Watch for These Moves to Know When to Buy This Week
The world’s biggest cryptocurrency is bouncing around in a fantastic buying level this week.
Ever since Bitcoin crested the $63,000 mark back in Mid-April, the momentum of the leading cryptocurrency has stalled.
On May 23, Bitcoin fell as low as $31,227 – a 51.8% decline from the all-time highs.
But longtime crypto traders are no strangers to extreme volatility, especially shortly after all-time highs.
And this isn’t even close to the largest dip we’ve seen.
After rising to almost $20,000 in 2017, Bitcoin fell all the way to around $3,200 by the next year. That’s a roughly 84% loss.
Cryptocurrencies have proven to be a resilient asset that continue to climb in fits and starts.
Last week, Bitcoin attempted a rally off the March 23 lows.
Where’s the money?
After falling to its lowest point since January last Sunday, Bitcoin staged a rally throughout the week.
Coins gained as much as $9,555 – a 30.5% increase – to the $40,782 mark.
But Bitcoin was unable to maintain its positive momentum.
After testing the $40,000 range twice, Bitcoin retreated to as low as $35,178 before coming back up and holding just under $37,000 on Friday.
The moves are similar to the drops we saw in 2017, which preceded a bear market for crypto.
As such, crypto investors are wondering whether it’s time to get out of the market or double down.
Here’s what I think…
How do I get some?
Earlier this month, I told you that I believed Bitcoin would fall below $40,000 before heading back up to $70,000.
And I’m still holding to that conviction.
I think that the recent dip provides a great buying opportunity for anyone looking to get long on Bitcoin. We’re still seeing a lot of buying momentum, and with recent gains in the stock market, we could see a new wave of money rotating back into the crypto market at discounted prices.
Keep an eye out for some further weakness in the short-term, but if Bitcoin tests and holds above the $30,000 mark, I would be tempted to buy at these levels.
Tom Gentile Just Made His Biggest Bitcoin Prediction Yet
Tom Gentile is somewhat of a crypto psychic. At the end of 2019, when Bitcoin sat at about $8,500, he predicted it would hit $20K by the end of 2020.
Now, Tom is taking it a step further and making his biggest prediction to date. We’re talking over 2,000% in 10 years.
But you don’t have to wait until 2030 to make money on cryptocurrency.
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In the Spotlight: Get you popcorn ready…
All eyes have been on AMC Entertainment Holdings, Inc. (AMC) this week as the stock has boomed in the latest chapter of the short squeeze saga.
And in addition to renewed interest from retail investors, we could see another catalyst play out that could give AMC another boost.
Memorial Day weekend is typically a big time for movies.
And after a year or more away from the box offices, there is likely a ton of pent-up demand from moviegoers. In fact, some analysts speculate that this past weekend could have been the first weekend to break the $100 million mark for theaters since the pandemic began.
More than 70% of theaters in the U.S. have now reopened, and a rush of customers could have an outsized effect for AMC stock that is already seeing a tsunami of buyers. New releases of Cruella and A Quiet Place II – among others -could attract a lot of viewers.
I’m anxiously waiting to see what kind of revenue movie theaters report from the long weekend. Any surprises to the upside could send AMC stock even higher and continue the massive losses for short sellers.