Bitcoin regains the $40,000 mark, is the bull market in? See what the big boys are saying

Can the stampede panic be repaired?

Bitcoin regains the ,000 mark, is the bull market in? See what the big boys are saying

Thinking back to the precipitous plunge of the crypto market a few days ago, many investors still have palpitations. On the night of May 19, Bitcoin’s downward spiral led to a chain reaction, with cryptocurrencies being violently cut down collectively, tens of billions of funds being exploded, and DeFi products being massively liquidated one after another ……

“On the night of 519, some people “cut and run”, while others shouted “all in” to take the bottom. Currently, the crypto market has recovered some of its lost ground, and bitcoin has even regained the $40,000 mark. However, from an overall perspective, the rebound of cryptocurrencies is still limited, and the total market value of cryptocurrencies has evaporated more than 2 trillion yuan from its high point, shrinking to nearly 11 trillion yuan.

Along with regulatory policies, Musk’s “mutiny” and other unstable factors, the market sentiment is still very fragile after the heavy setback. According to Alternative’s data, the panic index stood at 10 on May 24, the lowest in nearly a year. At the same time, Glassnode also showed that the STH-SOPR value, an indicator for buying cryptocurrencies in the current bull market cycle, once fell to near 0.9, with the fourth highest level of panic selling by short-term holders since 2015. For a while, the debate about the bull-bear divide was once again rampant.

So, what were the main reasons that triggered this panic crash? Can the stampede panic be repaired? Is the bull market really over? Let’s hear what the big guns have to say?

Musk

On May 20, Tesla CEO Elon Musk said, “Tesla has two diamond hands”, and “diamond hands” means “people who hold certain assets firmly”. Based on the average price of 42,000 bitcoins worth $1.5 billion held by Tesla at the end of the first quarter of 2021, its losses in the last week have been as high as $280 million, or nearly 47 percent of its total profit for the quarter.

Vitalik Buterin

In an interview with CNN on the occasion of the “519 crash,” ethereum founder Vitalik Buterin said that it is notoriously difficult to predict when a bubble will burst, and that the cryptocurrency mania may be over, or it may be over in a few months. Cryptocurrency is ready for integration into the mainstream, whereas four years ago it was the complete opposite picture, when it was not ready at all. Cryptocurrency is now no longer just a toy. If Bitcoin’s technology stays the same, it’s at great risk of being obsolete, while Ether could still eventually catch up and surpass Bitcoin in market value.

Changpeng Zhao

I have not sold any cryptocurrencies in recent days/months and have no plans to do so in the future,” tweeted Changpeng Zhao, founder of Coin Security. I don’t “sell” cryptocurrencies, although I do use them to buy things other than fiat.

Also, Changpeng Zhao points out that if you are not a volatility trader (i.e. profiting from volatility) then it is better to buy and hold for 5 years or more rather than actively trading. So, only investors use money that they won’t need in the next few years, after which they may not need any more money.

Sun Yuchen

On May 23, Wavefield founder Sun Yuchen said he had bought low, buying 4,145 bitcoins at an average price of $36,868 for a total of $152 million, and 54,153 ethereum at an average price of $2,509, for a total of $135 million. The following day, Sun Yuchen posted again that he had continued to increase his position, but on a smaller scale than last time.

At the same time, Sun Yuchen also said that the bull market is definitely not over yet, and this decline belongs to an adjustment in the bull, and when the adjustment is made in June, another round of bull market will definitely be opened in July and August. For this view, he explained that the overall fundamentals of the cryptocurrency circle are too much better than in 2017 (stable coins, DeFi, Coinbase listing, etc.), but in fact the mainstream coins have not risen very much, the current bitcoin is less than double the highest price of the last round, the vast majority of mainstream coins have not even reached a new high, and have not yet reached the point of bubble overflow. According to the bull market cycle every four years to calculate, the time now is also in a medium-term later stage, did not completely reach the late stage, the late bull market bitcoin sharp pull up has not yet come, instead bitcoin consolidation time is quite long. Short-term sharp fall certainly belongs to a good thing, belongs to a short period of time to release a lot of panic, if not expected, short and medium-term sharp rebound is coming. Regulatory factors have been PRICE IN, short to medium term we generally amplify the degree of regional regulation on the price of the cryptocurrency, 2017 is proof enough. In addition, the dollar premium for bitcoin is more pronounced, which is a good sign.

Ray Dalio

The dollar is on the verge of depreciation, with the last similar situation being 1971, according to Bridgewater fund Ray Dalio. In such an environment, bitcoin, which has gold-like properties, is becoming increasingly attractive as a savings vehicle. Personally, he prefers to hold bitcoin over bonds. ray Dalio himself already holds some bitcoin, but has not disclosed information about the price or amount he bought it for.

Anthony Scaramucci

In the face of a market that continues to fall crypto, Anthony Scaramucci, founder of SkyBridge Capital, says the bull market in bitcoin is not over, most small retail investors are using leverage, and that over $8.6 billion in crypto assets were all liquidated yesterday (May 20) …… (but) in the long run, bitcoin will rally.

Scott Minerd

Scott Minerd, chief investment officer at asset management giant Guggenheim Partners, which manages over $233 billion in assets, had argued that bitcoin’s scarcity and the Federal Reserve’s move to print large amounts of money, coupled with fundamental analysis, should make the price worth $400,000. However, after experiencing the collapse of the cryptocurrency market, Scott has changed his view that it was ‘tulip mania’ and claims that ‘supply has overwhelmed demand’ and that it will take “a while” for cryptocurrencies to repair the losses from the previous sharp decline

Cathie Wood

On the day of “519,” ARK Fund founder Cathie Wood said that bitcoin is currently experiencing a shortfall, but is not necessarily at the bottom, but that it will still rise to $500,000. At the same time, she also said that the correction in bitcoin’s price has improved the chances of crypto ETFs being approved.

Back in March, Cathie Wood said that the price of cryptocurrencies could stabilize and eventually behave like bonds. After a 40-year bull market in bonds, a future 60/40 portfolio would be 60% stocks, 20% bonds, and 20% cryptocurrencies. In addition, ARK Fund has increased its stake in crypto exchange Coinbase by 1 million shares.

Mike Novogratz

Faced with the sudden “big dive” in the crypto market on May 19, Galaxy Digital CEO Mike Novogratz said investors gave up on recovering lost gains and sold during the market downturn. He expects bitcoin to remain at $40,000 and rise again after a period of consolidation. More and more institutions are entering the bitcoin space, and it is no longer a “Wall Street loner.

And according to Mike Novogratz, about 85% of his assets are in cryptocurrencies.

Bobby Ong

In response to CoinGecko co-founder and COO Bobby Ong’s comments that the crypto market has been in “bubble territory” in recent weeks, with prices rising too fast and furious, Musk’s tweet about “Tesla no longer accepting Bitcoin” and news of Chinese regulatory policies Musk’s tweet about “Tesla no longer accepting bitcoin” and news of Chinese regulatory policy were the main catalysts for the decline. Despite the volatility, the price of bitcoin could still reach $100,000.

Michael Saylor

Despite the bloodbath in the crypto market, Michael Saylor, CEO of US-listed business intelligence software provider MicroStrategy, said the company now holds 111,000 bitcoins and has not sold a single satoshi.

To date, MicroStrategy has accumulated about 111,000 bitcoins.

Alex Krüger

Alex Krüger, a crypto analyst and economist, believes that in addition to ethereum, a large number of crypto assets have been rising, some sharply, since Tesla announced that it would not accept more bitcoin. This is a sign of a maturing crypto market, not what a bear market looks like. It is rare that investors with diversified portfolios or good token picking skills are not even affected by the temporary downturn in bitcoin. Historically, when bitcoin crashes, everything crashes with it.

Josh Younger

Josh Younger, head of interest rate derivatives strategy at JPMorgan Chase, said in his latest report that the current cryptocurrency market performance does have similarities to that December 2017 to January 2018 peak, but there are also differences between this volatility and late 2017. For starters, this market turmoil seems to have occurred primarily in North America, while prices in Europe and Asia have been much more stable. Although market depth has declined in the recent clearing, it remains generally healthy. There is evidence of resilience in the microstructure of the cryptocurrency market: the rise in volatility has been somewhat regional, market depth has declined but not by much, and derivatives pricing has adjusted quickly enough to allow a significant portion of the leveraged long base to be retained. None of this supports the view that a vicious cycle of falling prices is underway.

Carl Icahn

U.S. billionaire Carl Icahn said that cryptocurrencies will continue to exist “in some form or another. However, Icahn also said that he is researching cryptocurrencies and has not yet started buying them.

Robert Shiller

Nobel Prize-winning economist Robert Shiller said that some of the hottest deals in the market are forming bubbles, especially real estate, stocks and cryptocurrencies. At the same time, he says cryptocurrencies are impressive technologies, but the ultimate source of value is so murky that it is largely tied to our narrative rather than reality.

And back in 2018, Shiller questioned whether Bitcoin would be around for 100 years and said that its future is under threat and that even if it stays around, it will end up being different than it is now because of other issues like hard forks or shrinking value.

Laszlo Hanyecz

Laszlo Hanyecz, who bought a pizza for 10,000 bitcoins 11 years ago, said, “I will do everything I can to buy bitcoin. When I see it’s going down, I’ll double down on buying.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-regains-the-40000-mark-is-the-bull-market-in-see-what-the-big-boys-are-saying/
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