After Crashing 22% in 7 Days, Is Bitcoin Still a Buy?

Core Viewpoint - Bitcoin has experienced a significant decline, dropping 22% in the past week, raising concerns about the future of cryptocurrency and investor sentiment [1][2]. Market Performance - The current sell-off in Bitcoin is exacerbated by a broader collapse in risk assets, particularly in the tech sector, indicating a correlation between Bitcoin and tech stocks during downturns [2][3]. - Despite expectations that Bitcoin would act as a safe haven, it has not performed as such, with precious metals like gold and silver gaining value while Bitcoin's price continues to fall [3]. Sentiment and Predictions - Notable figures, such as Michael Burry, have expressed skepticism about Bitcoin's utility, contributing to negative sentiment in the market [4]. - The prevailing atmosphere is one of panic and resignation among investors, with many fearing the potential end of cryptocurrency [1]. Investment Thesis - Despite the current price decline, the fundamental investment thesis for Bitcoin remains intact, with the production rate of new Bitcoin expected to decrease over time, suggesting long-term price appreciation potential [5][6]. - The best time to invest in Bitcoin is often when market sentiment is low, and dollar-cost averaging (DCA) is recommended as a strategy to mitigate the emotional impact of investing during downturns [6][7].