Bitcoin has dropped close to 30% in November and is hinting more losses. But many prominent crypto figures believe the digital currency will recover one way or another.
CNBC Crypto Trader Ran Neu-Ner said that the crypto market is at most bearish not in a full-fledged panic mode. He predicted that bottom was near which could allow people to reestablish their long positions in Bitcoin and other top crypto-assets.
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
Keep Calm and HODL
Analysts from all across the crypto-sphere had previously highlighted $6,000 as their potential bitcoin bottom. Bears broke the said level on Thursday last week, which ultimately shifted many preconceived notions about Bitcoin supports. Some predicted it will crash to as low as $4,500 before it corrects higher. While a widely reported analysis by Bloomberg called $1,500 an achievable bottom for Bitcoin.
The crypto market, which mainly consists of retail investors prone to emotional trading, tends to react to these predictions. A dump orchestrated by bear whales can easily send jitters across the whole community, leading them to sell shortsightedly fearing additional losses.
Changpeng Zhao (CZ), the founder and CEO of Binance, the world’s leading digital assets exchange, highlighted this problem and requested the community to avoid reacting to Bitcoin bears. He reminded how bitcoin since inception has gone through similar wild swings only to reemerge as a winner.
been through this many times already. Secret of success? Keep your head down and build.
— CZ Binance ??? (@cz_binance) November 19, 2018
Earlier this month, CZ had predicted a bull run in the Bitcoin market albeit without mentioning the catalysts that would drive it.
Glorious Spring Ahead
John McAfee echoed his pro-crypto view albeit with a dramatic touch to it. Comparing the current bearish bias with a harsh winter, the antivirus pioneer predicted a spring – a strong upside correction based on the historical price action of Bitcoin.
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
While Bitcoin bulls attempt to re-inject confidence in the market, Bitcoin is already undergoing a free-fall. On Bitfinex, the BTC/USD rate briefly breached the $4,500-support area and established lower lows towards $4,400. A minor correction appeared later and took value back above the so-called bottom.
Nevertheless, on Coinbase, the BTC/USD is now trading at $4,403 at the time of this writing, with its daily low already established at $4,218.
All eyes are now fixed on the launch of the ICE-backed Bakkt trading platform in December. If it does prove bullish, then the SEC’s decision on Bitcoin ETF remains the only interim catalyst that could drive the Bitcoin higher – as the crypto celebs mentioned above predict.
Image from Shutterstock