Bitcoin (BTC-USD) pulls back from its election-fueled rally that was originally pushing it closer and closer to $100,000. Digital Assets Council of Financial Professionals president Don Friedman joins Seana Smith and Madison Mills on Catalysts to discuss the move and what it is signaling about the cryptocurrency market’s reception to a second Trump administration.
“I really don’t think it’s anything to worry about,” Friedman says, explaining, “Think about several years ago, we had this discussion about $20,000. It went lower then we had this discussion earlier this year at $73,000. And now we’re having this discussion again at $100,000. So we look at this as a phenomenal opportunity to dollar-cost average your way in.”
Dollar-cost averaging is investing a set amount in regular intervals to minimize the impact of price fluctuations on average cost per share.
“As you can imagine, people have FOMO, [the] fear of missing out, and that makes people nervous,” Friedman tells Yahoo Finance. “When you dollar-cost average, you’re robotic. It’s [mechanical]. You’re buying it on a regular basis. And that way, you’re in a good spot for the long term.”
Metafide CEO Frank Speiser told Yahoo Finance last week that he is forecasting bitcoin to hit as high as $500,000 by 2027.
To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
This post was written by Naomi Buchanan.
