- Mark Cuban has disclosed that the current Bitcoin (BTC) price provides an opportunity to buy after speaking about the significant decline in the stock market.
- Another analyst has hinted that Bitcoin is currently in an “ideal buy zone” after plunging below the $84k support level.
Renowned crypto investor Mark Cuban has endorsed Bitcoin (BTC), claiming it is the best investment today. According to him, this could be the best bet compared to some individual stocks that currently offer equal buying opportunities.
The Details
Earlier today, April 5, Cuban made multiple tweets on his X handle highlighting the heavy pullback of the stock market. In one of the posts, Cuban suggested that companies may be forced to buy back their own stocks at the current cheap prices. Fascinatingly, this excited a stockholder, who exclaimed that this was bullish.
Responding to this, Cuban pointed out that Bitcoin could be the “best buy right now” while also agreeing to the long-term impact of the stock buyback campaign.
Meanwhile, another user commented that he strategically “dumped his stocks before the bloodbath and bought crypto”. However, he would buy back the cheap prices.
Cuban’s perception of Bitcoin has shifted over the years as he positions it ahead of gold. Months ago, he highlighted in an interview that many investors treat Bitcoin like gold. However, he believes that Bitcoin stands out in terms of divisibility, portability, and ease of international transfers. According to him, he holds a lot of Bitcoin and he “really hopes the price goes up.”
Meanwhile, he has also disclosed his intention to launch his own meme coin. According to him, all the revenue from his coin sales would be sent to the US Treasury to reduce the $36 trillion US national debt. However, he cautioned the potential buyers that they could “get rekt” as he claimed that such projects are “gambling” and a “game of musical chairs.”
In a different discussion, Cuban highlighted that meme coins like DOGE and SHIB became successful because they are Community Takeover (CTO) projects. Cuban’s interest in these meme coins recently earned him an invite by Shiba Inu lead developer Shytoshi Kusama to talk about important growth factors, as indicated in our earlier discussion.
Bitcoin Price Analysis
At the time Cuban labelled Bitcoin as a good buy, the asset was trading at $83.4k after surging by 0.68% in the last 24 hours and declining by 0.4% in the last seven days.
According to a TradingView analyst, Bitcoin has currently reached what he termed as the “ideal buy zone.” The entry was also highlighted to have been created after Bitcoin fell from $87k to below $84k. While this analyst admits that the asset has experienced a sharp fall, he also explained that the correction is reasonable based on historical market moves.
In a recent update, CNF also discussed the possibility of Bitcoin rebounding to a new height following the rise of the global M2 money supply to $108.4 trillion. According to analysts, this latest trend could send the price to $126k by June 1.
As outlined in our recent blog post, renowned economist Timothy Peterson has highlighted that the asset is trading at the lower end of its historical seasonal range, confirming the potential breakout.
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