Bitcoin Funeral? Not Dead Yet Says Expert
Most of the cryptocurrency markets were down 3 to 12 percent over the last 24 hours Sunday. The top cryptocurrency market held by bitcoin core (BTC) has touched a triple bottom at $5,832 during the early morning June 24 trading sessions, according to bitcoin.com News.
From Bitcoin.com News:
The last two times BTC dropped to these price ranges was in November 2017, and last February. Some traders believe a third bottom indicates significant support and cryptocurrency prices could capitulate after breaking through resistance levels.
They add that “even though 2018 has been a rough year so far there has been a lot of new infrastructure announcements, a wide variety of investment vehicles and trading platforms, new applications, and innovation taking place on the sidelines as everyone is hypnotized by the falling prices.”
Crypto trader Brian Kelly reminded investors that a year ago bitcoin was priced around $2,500.
A combination of tax selloffs and exchange hacks have mostly led to the declines and, perhaps with the improved infrastructure, the situation could improve.
"This is not the funeral for bitcoin whatsoever," Brian Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, said on "Fast Money" Friday.
"And bear markets, we don't know where they end," Kelly said. "It doesn't mean that bitcoin can't go lower. But this is by no means the funeral for bitcoin."
'Fast Money' trader Brian Kelly says bitcoin isn't dead yet from CNBC.
- Aaron Goldstein, Gambling911.com
