Crypto investors have had a disastrous week, things went from bad to worse. After crossing the support level of $5,800 on November 14th, there was no looking back at the falling prices of bitcoin and the entire crypto market as a whole. It even approached the support level at $4,400 but as of now, it feels like that still holds.
Of course, the mainstream media did not miss this opportunity to bash bitcoin. CNBC Fast Money, infamous for its cryptocurrency-related coverage, went all gun blazing. Anti-crypto Fast Money panelist Pete Najarian said: “there will be more pain ahead.” He followed up by saying that Bitcoin’s ‘speculmania’ is swiftly going to be a far-off thought. According to him, all the speculators have exited the market. Although Najarian was reluctant to give a precise price mark, he thinks that there is no more excitement around crypto. Tim Seymour also has the same views and says that liquidity has dried up around Bitcoin.
Obviously, Nouriel Roubini, Dr. Doom himself wouldn’t miss the opportunity to gloat about this, as earlier he had labeled bitcoin as a scam, a bubble and everything in between. The Turkish-born economist has been taking shots at HODLers on Twitter:
Bitcoin Down 25% in less than a week. Almost 80% from peak. ETH down 90% from peak. And all other shitcoins down much more, 95% or more or dead. So for how long HODLing zealots will keep on "buying the dip" so their losses become 99.9% compounded? Serious question…
— Nouriel Roubini (@Nouriel) November 19, 2018
Although, clearly, the trend is not in crypto’s favor. As evident from the graph below, we can see that BTC is in the midst of a long-term descending triangle.
Although many analysts do not echo these sentiments. Nigel Green, founder, and chief executive of U.K. consulting firm deVere group, said the two-day decline is investors don’t want to miss.
“Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices in order to build their portfolios and shore-up their positions,”
He emphasized the fact that crypto skeptics are using this current wave of volatility to knock digital currencies. Whether it is bitcoin, or any of the current generation of coins, or not, cryptocurrencies are here to stay.