This may be the last drop before the breakout, Bitcoin to Rise as Stock Market Fell
“Non-correlation is not the same as inverse correlation so there’s no guarantee that when the market goes down crypto will go up. Over the long term, we think the fundamental drivers of crypto are different from the fundamental driver of equities and other assets, and we would expect the low correlation to persist,” Matt Hougan, the vice president of research and development at Bitwise Asset Management said.
Bitcoin and Ethereum were ready for a huge breakout but they dropped 6% to 15%
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Bitcoin is close to bottoming and Ether is poised to surge soon, cryptocurrency experts says
Tom lee’s fundstrat recently corrected the trend and mentioned that crypto market has not yet compeletly bottomed so you may want to wait a little.
In the last 5 month through all the fluctuations and ups and downs of the the crypto markets top two coins, all everybody are waiting for is “bottoming”. It means that is the turning point and when the bulls are coming in. Cryptocurrency has had a big week last week. Despite the news, bitcoin has hovered around $6,600 all week.
“Each of these news items is a piece of [kindling] that we are going to throw onto a future crypto bonfire when we have the next bull market,” says Spencer Bogart of cryptocurrency and blockchain venture firm Blockchain Capital. CNBC
Bitcoin is close to bottoming, and once it rebounds, this week’s developments will fuel its climb, said Spencer Bogart of cryptocurrency and blockchain venture firm Blockchain Capital.
“We’re down about 70 percent from our highs, so I think that bitcoin is close to bottoming and so is the rest of the market,” Bogart said Friday on CNBC’s “Fast Money.”
“Towards the end of last year, when we were in the peak of this bull market, bad news seemed to have no effect on the markets … Now we are seeing the other side of that, when we have a week of news with TD, Ric Edelman and Yale, and it has almost no effect on price,” he said.
Ether is also another interesting coin in this time of the year, Ether has lost 70 percent of its value this year but Wall Street’s biggest crypto bull says it’s “about to rally strongly.”
Fundstrat’s Tom Lee says the past four out of four times ether underperformed other cryptocurrencies by two standard deviations, it saw a”major trend reversal.”
It was one of the best performing cryptocurrencies last year but ether struggled from a lack of confidence in its technology roadmap, increased competition, and “panic selling.”
Yes panic selling and now all the shorts seem to be out and all we have are bulls pushing for hodl and we see the low price points are increasing every day and week. The upcoming Constantinople ethereum update is set to make huge interesting changes to the network regulations and most likely will have positive effect on prices if nothing goes wrong.
The last four out of four times it lagged its peers that badly, by two standard deviations, Lee said ether saw a “major trend reversal.”
“We believe Ethereum is about to stage a trend reversal and rally strongly,” Lee, managing partner and head of research at Fundstrat Global Advisors, said in a note to clients Thursday. CNBC
Bitcoin at the edge of a breakout last week
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