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Bitcoin price falls 20%; why you should wait for even more pullbacks - Todd Horwitz

David Lin

Kitco News

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(Kitco News) - As bitcoin price fell by 20% on Monday, some traders are anxious to know if now is the time to buy. Todd Horwitz of BubbaTrading.com is waiting for this pullback to continue some more.

“I would wait. If I were going to step in and buy bitcoin today I’d be looking for more like $25,000 for me. Right now it’s in almost a freefall from the $43,000 we saw over the weekend,” Horwitz said.

Bitcoin’s recent rise can be attributed to financial institutions buying, but also to the overall frothiness of the markets.

“We’re at a point in time where markets in general…everybody’s chasing every asset class and chasing markets,” he said.

On gold and silver, Horwitz is maintaining a short position for now.

“All of my trading is done through algorithms that I have and of course, they switched over to the short side and we actually sold into the rally last night         and will remain short now until the trend changes. The trend, for the short term, has clearly turned lower,” he said.

By David Lin

For Kitco News

Contact dlin@kitco.com
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