As many of our readers already know, over the past few weeks Bitcoin (BTC) has been hovering around the $3,400 mark— leading many traders to proclaim that the premier crypto asset was nearing its bottom. However, with that being said, there are analysts like eToro’s Mati Greenspan who still believe that BTC could stoop even lower in the coming few weeks.
In a recent interview with a respected crypto-media outlet, Greenspan went on record to state that as things stood ‘Bitcoin was still looking for a floor to bottom out on’. And even though he did admit that the premier asset had a clear support-level forming near the $3,000 mark, there was a more than likely chance that the currency would fall below even those levels.
More On The Matter
Another individual who has recently been echoing Greenspan’s market sentiments is Anthony Pompliano— a well-respected crypto personality who is known primarily by his nickname ‘Pomp’. He too believes that the crypto market has yet to reach its bottom. Elaborating on his stance, Pomp mentioned that while 2017 witnessed a historical rise in the value of assets like BTC and ETH, 2018 saw the industry cool down significantly. As a result of this, the Morgan Creek representative now believes that the altcoin sector as a whole will start to follow a
“macro bear market trend until a bottom or long-term floor is eventually found”.
This ‘floor value’, according to Pomp, will be established near the $2,500 range.
Other Key Details Worth Noting
Even though one might be led to believe that Pompliano holds an overall bearish sentiment in regards to BTC, he has time and again been quoted as saying that in the long-term
“Bitcoin will be just fine”.
Also, it should be remembered that with the recent death of QuadrigaCX founder ‘Gerry Cotton’, around 26,500 BTC have been lost forever. This basically means that around 0.12% of the entire BTC vault will most likely never be recovered, something which indirectly translates to an increase in value for all of the other BTC tokens currently in circulation.
Earlier this week a crypto exchange revealed that they are unable to access ~26,500 Bitcoin that were in their possession.
That means there are 26,500 less BTC available of the 21M total created.
Eventually everyone will understand scarcity.
Don’t be one of the last ones.
— Pomp
(@APompliano) February 2, 2019
Final Take
In recent weeks, discussions/debates regarding Bitcoin’s true purpose have been raging across the globe. For example, Max Keiser recently went on record to state that Satoshi Nakamoto’s original vision was one where Bitcoin would be used as a Store of Value rather than as a digital cash system. He elaborated on his stance by saying that the premier currency was inherently a ‘decentralized SoV entity’ since it did not require third-party individuals to verify individual transactions.
