Crypto Experts To The Investor Panic Rescue: Bitcoin Bear Market Is Hard But The Strongest Survive
The virtual currency market has experienced a very hard drop in the last days. November started with positive trends for XRP and Bitcoin Cash, and some other virtual currencies. However, after the second week of the current month, things completely changed.
On November 14, Bitcoin plummeted from $6,350 down to $4,277 a few hours ago. This represents a price reduction of 32% in just a few days. However, the whole cryptocurrency market has lost around $60 million dollars during the same time frame. And this is something that has affected the whole sentiment in the market.
There are already some important figures in the cryptocurrency space that are starting to comment on this issue. For example, CNBC’s CryptoTrader Host Ran NeuNer wrote on Twitter that the bottom is getting closer.
Up until now even though we have been in a bear market we haven’t seen panic or capitulation. In the last few days panic is clearly upon us. It’s a great signal that the bottom is near…
— Ran NeuNer (@cryptomanran) November 20, 2018
However, Ran NeuNer was not the only figure commenting on this issue. Changpeng Zhao and John McAfee have also given their comments about this. Changpeng Zhao is the founder and CEO of the cryptocurrency exchange Binance. He wrote on Twitter as well that he has experienced these bear markets in the past and that the secret to success is to keep the head down and build.
been through this many times already. Secret of success? Keep your head down and build.
— CZ Binance (@cz_binance) November 19, 2018
Several analysts have been commenting about virtual currencies and giving their price predictions for the future. According to Bloomberg analysts, Bitcoin could reach $1,500 dollars as a bottom. In general, the market is full of emotional traders that react to these predictions and price fluctuations.
John McAfee, who is already one of the leading figures in the crypto world, said that people panicked and that there is no need for it to happen. He has also shared his experience saying that he has seen these bear markets dozens of times in many different markets and that all of them are the same. Nevertheless, he said that bear markets are like winter and that they are always followed by a ‘glorious spring.’
People have panicked. But there's no fucking need. We're in a bear market. They suck, yes, and not like a hooker with no teeth. But I'm 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.
— John McAfee (@officialmcafee) November 20, 2018
At the time of writing the article, Bitcoin is being traded around $4,450 dollars, one of the lowest points this year. The crypto community is now waiting for a price increase with the release of the Bakkt platform by the Intercontinental Exchange and the approval of the first Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) in February.