Bitcoin [BTC] and the entire cryptocurrency market has undergone a turn for the worse with many of the coins seeing significant price drops and support breaks. Several analysts have commented on the cryptocurrency scene right now, one among them being Anthony Pompliano.
Pompliano, the Founder at Morgan Creek Digital Capital, has been an avid supporter of Bitcoin and this time around he has given his overview on why the crash occurred and what lies in store for them in the future.
Speaking to CoinTelegraph, the Morgan Creek official stated that there are a lot of conspiracy theories abound in the cryptoverse about the market crash, some of which include the Bitcoin Cash hard fork and the multitude of sell-offs. Pompliano opined that individual opinions matter far less than the long-term price trends and the ones who stay in the market the longest, benefit the most. He added:
“There is not enough pain in the cryptocurrency market for the bottom to be called. We haven’t reached true capitulation yet and once that hits, we will know that Bitcoin has bottomed.”
The analyst claimed that multiple supports existed between the $2800 range and the $4000 range with the chances of the cryptocurrency falling below what it is right now being very high. In his words:
“Historical context can give us a slight perspective to decide what and what not to do. Once the naysayers leave the market, the base of holders who say ‘I am not going anywhere’ are the ones that will cause the spike.”
He also informed investors that “sometimes no action is the best action” and that the process of buying and selling has to be methodical and disciplined. Pompliano did not hold back when he went on to say that once there is true blood on the streets, only then will the bear market end. He had earlier heaped praised on Bitcoin saying:
“This is a transaction settlement layer. It’s the most secure in the world, so it’s gotta be worth something. It can’t be worth zero. It’s the best performing asset class over the last 10 years it’s outperformed SP, Dow, Nasdaq during the longest bull run.”
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