Bitcoin Price Plunges Further: Is Now The Best Time To Buy BTC?

Bitcoin (BTC) is back at its early January prices. At these levels, the top crypto was just on the cusp of its unexpected upswing that lasted till mid-February. The leading crypto by market cap has since sunk further and further, trailing the movement seen in stocks and oil prices, which had investors questioning its burgeoning safe haven status.

At $7,168 as of the time of writing, would that be an attractive price to start buying the crypto once more, like how panic-stricken individuals hoard up on toilet papers and sanitizers out of coronavirus fears?

When it comes to stocks, which faced another selloff on Wednesday as the World Health Organization declares the virus a pandemic, mainstream financial advisors say that it's a perfect time to buy. The Dow fell 1,400 points or 5.86%, while the S&P 500 tumbled 4.89%, and Nasdaq is down 4.7%.

Morgan Creek Digital co-founder and partner Anthony Pompliano sought answers from his followers at Twitter about what financial advisors are telling them at the moment. And most of them allude to age-old investment advice.

"Keep things that have stability and dividends (utilities), hedge with precious metals, move to cash and wait for future buying opportunities," one advisor said that Pompliano pointed out.

Another one said, "Warren Buffet style, buy when there is fear."

And surprisingly, Bitcoin was also inserted in the discussion. One advisor is advising his client to get out of stocks and will signal when to buy BTC. Another one said, "Sell everything. Buy BTC and Gold. Full stop."

"I'm a financial advisor and a full bull on BTC (rocket emoji)," added another advisor.

As the king of cryptos had gotten cheaper from its 2020 high of $10,500, it's no surprise that those who see its long-term value will find that its current plunge is an attractive price to purchase it in high quantity.

Whether the halving in two months from now is what these advisors are banking on or BTC's future mainstream finance adoption is still to be determined. But with how BTC moved along with stocks and oil, the main driver of a price appreciation is investors' appetite for risk, which is absent right now.