Matrixport, a crypto services provider with over $3 billion in assets under management, has adopted a cautious optimism on bitcoin (BTC) after the cryptocurrency’s August decline.
The company sees the recent price drop as a buying opportunity, but with a close stop loss.
Bitcoin plunged more than 10% on Aug. 15, reaching the former resistance-turned-support level of $25,000. Since then, the cryptocurrency has been hovering around $26,000, with many traders expecting further losses in the near future.
Matrixport’s Markus Thielen suggests that crypto traders can go long on bitcoin with a stop loss just below $25,800.
Thielen believes that Treasury yields will likely fall, boosting risk assets, including cryptocurrencies.