& # 39; Shakeout Year & # 39 ;: the economist does not say new cryptocurrency highs in 2018

In a renewed speech on cryptocurrency prices soared in the second half of 2018, one of the oldest commentators in the industry said he does not think that this year will see new historical highs


"Sideways And Downside Potential" [19659003] In a forecast and an analysis of August 2, the economist and investor Tuur Demeester claimed that 2018 would probably play the role of "shakeout year" in the Bitcoin and Altcoin markets.

"… For 2018 we see more sideways and downward potential the price of Bitcoin due to weak retail demand, the hesitation on the part of institutions and the current market capitalization that seems too much high compared to chain operations ", he summarized.

Although Bitcoin prices have dropped by up to 70% from the previous historical highs of around $ 20,000 in December 2017, there have been various short-term bullish forecasts in recent months from financial sources involved in the cryptocurrency space.

Tom Lee and polls on a broader sentiment have indicated a belief that BTC / USD 0 0 will end this year around the value of $ 20,000 or higher.

Balance of precipitous growth

For Demeester, however, the current global landscape does not support such theories.

"We think the market probably needs more time to absorb the recent 30-month rally, which could lead to lower prices," he continued.

We do not foresee new tops in Bitcoin for 2018 and, unless the data start to suggest differently, we mostly expect side or lower price actions.

The piece arrived just a day before the main news New York Stock Exchange The owner Intercontinental Exchange announced that it would launch a digital asset platform set in November.

The revelation served to further fuel optimism over Bitcoin, which had already started to fall from the last highs around $ 8450 in late July.

  Brian Kelly

CNBC's presenter and investment manager Brian Kelly called the move "the event of the year" for Bitcoin, while the markets seemed not to react, prices continue to fall below $ 7000 since then.

On the subject of a Bitcoin ETF, Demeester also adopted a pragmatic view, saying it was "unlikely" that regulators would approve the instrument before 2019 but acknowledging its potential impact.

"An endorsement of Bitcoin's ETF, even if delayed, would be a big problem because it makes the business extremely accessible to the retail investor." After the first ETF d & # 39; gold went live in 2004, the price of gold rose by 350% (and is still 200% higher today) "

What do you think of the view of the Tuur Demeester cryptocurrency markets? Let us know in the comments below!


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