Leading Crypto Market Analyst Refers To Recent Bitcoin Price Recovery As A “Zombie Rally”
Respected Analyst Refers To Recent Bitcoin Recovery as a “Zombie Rally”
As many of us already know, the past week has seen Bitcoin (BTC) rally strong and cross the $4,100 threshold once again. This strong push comes after the premier asset had dipped to an annual low of around ~$3150 (a week back).
However, despite many people saying that this double digit surge could mean that a bull run is on its way for Bitcoin, Alex Kruger, a well respected cryptocurrency pundit was recently quoted as saying that this latest rally should not be seen by the investor community as a sign of future “prosperity”.
Kruger Is Not Sold On Bitcoin’s Recent Comeback
As mentioned earlier, Alex Kruger, recently took to Twitter to dish out his opinions on the state of the global crypto market right now. Via a barrage of online messages, the well respected economist claimed that the only reason the crypto sector is experiencing upward financial movement (at the moment) is due to the entry of institutional participants such as Bakkt and Fidelity into the market.
Following this, Kruger then went on to state a number of negative factors that could once again cause the altcoin domain to go into a depression in the coming few weeks. For example, he said that the capitulation of crypto funds as well as the U.S. Securities and Exchange Commission’s (SEC) token sale skepticism could see the global digital currency market tumble and fall soon.
More On The Matter
In a recent interview, Kruger was quoted as saying that Bitcoin’s most recent bear market bounce could have simply been a “correction off oversold levels” rather than a fundamental shift in the demand for the premier asset. Also, it is worth noting that Coinbase CEO Brian Armstrong too recently hinted that the strong push being witnessed by currencies like EOS, XRP, BTC could be related to FOMO that had been circulating over the internet recently.
Technical Indicators Suggest That Bitcoin Is Poised To Make A Comeback
While the naysayers continue to bash Bitcoin, data accumulated by some crypto pundits seems to indicate that the currency’s recent bull run has exhibited classic signs of a long-term value surge. On the mater, an independent crypto analyst by the name of Quantamental was noted as saying that BTC is currently showcasing “signs of a ‘V’ bottom.”
Not only that, Quantmental also revealed how Bitcoin had already surpassed its 2017 trade volume and that yesterday (Dec. 20), the premier currency saw its highest day trade volume since its inception (around 10 years back). On the matter, Quantmental also wrote:
“Remember capitulation requires a large drop on massive volume, and the recovery of the “V” requires a large bounce on large volume. We have both here.”
While a whole lot of people either continue to back the crypto sector or root against it, one thing is for sure that some major changes can be expected within the market as we usher in the new year.