The Crypto-market Is Ready for a further Reduction in the Price of Bitcoin
Robert Sluymer and Dan Morehead are sure that investors know what to do in case of market decline.
Robert Sluymer, a specialist in technical analysis of Fundstrat Global Advisors, believes that despite a slight rebound in Bitcoin, its next support line is close to 6100 dollars. Moreover, he is sure that the cryptocurrency №1 in the world can still go down to the level of 4000 dollars — the average value of Bitcoin at the end of last year.
As Sluymer notes, market players see that Bitcoin is in a phase of decline, and they are ready for such a development. Earlier, another analyst — Arthur Hayes, a founder of BitMEX, also said that the market would definitely see lower price levels, but he mentioned $5,000. After reaching such “bottom”, Hayes is sure, Bitcoin will quickly grow to 50 thousand dollars by the end of this year. Fundstrat Global Advisors is also convinced in the growth of Bitcoin. Tom Lee believes that the cryptocurrency will grow to at least 20 thousand dollars by the end of the year, and in reality, it, most likely, will rise up to 25 thousand dollars.
The fact that the market is in a depressive phase is also noted by the head of Pantera Capital, the crypto-currency investment fund, Dan Morehead. Although he believes that the market is responding inadequately to the SEC’s refusal to approve the Winklevoss brothers’ application for Bitcoin ETF and the prolongation of the consideration term of the application for the launch of the same financial instruments from VanEck, Morehead is sure that investors are ready to wait out the period of low prices for Bitcoin. He was led to this conclusion by the situation with Bitcoin mining, to which investors continue to show interest.
Morehead notes that it is very difficult to calculate all the costs in bitcoin mining, however, it is obvious that most miners have been working at a loss for the past six months. This means, according to the head of Pantera Capital, that the market is calm about the reduction and its fall to new annual lows, as before the end of this year investors still expect a significant rebound, which could bring the currency to new historical records.