Thomas Lee, the head of Fundstrat, a market research company, attempted to calm panicking Bitcoin investors by stating that it, along with a string of other “alt-coins”, may have found their bottom in the market.
He added that the worst of the sharp falls could be “largely over”.
The positive market outlook from Mr Lee comes during a time of horrifying Bitcoin losses.
In the last month, the cryptocurrency has had $2,695.53 taken from its trading value.
This free fall marks a decline of 26.14 per cent.
Bitcoin is currently trading at $7,615.07 at the time of writing.
Mr Lee, also known as the Bitcoin Bull, acknowledged the dismal feeling from cryptocurrency investors at the moment as prices continue to plunge.
He continued:[tooltip id=”4500c2f113202943ff1ae30d00c9d4ac”] [/tooltip]“The mood in crypto is terrible right now.
Long-time holders are worried because they have big gains and they’re worried about falling prices.”
The Bull forecast that storing Bitcoins may be one of the best options for investors during the current downward slump.
He went on:[tooltip id=”4500c2f113202943ff1ae30d00c9d4ac”] [/tooltip]“Bitcoin is a great store value. It works really well
“It’s kind of boring, because it’s not the latest and most exciting project.
But it also is one of the most liquid ways to get exposure to crypto.”
Mr Lee declared that one of the main reasons to hold onto Bitcoin is because the vast majority of price rises from the cryptocurrency occur only on “a handful of days each year”.
He said:[tooltip id=”4500c2f113202943ff1ae30d00c9d4ac”] [/tooltip]“The reason ‘buy and hold’, or HODL, makes sense for Bitcoin is that a handful of days each year account for the bulk of gains for Bitcoin.”
Bitcoin’s incredible price hike that saw it reach the astronomically high figures of almost $20,000 all occurred during the month of December.
This was then followed by a price plunge and minor resurgence that took the cryptocurrency to the price of $16,597.14.
However, it is worth noting that the incredibly volatile nature of the cryptocurrency is demonstrated by its frequent price hikes and dips.
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