also gives rise to fiscal contingent liabilities.”

What do you think about El Salvador buying the dip amid crypto market sell-offs as a new Covid-19 strain emerged? Let us know in the comments section below.

Filed Under: Bitcoin City, bitcoin selloff, buy the dip, buying the dip, buys bitcoin, COVID-19, covid-19 variant, crypto sell-offs, el salvador, el salvador buys bitcoin, English, IMF, Markets and Prices, News Bitcoin, President Nayib Bukele

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