In today’s bitcoin news we have another prediction coming from Peter Mallouk, the chief investment officer at Creative Planning Inc., according to which Bitcoin is a dead man walking and it will eventually drop down to zero.
Mallouk is a familiar bitcoin skeptic to the crypto community and he believes that BTC bulls are extremely delusional and that they don’t realize that the asset is worthless. He believes that the current bear market is a proof that the end for BTC is close.
He wrote in Forbes:
“It won’t go quietly, but the recent precipitous drop may be the beginning of its inevitable and inexorable death spiral. Or there could be a dead cat bounce. Either way, I see bitcoin as a dead man walking.”
Mallouk doubled down on his prediction and now he believes that the bottom for bitcoin is zero and that BTC is down on that road since it is a speculation and fraud asset. However, other cryptocurrencies and blockchain will continue to live on.
Despite not believing in bitcoin, he notes that the blockchain technology is a revolutionary one and it will dramatically influence and change how industries operate and do business. Also, he advocates that the blockchain revolution won’t help save bitcoin so it is better for crypto enthusiasts not to expect that in the first place.
When talking about the number one cryptocurrency, Mallouk said that if people are hoping to earn a lot from investing in bitcoin, maybe it is a better idea to throw darts at microcap stocks but if users are willing to lose everything they got on Bitcoin, then they should go for it.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected. “Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote. So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen. Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
Analysis: Interest In Crypto Rises With More Than 55 Million Users In 2018 Alone
“Combining public data and survey findings, we estimate that the total number of user accounts at service providers amounts to at least 139 million in late 2018.’’Active and verified users have increased seven times than two years ago. Last year the number of crypto users was 18 million, in 2016 there were only 5 million. The report notes:
“Using a combination of verified user data and the average share of ID-verified accounts described above, we also estimate there are currently at least 35 million ID-verified users globally.”There has also been an increase in the number of active users has also increased which in 2016 was about 35%, it rose to 36% and this year reached 38% active users. Despite the bear market, there is an even bigger increase in the number of crypto service providers that add support for multiple cryptocurrencies. Even cryptocurrency exchanges support multiple coins which make up to 89% of all the exchanges but also wallet providers decided to add multi-coin support up to 90%:
“Wallets with multi-coin support surged from 46% in 2017 to 90% in 2018, with 60% of wallets currently supporting more than 3 cryptoassets as opposed to only 10% in 2017.’’
Altcoins Consolidating Above The Yearly Lows, Bitcoin Follows The Recovery Path
Join us on Facebook
- Canada Warns Its Citizens About The Growing Number In Bitcoin Scams
- Mining Ethereum Can Make You A Target For Hack Attacks According To Developers
- The Biggest Cyber Threat Of 2018: Cryptojacking Overtakes Ransomware
- French Stock Market Watchdog Blacklists Four Crypto-Related Websites
- Analysts Confirm: The Bomb Threats Aren’t The Reason For The BTC Price Drop
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Blockchain Archive5 days ago
You Can Pay With BTC In These Companies (Updated)
Blockchain News3 days ago
CEO Of Overstock Expects A Blockchain Products Market In 2019
Bitcoin News5 days ago
Bitcoin Hash Rate Drops, Miners Shut Down Their Devices
Altcoin News4 days ago
CEO Of Allianz: Regulators Should Step In Harder And Outlaw Cryptocurrencies
Blockchain News4 days ago
Samsung Files For A Smartphone-Based Crypto Trademark In The EU
Ethereum News4 days ago
Developers Tested Exchanging ERC-20 Tokens Using The Second-Layer LN Protocol
Altcoin News4 days ago
Gemini Founders (Winklevoss Twins) Launch A New Mobile Crypto Trading App
Analysis5 days ago
End Of Year Analysis: $930 Million Dollars Worth Of Cryptocurrency Stolen In 2018