El Salvador’s President, Nayib Bukele, has recently sparked interest in a potential Bitcoin buying opportunity, following the U.S. government’s sale of $6.7 billion in Bitcoin seized from the Silk Road.
The market now anticipates increased selling pressure, possibly pushing Bitcoin’s price down to $90,000, a level that could present a prime buying moment.
Bitcoin’s price has seen notable fluctuations, driven by market sentiment and large-scale sell-offs. While some are concerned about the potential for a downturn, others see this as a natural price correction. Figures like Robert Kiyosaki and President Bukele suggest that this dip could be an ideal time to purchase Bitcoin at a discounted rate.
Currently, Bitcoin is trading at just over $94,000, down slightly in the past week, and showing some resistance after recently peaking at over $102,000. The market remains uncertain, with some analysts predicting a further decline, while others believe the current situation offers an opportunity for long-term investors.
As Bitcoin continues to face volatility, Bukele’s comments reinforce his long-standing support for cryptocurrency and El Salvador’s strategy of accumulating Bitcoin. While some market participants are cautious, others see the drop in price as an opportunity to strengthen their positions before potential future gains. The coming days will likely reveal whether Bitcoin’s price will rebound or face additional declines.
U.S. Bitcoin exchange-traded funds (ETFs) have experienced their most extended period of withdrawals since launching in January 2024, with over $5.5 billion in outflows over the past five weeks.
Strategy, formerly known as MicroStrategy, has continued its aggressive Bitcoin accumulation, acquiring an additional 130 BTC for approximately $10.7 million.
South Korea’s central bank has ruled out adding Bitcoin to its national reserves, citing its extreme volatility as a key concern, according to a report by Korea Economic TV.
Bitcoin is struggling to break past $84,000, and with the U.S. stock market facing a sharp correction, bearish predictions are mounting.