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SEE WHAT EXPERTS ARE SAYING ABOUT BITCOIN

A Bitcoin and technology researcher, Boris Hristov had a lot to say about the current market conditions. According to him, the only way BTC is going to regain its garner legitimacy and composure is if institutional investors enter the market. However, because most of these investors aren’t willing to take the financial risks attached to trading cryptocurrencies, they do not want to get involved in the market. In his words:

“Some potential institutional candidates are Marco funds CTAs, multi-strategy funds and alternative strategies have about $600 billion AuM. Commodity assets alone that are held by hedge funds were $300 billion as at 2017. It makes up for 10% of the AuM. BTC may fall into this bucket. Macro funds are potential institutional candidates. However, the current circumstances are bleak.”

Making reference to custody investments like that of Fidelity and Goldman Sachs, he said that the playing field will soon be ripe for institutional investors. These services will help them to invest in a less volatile market through over the counter trading.

Robert Sluymer, Also From Fundstrat, Sees Bitcoin Bottoming

Down the street in CNBC’s broadcasting room, Sluymer pointed out the series of higher lows which the price of Bitcoin should hold at if the market stays in a bearish state.

He reiterated that he believes that Bitcoin is about to “challenge its downtrend,” with Bitcoin’s price movement possibly turning to the upside if it breaks through the current downtrend levels.

As well, he also pointed out that Bitcoin’s RSI was sitting at quite a low level, similar to the levels seen before previous temporary movements to the upside seen earlier this year.

Sluymer said:

The setup is there, but what we need to see is the token actually breakout and move through some very key levels.

However, like many analysts, Sluymer had something to say about the unlikely chance of a ‘worst comes to worst’ scenario. But Sluymer has still shared the bullish sentiment with his co-worker, Tom Lee, saying:

If you’re short we think you should be very careful and reducing your short exposure. I think if you’re looking to be long this is where you start adding here to your long exposure.

NamePrice24H (%)
Bitcoin$3,364.05-2.24%