Ex-Bitfinex Exec Phil Potter: Crypto Bear Market is Over, Imbalances Can Create Very Shocking Movements
The aggregate market cap value for all cryptocurrencies has surpassed $250 billion, resulting in a wave of optimism among cryptoanalysts. In fact, the majority of these experts believe that the ‘crypto winter' is over, following the recent resurgence of Bitcoin that has seen its prices stay above $7,500 for sustained periods.
Phil Potter, the former chief strategist at Bitfinex, also believes that the bear market is over. He admitted that he was tempted to sell during the record-breaking bullish run in late 2017. When the bear market stated, Potter was sure that it would persist for a long time.
In a recent discussion on YouTube, Potter said that he predicted that the value of Bitcoin would dip to $3,000, and given how it transpired, he was not far off. He said that Bitcoin holders had to undergo such a lousy experience to weed out newbies who weren’t interested in long-term investments.
Speaking about the Bitcoin hype, Potter stated that the new investors should be toughened up before the new wave of investors delves into Bitcoin trading.
Potter concluded by mention that the recent bear market wasn't as more prolonged as the ones experienced in the past. He also said that he is confident that people are no longer experimenting with digital currencies and that he expects people to continue holding onto Bitcoin. He, however, said that he doesn’t want sound bullish, saying that the market could easily experience another bullish run soon.