As a result of a 80% decline since its peak this year, the brutal decline in the price of bitcoin
market participants are wondering what's next for the digital no.1.
A fresh bull ran from here? Or look below!
Given the decline of over 20% over the past 36 hours, this could be the last one.
However, both camps are making their case for the next move of the digital asset:
Read: Why jewelry prices are at a fresh collapse
One of the most prominent shepherds is Tom Lee, managing partner at Fundstrat Global Advisors. Lee, who held a $ 25,000 end-of-year price for the best part of the year, lowered it to $ 15,000 on November 16th.
In a research note, Lee said the depth of decline has exceeded the fundamentals of the market. "While bitcoin broke under $ 6,000 of psychological importance, this led to a renewed pessimism wave, but we believe that negative change of sentiment is far more serious than fundamental implications," he said.
Speaking of CNBC on Tuesday, Lee admitted the recent decline "was certainly a negative development."
The bull bit, Tom Lee, is after its $ 15,000 target at the end of the year, although prices have fallen to the lowest levels in more than a year. https://t.co/3fjms5lNux
– CNBC (@ CNBC) November 20, 2018
Another ultra-bull is Nigel Green, the founder and CEO of the British consulting firm deVere, said the two-day decline is an investment investors do not want to miss. "Investors understand that digital coins represent the future of money and as such will capitalize on lower prices in order to build their portfolios and strengthen their positions," he said.
Green said that stupidity has fueled unnecessary criticism about the emerging technology. "Crypto Cynics use this current volatility wave to beat the coins. Whether it's a bitcoin, or about any of the current coin generations, or not, encryption is here to stay," he continued.
Another bitcoin bull that believes that the best trade at this point is "long beats, short bankers" is Anthony Pompliano, founder of Morgan Creek Digital.
At the end of August, Pompliano was a little more pragmatic, saying it is likely to see a bitcoin of nearly $ 3,000 before we see Bitcoin again at $ 10,000.
Today, with his wanderer, Pompliano admitted that he had made an unusually large number of calls, but he tried to ease his nerves by guiding the morning research note with "Everybody Breaths." The world does not end.
Read: Overcoming people can be "the trade of our generation," says Morgan Creek Digital founder
There is no bigger critic than a bit-bit Nouriel Roubinprofessor of economics at the University of New York.
Roubini has named bitcoin a scam, a balloon, and everything in between. With the price of bitcoin spiraling below, Roubini took Twitter game.
The economist born in Turkey has taken many pictures of the so-called "HODLERS" – those who grow their size through thick and thin – and on Twitter this morning, the teacher asked if they had "bought the sinking" yet.
Bitcoin Down 25% in less than a week. Almost 80% of the peak. ETH decreased by 90% relative to the peak. And all the other shitcoins sink much more, 95% or more or dead. So how long will the HOLDINGs continue to "buy" so that their losses become 99.9% compound? Serious question …
– Nouriel Roubini (@Nouriel) November 19, 2018
Read: Dr. Doom says Bitcoin is the "mother of all bubbles"
"You buy a lottery ticket and if that's it [bitcoin] is becoming a global standard for a credit card or a coin, then it will pay "
Kenneth Rogoff, the former chief economist at the International Monetary Fund and now a Harvard professor who told CNBC in March that headaches "will be worth a fraction of what is now," adding that $ 100 it's more likely that $ 100,000 has not changed its song.
Speaking at MarketWatch, Rogoff said he remains very confident about the warning, citing a lack of tolerance from regulators in treating anonymity as a hurdle to climb to the developing asset. The Harvard economist said the transaction costs and the lack of comparative speed have come to bear on traditional payment systems.
Rogoff said most of the asset classes, a bit of overload is a non-zero probability. "You buy a lottery ticket and if that's it [bitcoin] it turns out to become a global standard for a credit card or a coin, then it will pay, "he said.
Providing Critical Information for the US Trading Day Subscribe to Free MarketWatch you need to know the newsletter. Sign up here.