Jeff de Graaf (Jeff deGraaf), head of technology research at Renaissance Macro Research said that BTC may soon “come out of the game.”
The message to clients is known for its insight, the analyst stressed that the bitcoin price graph indicates that the first cryptocurrency “forever lost” part of its potential.
CNBC, quoting de Graaff writes that “parabolic shifts have always been Wake-up call to sales on short positions,” adding that the apex is usually formed with the appearance of a descending triangle on the background of low volatility and low publicity:
“Once formed the top … the action is usually recognized irreversible loss of the functionality or even completely impaired. We, of course, mean A-shaped dynamics of prices of bitcoin in the market today”.
This hypothetical situation can become very real if the portfolio BTC/USD will not hold at the support level established since the beginning of the year, said de Graaf.
Quotes bitcoin has made a complete cycle, settling at around $6149 (the exchange rate at the time of publication of the material) after a sharp rise to $8450 at the end of July. In August last year, the bitcoin price was almost twice lower — $3400 — cryptocurrency the market started to gain momentum, which ultimately almost brought quotes BTC to $20,000 in December.
In this case, leading financial corporations and institutions continue to “shake” the market, expressing interest in cryptocurrencies in General and bitcoin in particular, negatively commenting on the digital economy. So, on Tuesday it became known that the banking conglomerate Barclays really going to start trading cryptocurrencies; in addition, on the same day, Bloomberg announced the project custodial services for cryptocurrency, consider Goldman Sachs. At the same time CEO of JPMorgan called it “fraud” and threatened to fire all their employees involved in trading BTC.
comments powered by HyperComments