After watching bitcoin prices fall through a trapdoor over the past month, the bulls invested in the space have only one good option: stay long. 

"From here on out you are going to have to be a bit more discerning [in crypto], find projects that are adding value where the token-omics make sense. But in general, I think if you are a believer for the medium-term you have to just average in. I think you just need to average in and hold for the medium-term," said crypto expert and currency trader Jeffrey Wang on Yahoo Finance Live. Wang is the head of the Americas at The Amber Group.

Wang is referring to the process of dollar-cost averaging, when an investor buys a stock or asset regardless of the price at regular interval levels. The move is designed to reduce an asset's potential volatility.

"I think crypto has kind of backed itself up and it is kind of a viable asset class," added Wang. "And there are real opportunities. There is real money to be made."

The sage guidance from Wang comes as many bulls in the crypto space lick their wounds after a brutal May fueled by zany tweets from influencer Tesla CEO Elon Musk and fears of global government regulation. Bitcoin prices shed roughly 37% in May, and are down 43% from their mid-April peak of $64,829.

Selling pressure in bitcoin persisted over the Memorial Day holiday. Prices entered Saturday at about $36,311, and plunged to as low as $33,633. By Monday evening, bitcoin prices had rallied back a bit to $36,833. And Tuesday afternoon cryptocurrencies remained volatile, with bitcoin flirting with another break below the pivotal $36,000 level. 

Some on Wall Street are warning the downside risk in bitcoin still remains elevated.

J.P. Morgan strategist and bitcoin expert Nikolaos Panigirtzoglou argues in a new note to clients that medium-term fair value for bitcoin is in the $24,000 to $36,000 range.

The analyst thinks the May crash in bitcoin has badly weakened institutional demand, which is likely to keep prices under wraps for now.

Story continues

"There is little doubt that the boom and bust dynamics of the past weeks represent a setback to the institutional adoption of crypto markets and in particular of Bitcoin and Ethereum. We note that the mere rise in volatility, especially relative to gold, is an impediment to further institutional adoption as it reduces the attractiveness of digital gold vs. traditional gold in institutional portfolios," Panigirtzoglou said.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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