Is Now the Time to Buy Crypto? Find Out Here with Kale Abrahamson
With the recent crash of Bitcoin, many investors are questioning whether they should buy or sell their coins. Additionally, many question whether to invest in other altcoins, including Ethereum, JOE, and many others over Bitcoin. In his YouTube video, Kale Abrahamson talks about when to buy crypto and guides his followers through a series of charts and data to explain this.
Because of the Bitcoin crash that happened over the weekend of Dec. 7, the Fear and Greed index on cryptocurrency was at 16, meaning there was a very large amount of investors worrying over the success of this currency. He goes on to explain that the performance of the stock market determines the price of Bitcoin. He mentions a tweet he posted that advises his followers to keep an eye on the stock market’s performance. This is because the points on the stock market, with one point being the same value as one dollar, can determine if Bitcoin jumps back to $53,000 one morning.
What About the Inflation?
He goes on to say that the stock market may, as he says, “open up by the end of the video”, indicating the volatility of the market. He calls for his followers to pay attention to the inflation data that will be released on Friday, Dec. 10. He says that if inflation ends up being very serious, the federal reserve will need to address this issue. To do so, they may cause the stock market to, as Abrahamson says, “go down.” The possibility of this happening, as Abrahamson goes on to say, is a fifty percent chance. The federal reserve may also stop the operation of printing money.
He says that Federal Reserve Governor Jerome Powell announced a few days ago that the federal reserve will taper. Kale Abrahamson also implies that what Powell said directly impacted the performance of crypto by many investors worrying over the status of the market from what Powell said. He also mentions that the news spread about the omicron variant also caused panic selling in the market.
According to Abrahamson, because of these two factors, altcoins like Ethereum failed to potentially reach a value of $6,000. He goes on to praise Pentoshi, a Twitter user famous for his advice on cryptocurrency, for his insights into Bitcoin. According to Pentoshi, as Abrahamson says, Bitcoin needs to reach $53,000 for it to perform well in the market. Abrahamson also says that Etherem needs to reach at least $4,400 for it to also become parabolic.
He goes on to say that he does not think that the price of Bitcoin will drop below $42,000 again. Then, he recommends a list of altcoins to invest in, including PolkaBridge, Polka City, JOE, and many others, by advising his followers to not sell their coins and wait for the price to increase for cryptocurrencies.
Jerome Powell announced a meeting to take place on Dec. 14 and 15 to discuss the plans for federal tapering. Moreover, many investors are still panic selling to avoid any potential losses that could happen if the crypto market were to crash. However, some investors are saving their coins for any possibility of the prices rising for more investment gains.
Additionally, many social media influencers, including Pentoshi, are still monitoring Bitcoin and other altcoin charts. One recent tweet from Pentoshi was, “$BTC has a great shot at outperforming most. Of course, there will be outliers as [with] anything.”