Anthony Pompliano Shares His Reflections on Bitcoin's Fall

Bitcoin drops 20%, causing blood on the streets. A bounce from $28.8k in GMT in the early evening was followed by a strong rally that took BTC above $30,000. The $30,000-31k region proved to be a strong support last month. So, can Bitcoin close the day above this level? At the moment, the market sentiment is in extreme fear. But to dispel the fear, Bitcoin bull Anthony Pompliano tweeted his thoughts on the situation and what he is doing right now. Bitcoin is below $30,000. Here's a brief thread to document what I'm thinking right now and what my strategy was during these price drops. πŸ‘‡πŸΌπŸ‘‡πŸΌπŸ‘‡πŸΌ β€” Pomp πŸŒͺ (@APompliano) June 22, 2021 Pompliano Takes a Long-Term Look at Bitcoin. Instead, given his long-term view of Bitcoin and his belief that it will appreciate in value over time, his strategy is to save on dollar cost averaging. β€œI am not a trader. I don't look at charts and try to time the markets. In any case, I'm a terrible trader with a guaranteed loss πŸ™‚ I have a very long-term view of the asset and I believe it will continue to build value and acceptance for decades to come.” Pompliano explains that this means buying Bitcoin on a regular basis, regardless of its price. This could mean buying when the price is high or low. The determining factor, as he put it, "time in the market is more important than the timing of the market." With all this in mind, short-term dips are not a problem as he plans to pass on his Bitcoin to his grandchildren someday. Therefore, Pompliano is turning the current market decline into a positive one, allowing it to accumulate aggressively. What about the short-term picture? Whatever the long-term outlook, what will happen in the near future worries many people. Analysis of longs versus shorts shows that traders are generally long-term.

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