Dealer: Bitcoin (BTC) down to USD 2,500 in January 2019

Bitcoin is a show of the "Far West"

Stephen Innes, a market-driven marketer for the Asia-Pacific region at New York-based Oanda, recently met with Bloomberg to discuss his views on the broader crypto market as well as on the stock market. Bitcoin prices (BTC) in recent weeks.

Bloomberg's anchor, struggling to contain his laugh, began the segment by drawing attention to Innes' recent forecast that BTC should trade between $ 3,500 and $ 6,000 before falling to $ 2,500 by January 2019, a particular set of price levels the least. Explaining his prediction, Innes told the segment's viewers:

You know that this is a real show of the wild west on cryptographic land, that's for sure, so we have to be a little guarded. Looking at some of these measures, basically [there’s] unquantified risk. [And] What I'm really looking at is how the pieces are trading for a few months, and it's telling that [Bitcoin] the bottom is not in.

Calling the current state of the crypto markets a "knife in free fall", the bearish trader and crypto skeptic added that in the current state, the funds are not at the rendezvous and that the "mature investors "are reluctant to give buy orders for bitcoins or other crypto.

Nevertheless, Innes noted that he was not bearish on blockchain technologies, but rather critical of how parts were trading, presumably on a technical level, on the fundamentals, and on the way in which they evolved in a holistic perspective.

Questioning the crypto-internal critic at Oanda, a Bloomberg host then questioned Innes about the suggested downside catalysts, such as the tumultuous traditional stock markets and the Bitcoin Cash hard range, and whether they actually affected the market.

Innes, reversing the issue, remarked surprisingly that while the two factors mentioned above were a catalyst, the main downside indicator, he says, is the Wall Street players' lack of interest in crypto, despite the interest of the Intercontinental Exchange, TD Ameritrade and Goldman Sachs are embarking on this class of assets.

He then touched on the subject of crypto regulation, adding that regulators were beginning to put pressure on cryptocurrencies, particularly ICO-funded chips, as evidenced by the recent SEC crackdown on AirFox, Paragon Coin and the founder of EtherDelta.

The representative from Oanda echoed this critical sentiment later on Monday, telling MarketWatch that BTC's recent price action "is neither normal nor positive ", adding that investors in this nascent market should be wary of the market's soothsayers, whom he has dubbed the" false prophets ". noted that "due to the" lack of intrinsic value reserve of Bitcoin " [properties], A controversial statement in itself, the world's first digital asset is well overvalued.

It is interesting to note that Innes' call for a floor at $ 2,500 is lower and higher than other analysts have speculated. Anthony Pompliano, a partner at Morgan Creek Digital Assets, recently noted that based on a combination of psychological, technical, and historical (fundamentals) factors, BTC could reasonably be among the 3 lowest, around 25% below price levels at the time. the writing of this article. .

The bottom line is that it has become increasingly clear that cryptographic traders have not yet found a consensus on the next Bitcoin focus.

Title Image provided by Fabian Oelkers on Unsplash