In a reaction to Premier cryptocurrency Bitcoin going down below $41k, newly-elected New York City Mayor has suggested people to buy the dip and take out profits later.
NYC Mayor Advises Investors to Buy the Dip
Recently, New York Mayor Eric Adams, who has just assumed the office on Jan 1, stated:
“Bitcoin Below $50,000 Presents A Perfect Buying Opportunity”
Wary of the current market situation Many in the market are suggesting masses to sell off their holdings and others are seeing the scenario as a perfect investment opportunity, the classic idea of buy the dip and sell the top.
However Mayor NYC Eric Adams’ statement is much more than that as he now represents NYC Mayorship. Notably, making NYC a crypto hub, was one of Adams’ campaign aims. He even recently announced to take his first three paychecks in Bitcoin. Although he is just 7-days into the Mayorship at the moment, Adams’ admiration for the Bitcoin is rather apparent. While he is in the office the community should watch out for his actions in relation to crypto in the city.
Is THIS the End of the Bitcoin Bull Cycle?
Now the matter here is that after seeing Bitcoin’s recent downtrend, the Sentiment that Bitcoin is now in the bear market and the bull cycle has finally ended has been intensified. The market Sentiment could be observed seeing the Bitcoin fear and greed index that has reached the lowest point since last July.
The Bitcoin, trading just fractionally above $42k is down 10% over the week. Also the coin is at its lowest level since September 2021. As a consequence of which there is a bloodbath in the market. The selling pressure is pretty severe.
Over the week more Bitcoins have entered the market, the inflow clearly explicates a bearish shift in investor sentiment. Further, the net inflow indicates that more investors are selling the coin in relation to those buying or holding the currency.
Lastly, while it is not clear yet whether the market is finally in the bears or not, however, if Bitcoin does not get stable the market certainly will be in the bears, very soon.