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Mark Dow, a former International Monetary Fund (IMF) economist who famously dumped bitcoin from $ 20,000 to its lowest level of $ 3,000, said bitcoin was "buyable."
#Bitcoin graphic. Buyable. $ XBT $ BTC pic.twitter.com/gE3urIfLJ5
– Dow (@mark_dow) April 1, 2019
Previously, Dow had said that bitcoin investors should "extract the f ** k" if the dominant cryptocurrency does not recover between $ 5,000 and $ 6,000 in the near term, as it could make the badet vulnerable to a significant fall.
Bitcoin is purchasable as Dow, the trend is no longer downward?
In December 2018, at about the same time that bitcoin reached its lowest level in 12 months at $ 3,122, Dow told Bloomberg that it had cashed in the short contract it had maintained since that bitcoin had reached its highest historical level, at $ 20,000.
He stated:
"I'm done, I do not want to try to drive this thing to zero, I do not want to try to shoot more lemon, I do not want to think about it, it seemed like a good time."
He also added that the fear of missing out, or FOMO, had led retail investors to initiate a frenzy in the cryptography market.
He explained:
They just saw it go up and wanted a piece. People's imagination can go further when they are not linked to facts, when they do not understand the problem. This allowed the bubble to be much bigger and much more violent. I saw the psychological features and there came a time when it seemed like the fever had broken out.
Essentially, Dow said that the fundamentals and the basis of the Bitcoin rally at the time were questionable and that the cryptography market had reached levels that had already delighted industry leaders in the industry.
Bitcoin climbed 20% Tuesday to its daily peak (source: coinmarketcap.com)
Vitalik Buterin, co-creator of Ethereum and respected developer in the cryptocurrency community, said at the end of 2017 that it was difficult to justify the valuation of the crypto market at $ 500 billion given the lack of progress in blockchain and cryptocurrency projects in various fields. .
Although the cryptocurrency market reached $ 815 billion, it was corrected to $ 100 billion the following year.
But badysts are now visibly more optimistic about Bitcoin than in the last 15 months.
In addition to technical indicators such as two green monthly bitcoin candles and the output of a critical resistance level of $ 4,200, the industry has posted strong activity across the entire bear market.
Major financial institutions such as Fidelity, ICE and Nasdaq have made plans to enter the cryptocurrency market, as more conglomerates in key regions such as Japan and South Korea enter the market .
More recently, it has been reported that Yahoo! The cryptocurrency purse invested in Japan is expected to be launched in May with the approval of the Japanese authorities and SBI Holdings, a multi-billion dollar payments giant, has announced its entry into the cryptocurrency mining industry.
The big question is, is the momentum sustainable?
According to several reports, a brief push on BitMEX resulted in the liquidation of more than $ 500 million, which exceeded the $ 80 million sell order that prevented Bitcoin from exceeding $ 4,200.
About 500 million dollars worth of liquidations just on Bitmex, ouch
____________________
graphic @TensorCharts pic.twitter.com/wePyX7hbL7– Edward Morra (@edwardmorra_btc) April 2, 2019
As soon as the badet exceeded a key resistance level, a short pressure accelerated the movement.
Similar to how a $ 500 million short press fueled Bitcoin 's momentum on Tuesday, it will take a potent catalyst or stimulus to make the $ 5,000 kind of badet.
A key factor in Bitcoin's medium-term trend is to stay above US $ 4,000 to guarantee three consecutive monthly green candles, while the moving average indicates a positive short-term price trend.
In general, technical badysts remain confident in Bitcoin's ability to initiate a build-up period as long as the badet remains above US $ 4,200.
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