Timothy Enneking Says It's Not Yet Time To Buy Cryptocurrencies
In a recent article, Timothy Enneking says that it's not yet time to purchase virtual currencies. At least not quite yet. Mr. Enneking is the founder and principal principal of Digital Capital Management.
Rothschild family said: "When there is blood in the street." The Rothschild family has been one of the richest in the world for around 200 years. Enneking asks himself the question if there is enough blood in the streets right now to start buying Bitcoin (BTC). For him, the answer is 'not quite yet.'
Bitcoin in the market. He explains that in Bitcoin's history there are no between 57% and 82% between peak and bottoms. 80% to start his analysis.
That means that there are four drops larger than 80% Bitcoin's history. In 2011, 2013 and 2015. In 2018 we do not know whether we have reached a bottom or not. The drop has been 93.6%, 82.6% and 86.9% respectively. During the current bear market, Bitcoin plummeted 83.4%.
Enneking says that the last drop is not yet over. In order to be the second largest drop in history, Bitcoin He would have to drop down to $ 2,553. Additionally, if the current trend is the hardest ever registered, Bitcoin would have to fall down to $ 1,239.
He went on to say that the average time for the price is double from the bottom is four months. In order to keep recovering, Bitcoin needed an average time of one year and four months or reach the prior peak. However, once this is reached, for two months.
He analyses if we've reached a bottom or not. He says that Bitcoin has a peak. This violence, according to him, can be measured in a breaking point of not.
Now the question is when the capitulation will take place in the market. He believes that will happen to everyone when it happens. However, there is a small chance for Mr. Enneking to have a bottom close to $ 2,800. He does not discard the possibility of reaching $ 2,000 as well within a month or two.
Enneking is sure that Bitcoin and virtual currencies are going to play an important role in the financial world in the future.
About it he wrote:
"I remember almost six years ago when I first heard of Bitcoin and cryptocurrencies. I was not convinced they would survive. After a year or so, survival was not an issue, but scale and importance were. Crypto trading tokens and Bitcoin will be here to stay and will play a non-trivial role in the financial system. "
Being at the moment, there is a lot of infrastructure being created and created by many developers and investors. There is also a lot of people who have a lot of influence in the market.
We could be close to a bottom, says Enneking. However, there is not enough blood running in the crypto streets to simply start to buy bitcoins and other tokens.