Bitcoin (BTC) has been trying to recover in recent days, having experienced a sharp correction to $53,500 due to sell-off pressure from Mt.Gox and the German government.
While investors who suffered great losses with the last correction now expect an increase, analysts and officials generally say that this correction is healthy.
One of them was VanEck CEO Jan van Eck.
Speaking to CNBC, VanEck CEO said that the recent Bitcoin correction is perfectly normal and that the fundamentals and factors for BTC's rise still look strong.
Arguing that it is completely normal for BTC to experience corrections during the bull market, the famous CEO stated that BTC will rise by taking advantage of rising factors such as halving and FED's interest rate cut.
“Although there has been recent selling pressure, including the German government sell-off and Mt. Gox refunds, this selling pressure is short-term and Bitcoin will rise in the long run.
Additionally, these corrections occur in every bull market and are extremely normal.
These correction phases should be seen as buying opportunities. There were also purchases in the last correction. “At this point there has been a noticeable increase in retail investor activity in spot BTC ETFs.”
VanEck CEO recently emphasized that the appeal of other traditional safe haven currencies such as the Swiss franc, euro and yen has decreased due to various economic weaknesses seen around the world, and said that gold and Bitcoin have become attractive alternatives for investors seeking stability.
*This is not investment advice.