Oanda specialist: bitcoin has not yet found the bottom.

[Paha87]

The head of currency trading in the Asia-Pacific region of a major broker Oanda predicted that the price of bitcoin will fall to $2'500, saying that "the behavior of the asset over the past few months has not shown investors the bottom."

Speaking at Bloomberg Markets Asia, Steven Innes said:

Despite the statements of "soothsayers", the current situation remains extremely negative for investors, who, therefore, will continue to sell and avoid buying bitcoin.

"Falling knife»

Answering the question about how low is the bottom for bitcoin, Innes noted that " for various reasons, the cryptocurrency remains unattractive to buy an asset in the near future."The key factor of this, in his opinion, is the "atmosphere of uncertainty"; according to the expert:

What I do see is how the coins have been traded over the past few months. And this indicates that the bottom is not found, so I don't think any Mature investor is willing to try to catch this falling knife. The situation indicates that there will be more opportunities to enter the market, and once we pass some of these key values, such as 3'500 and 2'500 dollars, the psychological impact will affect the more inexperienced traders.

Speaking further, Innes noted that although he remains optimistic about the blockchain in the long run, "the current atmosphere of uncertainty makes the cryptocurrency unattractive in the short term for experienced and inexperienced traders who can have a knock-on effect on the price of bitcoin."

Causes of skepticism

"The situation, - according to the expert, - is aggravated by the continuing unwillingness of wall street to participate in investments in cryptocurrency, tightening the regulatory landscape and the recent conflict in the Bitcoin Cash network - factors that combine to create the current situation." Summing up his thoughts on the current state of the market, Innes concluded:

Given the momentum we've had over the past year, this price action is not positive, and despite what the soothsayers are saying, now is not the right time because we can't quantify what we're really buying at these levels.

At the same time, bitcoin continues to grow, adding in the last 24 hours to the price of another 4%, after the rebound on Tuesday, and not all market participants are pessimistic, as an expert from Oanda. On Tuesday, it also became known that NASDAQ, the second largest stock exchange in the world, announced plans to launch the bitcoin futures market in the first quarter of 2019, which, in fact, reflects the presence of interest from wall street to invest in crypto.


Link to the source of information (Russian) - https://altstake.io/news/specialist-oanda-bitkoin-esche-ne-nashel-dna