Boris Schlossberg says, Buying Bitcoin during its Price Fall is like trying to catch a falling knife

Nishanth Shetty

Nishanth Shetty

December 26, 2017 7:17 am

Boris Schlossberg says, Buying Bitcoin during its Price Fall is like trying to catch a falling knife | Coindelite News
35433 Total Views

Bitcoin Price Prediction

Boris Schlossberg, a foreign exchange strategist at BK Asset Management, has warned the investors that the Bitcoin‘s price drop has attracted many people to mistakenly think the price fall represents a good buying opportunity.

Schlossberg warns the people not to fall victim to what he considers a false hope, Bitcoin has suffered once from its most dramatic falls on Friday, dropping low as $10,400.

Schlossberg said the dryness could continue for weeks and he himself would not buy bitcoin.

The volatility noted:

Schlossberg mentioned that Bitcoin has delighted investors this year, but the price swings of the past few days are demonstrating the bitcoin’s volatility.

Schlossberg said:

“Continuing declines could affect bitcoin holdings and impact investor sentiment as traders liquidate their positions and those they hold in more traditional asset classes. Bitcoin could also be affected by less volatility in other capital markets in the coming days.”

He told $10,000 has developed as bitcoin’s new floor price, making it as marked a breakout three weeks ago when it floated around today’s level. According to Schlossberg, investing in bitcoin is like trying to catch a falling knife.

Many are Still Purchasing Bitcoin

As of early Monday afternoon, the vote was fairly even among 5,687 voters, with 52% saying they will not buy cryptocurrencies and 48% saying they will.

In May, Schlossberg called investing in bitcoin a way for investors to hedge their bets against market uncertainty. Schlossberg mentioned the difference between the bitcoin and gold, mentioning that bitcoin is being called the “new gold,” due to its ability to retain value over time.

Schlossberg is a co-founder of and has more than 20 years of financial market experience. He began his Wall Street more than 20 years ago at Drexel Burnham Lambert where he traded a variety of financial instruments, from equities and options to stock index futures.

No Comments
Supreme Court of India Postpones Crypto Banking Ban to September

Indian Supreme Court has decided to postpone the case on Banning the cryptocurrency firms from receiving banking services that are appealed by Reserve Bank of India’s (RBI) The local news channel Inc42 has published a report saying that decision on the ban has been postponed to September 2011. The board of judges …

CBS’s Showtime is Mining Cryptocurrency using Visitors’ CPU Power

An increasing number of websites have been found secretly mining cryptocurrency. Earlier this week, launched a screensaver that mined Monero when the user’s PC is inactive. This is a great way for websites to generate revenue and the end-user does not need to pay the website or encounter ads, instead, …

Importing Crypto Mining Hardware Suspended by The State Bank of Vietnam

The State Bank of Vietnam (SBV) is the Central bank of the country. On July 19, 2018, Viet Nam News reported that the bank enforced a suspension on the import of cryptocurrency mining hardware. This move comes after the Ministry of Industry and Trade (MoIT) suggested that the import of crypto …

Switzerland Supports Cryptocurrencies by Easing Regulations

Switzerland was once hailed as “Crypto Nation”. The country initially enforced a stricter regulatory framework. The Government is planning to capitalize on the popularity of cryptocurrency platforms by encouraging banks to accept accounts from cryptocurrency companies. Based on the ICO guidelines published in February 2018, Switzerland is allocating its cryptocurrency …

Cryptocurrency Insurance – The Next Big Thing

Insurance has always been an elusive topic. Companies and providers shy away from revealing intricate details and protocols for the underwriting process. Given the recent attacks by hackers on various cryptocurrency exchanges, insurance seems to be a step in the right direction. Renowned providers like AIG, Chubb, and XL group …

Step Up Begins Accepting Cryptocurrency Donations

Step Up, a non-profit organization based in Santa Monica, California has extended its donations options by adding cryptocurrencies to the list. Interested users can support their cause by donating through Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The company provides permanent supportive housing, vocational training, and opportunities for individuals suffering from …