The collective crypto market has surpassed $250 billion and analysts have been quite optimistic about the overall cryptocurrency scenario. As Bitcoin continued to demonstrate gains lately and staying above the $7,500 level, a unified voice from the community echoed the end of the “crypto winter”. The former Chief Strategy Officer of Bitfinex Phil G. Potter also believes that the bear market is over.
“I certainly had the view that once we are up the lofty levels set, it was time to sell. I mean that was mostly what I did. And I think that as the market came down, it was pretty clear to me that it was deep and we would have to go down a lot.”
In a recent panel at MCC2019, Potter stated that,
“I was calling $3000 at the tops and in some sense, I was right or very close to it. But the reason is we would have to take enough pain to take the noobs out of the last cycle. And this is what happened in Bitcoin.”
Talking about the “hype cycle” of Bitcoin, Potter said that new entrants that come in should be turned into “battle-scarred veterans” before the new group of entrants make their way into the Bitcoin field.
He is of the opinion that the recent bear market was pretty mild in contrast to the previous bear market which was a “lot longer”. He also said that he sensed that the crypto experiment might be dying. He believes that Bitcoin would live longer and people would hold some of it. He clarified that he does not want to sound bullish and continued,
“..we could very easily see those highs, pretty quickly again…it does not take a lot of money to chase not a lot of supply. Imbalances can create very shocking movements, specially now, we have a lot of leverage products out there too.”
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