Business, Market Analysis, Top Stories

Bitcoin [BTC] Price Further Expected To Drop Despite Its Last Week’s Bull Run – Report.

In a recent ‘interview‘ with CNBC, Morgan Creek Digital Assets founder Anthony Pompliano stated that, the price of Bitcoin [BTC] is still expected “lower to go” despite its bullish run above $4,000 USD last week.

Speaking in an interview, Pompliano, who is additionally a frequent markets commentator on social media, became the newest figure to assert Bitcoin markets will solely bottom out once the worth drifts below $,3000 USD.

Adding further, he said:

“Short run, I actually suppose we’ve yet lower to go.”

Earlier in Nov., Pompliano predicted a plunge to $3,000 USD for BTC/USD that subsequently occurred earlier this month.

Since then, prices across the crypto markets have embarked on, with Bitcoin [BTC] touching its monthly high of virtually $4,300 USD before correcting downwards to circle $3,782 USD at the reporting time. Some altcoins gained way more, with Bitcoin Cash [BCH] and Ethereum [ETH] doubling their respective USD values in days.

Asked whether or not Bitcoin’s price was “correlated” with traditional or FAANG [Facebook, Apple, Amazon, Netflix and Google] stocks, Pompliano denied both assertions.

Like crypto-currencies, FAANG stocks have tumbled in 2018, with ancient stocks following over the Christmas period of time.

“I undoubtedly agree there are some psychological sections at play as the stock exchange pulls down,” Pompliano continued , noting Bitcoin’s [BTC] ‘correlation‘ with the S&P 500 was “zero” and “near zero” with the USD index.

Just even last week, veteran trader named ‘Tone Vays’ warned that a close below the 50-month moving average would take Bitcoin [BTC] all the way down to $1,300 USD, the high point of its bullish run in 2013.

Leave a Comment

Your email address will not be published. Required fields are marked *