BTC Trading Marksman: Lingering Crypto Winter is Over but Bitcoin’s Short Term Future in Question
Over the course of the past 14 months or so, the crypto industry has been ravaged by bearish conditions that have resulted in the price of most altcoins plummeting by over 80 percent. Not only that, during this time period, a number of big-name firms such as Coinbase, Ledger, ShapeShift have also had to lay off a majority of their staff just to stay afloat financially.
More On The Matter
In a recent interview with eToro’s Mati Greenspan, the respected altcoin analyst stated that with BTC crossing its long-term bear trendline, the crypto winter was officially over. To be a bit more specific, he added that following Bitcoin’s move over the $4,200 mark, the bulls were once again able to take over the market.
Greenspan’s aforementioned comments were also echoed by Tom Lee recently, who too is of the opinion that the future of the altcoin market looks quite promising. Not only that, but Lee was also adamant that BTCs recent upward surge was based on “true buying” and not done through the use of some manipulatory tactics as suggested by a Reuters report recently.
As per the above linked Reuters article, a single investment entity was responsible for procuring $100 million worth of Bitcoin across three exchanges last month — as a result of which a short-term influx of FOMO was established that forced the price of Bitcoin to spike quite rapidly.
Other Important Information Worth Pointing Out
- Despite the crypto market performing quite well over the last 30-40 days, it still appears as though BTC might be faced with a dramatic sell-off in the coming few weeks — which might once again send the price of the flagship crypto asset back to its pre-rally levels (low-$4,000s).
- Greenspan believes that the recent scandal involving Tether and Bitfinex is still quite fresh in the minds of most investors and could result in some sort of market backlash in the near future.
- Crypto savant Patrick Heusser too is of the opinion that it will be a miracle if Bitcoin is able to break its $6,000 barrier in the short-term. This is because he believes that the cryptocurrency market is somewhat overextended at the moment and that a pullback to $4,800 would be healthy for the premier altcoin (so as to allow for it to continue growing in the years to come).
With so many varied opinions regarding BTC currently floating all over the internet, it is quite difficult to ascertain whose advice to take seriously. However, one thing is for sure that the future of the altcoin sector looks primed for big things.
For now, all we can do now is wait and watch patiently.