Morale is low. Fear is overflowing. What to do? What to do? Turn to the crypto experts and listen to their sweet words of hope, of course. Following a message from our sponsors, check out this antidote for the FUD flowing in the air.
1.- Cathy Wood Sees Capitulation
The Ark Invest’s CEO and all-around crypto expert said Bitcoin is going to $500K in Bloomberg’s face. She didn’t say when, though. Besides that, Wood pumped green mining and said that the bottom might not be here because the market is in a “very emotional” state.
Pull up a seat and get educated by the one and only @CathieDWood pic.twitter.com/3T4P71WtYz
— Pomp
(@APompliano) May 20, 2021
She and her on-chain analyst think we’re in a “capitulation phase.” Wood said:
“We were looking at all the indicators this morning. They’re all suggesting that we’re in the capitulation phase. Which is a really great time to buy. No matter what the asset is, a capitulation phase is buy. It’s on sale.”
Related Reading | Expert Expects Bitcoin “Decoupling” From Stocks But Not For The Reason You Think
2.- Lex Moskovski Sees An All-Time High
The famed digital assets investor and crypto analyst presents a chart that shows an ATH of stablecoins deposited in exchanges. Also, a lot of BTC went from exchanges to private wallets. Yesterday, all kinds of people bought Bitcoin’s dip. Mostly institutions, though. They were ready for this.
$5.28B of stablecoins were deposited to exchanges in 24h.
This is absolute ATH.
Even bigger than pre-Tesla announcement move.
Lots of people bought the dip. pic.twitter.com/XCKhrxzSAF
— Lex Moskovski (@mskvsk) May 20, 2021
Anyway, cryptocurrencies are still on sale. Call now!
3.- Raoul Pal Sees The Same Pattern As In 2013 and 2017
The investor and Real Vision’s CEO isn’t sweating this time around. This happened before. A few times. This bull run’s pattern is nothing new, in fact, the similarities to previous cycles are uncanny. And Raoul Pal has the charts to prove it. The crypto expert also predicts “an over extension” of the bull cycle.
BTC now vs 2017… pic.twitter.com/jSvWFfgEXb
— Raoul Pal (@RaoulGMI) May 19, 2021
4.- Zhu Su Still Sees A Supercycle
The known investor and Uncommon Core’s co-host announced that he’s never had more short positions than long positions in cryptocurrencies since 2018. Then, he basically admits that he took opposite positions relative to his investments to reduce the risk of adverse price movements. Finally, the crypto expert risks it all and affirms that the supercycle is still on the table.
Haven't been net short crypto since 2018
Sometimes ok to hedge some % near tops/euphoria to be able to buy capitulation, this creates noble employment
Supercycle intact https://t.co/baBDqmJFgi
— Zhu Su (@zhusu) May 20, 2021
The Bitcoin supercycle is a concept popularized by Kraken’s Dan Held. He explains:
Never before has Bitcoin had such strong fundamentals against a macro backdrop (traditional financial system) that highlights exactly why Bitcoin is needed, the narrative is singular, and the ability for global value to flow into Bitcoin has never been easier.
Related Reading | Bitcoin Has Been in a Bull Run Since 2019—and There’s More to Come: Analyst
According to the crypto expert, this time the cycle is not going to look like 2013 and 2017. The reasons are the COVID situation, plus inflation, plus institutional adoption of Bitcoin, plus no conflicting narratives, and a general understanding of the crypto space by both retail investors and big players, It will still happen, but it’ll be bigger and better and throughout more time.
BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com
BONUS: Crypto Cobain said this is what Bitcoin needed
Back in January, Up Only’s Cobie described the exact situation we’re living in. According to the crypto expert, this situation is necessary for Bitcoin to reach $100K-$200K per coin. A blow-off top and a consolidation period that destroys weak hands, so that “everyone thinks it is “over” and hype dies down.”
Basically, 2013 repeated in 2021.
— ∞ CO฿IE (@CryptoCobain) January 6, 2021
We can only agree with the man. To finish this and create a hyperloop with the beginning of this article, Crypto Cobain closes his case and describes our situation with, “Basically, 2013 repeated in 2021.”
Photo by Jon Tyson on Unsplash - Charts by TradingView