Unfazed By A Plunging Bitcoin, Proponents Dub Pull-Back 'Necessary,' 'Healthy'

Bitcoin (BTC) proponents are calling the drubbing the apex cryptocurrency received over the last two days as “necessary” and “healthy.”

No Pain, No Gain: The CEO of Binance, Changpeng Zhao, seemed to take inspiration from the old adage — No Pain, No Gain.

Retraces are painful, but they are necessary for establishing support levels. Now we have it.

— CZ Binance (@cz_binance) January 12, 2021

Retrace Opportunities: Barry Silbert, the CEO of Grayscale Bitcoin Trust (OTC: GBTC) parent the Digital Currency Group revised his retrace level to $30,000 and called it a “buying opportunity of a lifetime” in a tweet. 

REVISED

Funny to think that a bitcoin price retrace to $30,000 would feel like the buying opportunity of a lifetime https://t.co/ramTbBns4E

— Barry Silbert (@BarrySilbert) January 8, 2021

Weak Hands, Strong Hands: Anthony Pompliano, co-founder of Morgan Creek Digital said on Twitter that “Bitcoin moved from weak hands to strong hands today.” In September, Pompliano appeared with CNBC host Jim Cramer on a podcast, after which the latter purchased $14,000 worth of the cryptocurrency when it was trading at $10,000.

Learn About Hedges: Dallas Mavericks owner Mark Cuban termed cryptocurrency trade akin to the dot-com bubble in a tweet and said Bitcoin, Ethereum, and few others will emerge as survivors and thrive like Amazon.com Inc. (NASDAQ: AMZN) and eBay Inc. (NASDAQ: EBAY). Cuban’s advice — “Learn how to hedge.”

HODL On To Your Coins: Celsius CEO Alex Mashinsky says there are more corrections to come and a potential for a plunge to $16,000 levels before the end of the first quarter exists.

“This process will flush the weak hands and transfer the baton with all their BTC from the short-term speculators to the long-term institutions and HODLers,” Mashinsky told Cointelegraph.

Hodlers are persons who refrain from selling their coins in Bitcoin parlance.

Measured Gains: Founder of MicroStrategy Incorporated (NASDAQ: MSTR), Michael Saylor, whose company has purchased over a billion-dollar worth of Bitcoins in the recent past referenced Bitcoin’s prior gains in a tweet. 

Today confirms that #Bitcoin will probably not go up at the rate of 1500% per year for more than a month at a time.

— Michael Saylor (@michael_saylor) January 12, 2021

Price Action: Bitcoin traded 1.36% lower at $35,143.37. GBTC closed 15.8% lower at $37.40 on Monday.

See Also: Bitcoin Trading Volume, Active Addresses Hit Record High Despite Slump — What That Means