As Bitcoin crashes and remains in the red, crypto experts are bearish on Bitcoin price movement in the short term with many of them openly sharing their research on Twitter and other social media handles.
More Pain Ahead
Bitcoin is currently trading at $4,323 while down by over 4 percent in the past 24-hours at the time of reporting. Altcoins have fallen even sharply in tandem with Bitcoin that has taken the total market cap to $139 billion from $220 billion about two and a half weeks back.
Bitcoin 1-year price chart, Source: Coinmarketcap
A new KPMG report claimed,
“Cryptoassets are now impossible to ignore,”
which is certainly true but at the moment everyone wants to know when are bears making an exit from the market.
Well, after FOMO (fear of missing out), it’s time for FONGO (fear of not getting out) according to Steve Worthington, a payments expert adjunct professor. An Australian media channel quoted this professor as saying,
“All of the cryptocurrencies have gone down dramatically in the past couple of months. FONGO” – fear of not getting out – is what’s seeing the prices fall so incredibly. (It’s) people selling to make sure they get out while there’s still some value left.”
The pain is indeed expected to be ahead as crypto experts analyze the market. Tone Vays, Bitcoin maximalist says BTC has been actually overpriced for the past year,
“BTC constantly drops 80 or 90% to make sure people know what they’re doing, that they understand why they’re in BTC. And I think there are so many big buyers of Bitcoin and they weren’t buying it for the right reasons. They were buying it to make a quick buck and to be famous and to make money for their investors.”
Vays also Tweeted,
It's been a long time Since I've been Bullish on $BTCUSD. My best guess, 2nd Week of February right after the Crash to $6k, we rallied all the way to $12k. I see a similar path for #Bitcoin this time, but 2x to $8k might be a stretch. pic.twitter.com/4XNBZAZ2vD
— Tone vays [@Bitcoin] (@Tonevays___) November 22, 2018
This market is not for those looking for quick and only profits as per the experts. Anthony Pompliano, founder of Morgan Creek Digital shares similar sentiments and believes Bitcoin can further drop to $3,000, a thought shared by BitMEX CEO Arthur Hayes as well.
In late August, Pompliano has already stated, “we are likely to see bitcoin near $3,000 before we see Bitcoin at $10,000 again.”
Some are even expecting Bitcoin to go to $1,000. Stephen Innes, head of Asia Pacific trading at Oanda, says he “remains incredibly bearish on BTC and $1k is a real possibility.