Leading investor: this season of Bearcoin Bear may last for a while & # 39;

Although the market has started to recover, albeit slightly, some industry leaders are not convinced that Bitcoin is back in bullish mode yet.

"Bitcoin will go to the bottom, so it will go sideways" [19659003] Anthony Pompliano, the founder of Morgan Creek Digital Assets, crypto / blockchain-centric, recently appeared on Ran Neuner's show "Crypto Trader" to express his vision down on this nascent market.

Pompliano, who passes through "Pomp" in many circles, has opened his segment by discussing the fact that the bear market, which began near the beginning of 2018, could be all but finished.

Responding to Neuner's question on the bear market, Pomp declared:

I think if you look through the historical context with these satellite dishes – we saw the drawdown of around 70% or so, we saw a couple in the past it was worse that he was right in 80-85%. But I think what's happening is when you get a long drawdown we've just seen, we'll hit a fund at some point and then we'll go sideways for a while. "

Later elaborating its temporal forecast for this prediction, the Morgan Creek executive drew attention to the correction of about 400 days that Bitcoin suffered after the Mt.Gox attack. . Rather than comparing this correction to the aforementioned, Pomp added that the 2018 correction could be "long enough". Although it did not give solid numbers in this statement, it is implied that it expects this drawdown, pullback or whatever you want to call

He went on to add that the value of Bitcoin, along with other cryptographic assets, has not yet reached bottom, but added that it is "hard to say" exactly where price levels will go. But citing the data compiled and analyzed by Morgan Creek, Pompliano noted that Bitcoin could go somewhere within the range from $ 3,000 to $ 4,000

To support this forecast, Morgan Creek's executive has noted that his company is ready to allocate fiat to the market at those levels, alluding to the fact that a Bitcoin from $ 3000 to $ 4000 would be a good area of ​​accumulation

This prediction reflects what Pomp has pointed out in a recent letter of Morgan Creek Digital Assets, broadcast by CCN, in which he wrote that Bitcoin could drop to $ 3,000 in the coming months

An influx of capital catalyzed last year Bull Run

The guest of CNBC Neuner has continued to question Pomp on last year's bull rush, asking the investor the catalysts behind the Bitcoin historian from $ 1,000 to nearly $ 20,000 in a year. The founder of Morgan Creek raised for the first time the idea of ​​government restrictions, noting that if a ban is placed on a specific asset, investment class or industry, it will intuitively counteract an inflow of purchasing pressure, rather than a pressure sold.

was evidently seen in crypts with the Chinese government, which banned the purchase, sale and trade of cryptocurrencies and Ico several times in the middle at the end of 2017. Secondly, Pomp noted that 39; last year's inflow of capital from retail and institutional investors can also be attributed to the staggering bull run last year. He added that enough money has arrived to lay the foundations and infrastructure for the next five to ten years. "Even today, there is still inflow of capital, even in the face of a bear market, which sees it as a" positive sign for the future. "

Last but not least, he drew attention to the network effects of these public blockchains.For those who are not aware, a network effect is a correlation between the number of individuals using a network and The value of this network While Bitcoin grew last year, the number of active portfolios and individuals using the blockchain has increased, making BTC itself more valuable

Although the perspective of Anthony Pompliano may seem bearish on cryptography in the short to medium term, it is clear that it is ready to pack it for the long haul

  Photo of Janko Ferlič on Unsplash 

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