According to Pal, this market trend presents an opportunity for traders to switch into “buy the dip mode.”
It (Is) it just me that feels relief when the BTC sell offs come? You know they are coming but when they finally arrive you can switch into buy the dip mode.
Pal noted that over the years, the month of March has often been associated with bear spells. He further added:
Not sure if this is the bigger March correction of just another cheeky shakeout.
Pal, a former Goldman Sachs executive published his tweet when Bitcoin was going through a price plunge, which was accompanied by bearish sentiments across the board. At the time, the asset reached a 24-hour low of $45,201m; however, Bitcoin was trading at 48,076 and has been up and down by roughly 2% in the past two hours.
Earlier, the macroeconomist believed that every asset including Bitcoin will have a bear case. However, Pal emphasized the importance of “when” a bearish trend would change market dynamics. He said that in “the entire investment game,” “making bear cases is only a small part of the game,” as are bull markets.
Pal has also attempted to predict the price of Bitcoin in the past. He said BTC would soar to $1 million in roughly five years’ time because of its restricted supply, and a market demand that will always be in Bitcoin’s favor.