If you have been following crypto news, you know that there is a small bull run happening right now. Bitcoin’s price is going up and it does not seem to be ready to go back, so people are having opinions about the future all around. Some of them are darker than the others, though.
During a recent interview on CNBC’s Crypto Trader show, Richard Heart, a famous billionaire who made his fortune with Bitcoin, has talked about the future of Bitcoin. He was pretty optimistic about the future of the crypto asset in the long term, but not so much right now.
According to trader and investor, we are about to see the beginning of the end of the bear market. The crypto winter, as it has often been called, has made several victims so far, so most traders are really hoping that it will finally end, according to a man who made his fortune with cryptos, you may have to wait a bit before you get overconfident in the market.
Richard Heart has affirmed that the Bitcoin market is highly cyclical and that you can simply see the trends. By looking at the market, he believes, one can see that there was “a good bounce” before the market finally reached the true bear market. He sees similarities between that moment and this one.
There is the time in which prices are chopped around horizontally and then there is the capitulation. After that, you can buy in and you will not have many problems.
This is a very common tale, however, many people believe that the capitulation has already happened when the prices hovered around the low $3,000 USD mark. According to Heart, however, traders should not buy the assets right now because capitulation has not happened yet.
He also affirmed that if institutional investors get FOMO (fear of missing out), they may put some money on the table, but that it is still too soon.
The trader affirmed that we may not see the bull run now but that there is a big chance that we may see it until October 2019, which will bring us an “awesome price increase”.
Capitulation candles will show up soon, he believes, so when the prices finally go down again and hit around $3,000 to $4,200 USD once more, that is when you buy Bitcoin because you will have so much higher returns this way.
Just like BTC has done more than once in the past, he believes that we will see a big horizontal stretch and then the “chop” when the prices go down. So, if you buy now, you may lose 30% before the bull run.
He believes that there is no such thing as an instant bull run, so having the patience to invest at the right time is the best move if you want to maximize the amount of money that you can make while investing in BTC.