Bitcoin has been steadily sliding for more than a year, losing some 80% in value over the last 14 months, and traders are keenly looking out for any clues the market has hit its bottom.
The Bitcoin price bear market, labeled “crypto winter” for its debilitating effect on the nascent industry, has seen some $400 billion wiped from the value of the world’s cryptocurrencies as investors get cold feet that long-awaited institutional investment and mainstream adoption will fail to materialize.
Now, Zhao Dong, a Chinese billionaire who’s one of the world’s largest over-the-counter traders of Bitcoin, has said now is the time to stock up on Bitcoin because the “only thing you need is patience.”
“For most people, if they don’t pay attention to Bitcoin now, they won’t pay much attention to most of the time, so for them, only how many tens of thousands of Bitcoins will break them will be noticed again,” Zhao reportedly said. “If you and I believe in the future of Bitcoin, so it is best to hold as much as possible when nobody cares.”
Zhao, who has previously predicted the Bitcoin price will reach a whopping $50,000 per coin by 2021, was speaking on a WeChat group catchily called “The Public Chain Alliance Crossing The Bulls And Bears Elite Team” and was reported by local media.
“In the bull market, I don’t persuade people to buy Bitcoin, because it seems easy to make quick money but in fact it is not. Now [in the bear market], I start to talk people into buying Bitcoin,” Zhao added.
Zhao did warn, however, that the crypto winter would likely drag on throughout 2019, with the bulls not returning to the market until 2021.
Zhao’s comments come after technical data suggested Bitcoin could be in for further pain after five weekly Bitcoin price declines in a row, with the cryptocurrency’s trading range at its narrowest since October—which last year heralded its sudden fall from over $6,000 to around $3,500 in a matter of days.
The Bitcoin price has been falling steadily since it hit an all-time high of almost $20,000 in December 2017, forcing many Bitcoin, cryptocurrency and blockchain startups to slash jobs or shut down entirely and leaving investors desperate for signals of which way the market will move next.
Bitcoin and cryptocurrency fever gripped the world in 2017, with some major coins, including Ripple’s XRP, ethereum, and litecoin, seeing price percentage increases that far outstripped Bitcoin itself.
Bitcoin’s epic 2017 bull run was largely put down to expectations institutional investment and big bank support for Bitcoin would soon arrive. As 2018 dragged on and that investment failed to appear many investors and traders got cold feet, bailing out of their Bitcoin and cryptocurrency positions.