Bitcoin has fallen 14.5% after breaking through the $8,000 price mark near the end of July–a critical price level seen by bulls as one that would set the stage for a rally.
Nonetheless, some analysts view the decline as a retrace back to a consolidation price of $6,000 or below, which the digital currency breached on June 24. While Lemonis won’t dabble in digital currencies, he advises investors who are interested to do their due diligence prior to investing.
“What I encourage people to do is if they’re interested in something like that, explore it,” said Lemonis.
For more information on the cryptocurrency market, visit the Bitcoin category.