The Longest Ever Bear Market Recorded Comes to An End – Binge Watching Bitcoin Price BoomMay 15, 2019
Kevin O’Leary, recently stated that Bitcoin is a “Digital Game” and it is “Worthless.” Bitcoin touched up until $8,000 before it gave up on some of its gains.
He explained that the receiver of this cryptocurrency is looking at some value by stating, “You have to hedge the risk of bitcoin somehow. That means it’s not a real currency. That means the receiver is not willing to take the risk of the volatility it has. It’s worthless.”
He also remarked about how he brought cryptocurrency for $100, and it is now worth only $30 amounting to 70% loss.
A calm is now following the sharp rise of Bitcoin. The overall cryptocurrency market has been consolidating gains in their newly found ranges. Bitcoin touched until $8,337 and retraced to $8,000 on Tuesday. ETH made it to $219.45 and retraced down to $222.16.
There is an increase in hunger for a store of value. Investors are looking at non-dollar resources to protect their wealth. Since Bitcoin is being paired up with Altcoins is several exchanges, both of these crypto assets have a complex relationship with each other. This is indeed a complicated relationship: the Bitcoin and the Altcoin raise and fall in correlation with each other. The sooner Bitcoin rose significantly; the Altcoins fell in their ratio.
The early stages of the bull market have now started after the longest ever bear market recorded in the cryptocurrency market. If the Altcoins as well raise in correlation with the Bitcoin, we can be sure that the bullish trends have set in.
The magnitude of the price raises has correlated with the parabolic price rise for digital assets. Institutional interest in the cryptocurrency market has provided for the improved momentum.
Steven Quirk, recently stated, “As soon as you open the door, you’re going to get a lot of people looking to participate in the market.”
Investors were able to see 600% gains after the bearish momentum eased up. Before every new increase, the Bitcoin has been testing its support level. Downside corrections set in before each new rise.
Thomas Lee stated that Bitcoin holding above the 200-day moving average is a clear bullish sign. The bears are biting the dust. Fundamentals and techniques are improving. The activity by HODLers is increasing according to OTC brokers who facilitate institutional investors. Cryptocurrency continues to sustain its face value as a lucrative investment option.
McAfee advises investors to stop Binge watching the Bitcoin price boom.