Paulo Costa Borrachinha, a Brazilian MMA fighter who has thousands of followers on social media, announced the sale of all his digital coins.
Paulo Borrachinha (Image: youtube)
Famous Brazilian MMA fighter Paulo Costa Borrachinha announced the sale of all 9 of his bitcoins, valued at R$4.8 million this Tuesday (26). The announcement took place last Monday (25).
By erasing the entire balance from his portfolio, he indicated that he believes in a strong market correction. Thus, he outlined the strategy of buying back everything he can when the price drops to between 50 or 60 thousand dollars.
With bitcoin quoted at US$92,900.00 this Tuesday, he indicates that he believes the correction should be around 30% to 40% of the current price.
Borrachinha sells 9 bitcoins and says he will buy them back when they drop
Following Renato 38tão's profile on Twitter, Paulo Borrachinha showed his vision as a bitcoin investor in the current market moment.
This is because Renato 38tão, considered the greatest Bitcoin educator in Brazil, stated that people should invest in bitcoin before central banks stop this movement. As a mass purchase can influence an all-time high, those who buy before can benefit from the movement.
However, Paulo Borrachinha completely disagreed and stated that he has a defined strategy, which involves believing in a market correction in the short term.
Borrachinha announces the sale of 9 bitcoins to wait for a new drop Source: X.
After the fighter's speech, many warned him about selling everything at once, since if the movement turns upward, he could lose a lot of money. Bitcoinheiros host BitDov, for example, recalled that there will be a FOMO movement for bitcoin when the digital currency reaches the price of US$ 120 thousand.
In any case, Borrachinha remained firm in his strategy, believing that he runs the risk of losing money, but he is aware of this.
Borrachinha says he believes in a bitcoin/X correction.
Will Bitcoin fall further?
Bitcoin's recent rise has drawn new attention to the market, driven by Donald Trump's arrival in the White House for a second term. Presenting himself as the first Bitcoin president in the US, Trump announced that he should favor the market and companies operating in the sector.
With less regulatory pressure, investors from small and large companies have renewed their confidence, which has led to the price of bitcoin reaching US$99,655.00. Despite the proximity to 100 thousand dollars, the long-awaited barrier has not yet been broken and a fall has marked the beginning of the week.
Thus, the market is closely monitoring the next moves, while many believe only in a short-term correction. The most optimistic believe that a possible “pullback” would be a relief in the rise, before the price rises to new highs.
However, while it does not show new purchasing strength in the short term, bitcoin remains up 110% in 2024.