Stephen Innes is the head of the Asia-Pacific Trading Division of the Oanda trading platform. In an interview in the show “Bloomberg Market: Asia” Innes has now commented on the situation on the crypto markets. He said that, contrary to the opinion of the “fortune tellers,” the current situation is still bad for investors.
Experienced investors do not use a “falling knife”
< At the beginning, Innes was asked how far the Bitcoin price could fall. He began by saying that crypto currencies continue to be an unattractive buying opportunity in the short term for a number of reasons. The most important factor here is the current atmosphere of uncertainty as to where the market is heading. This, according to Innes, is due to the long bear cycle of Bitcoin.
As stated by Innes:
“What I'm paying particular attention to here is how the coins have been in recent months were traded. There are signs that the bottom has not yet been reached, so I do not believe that seasoned investors are ready to grab the falling knife. This shows me that there is still room [down]. As soon as we reach the turning points with the round numbers, such as $ 3,500 or $ 2,500, the psychological pressure on the less experienced investors will increase. “
Innes added that, in view of the Blockchain continues to be optimistic over the long term. He was so uncertain, however, where the coins moved. He said:
“In view of the momentum that we had last year, price movements are not positive. Contrary to what the so-called fortune tellers claim, now is not a good time to get in, because we do not know what we really buy at that level. That's the problem I have to understand coins at certain turning points. “
Not all are pessimistic
Then they asked Innes if the situation was just that Result of temporary effective factors, or whether something fundamental is wrong. Innes responded that the current situation would be exacerbated by the reluctance of Wall Street. Also contributing to the increasingly narrow regulatory landscape, the “hash war” after the hard fork of Bitcoin Cash and the threat of hacking attacks. He said:
“It's a little confusing. There is a reason why the courses are falling. If you take these reasons together, it shows that there is not one single factor, but a whole series of them. That has led to the current crash. “
However, not all market participants are as pessimistic about the situation of crypto currencies as Innes. For example, Nasdaq recently announced its intention to open its Bitcoin futures market in Q1 2019.
Sources: Bloomberg Market: Asia, Bloomberg, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-kurs-prognose-bei-2-500-usd-laut-oanda-manager/
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