Prominent Crypto Analyst: Bitcoin Still in Bull Market Despite Everybody Freaking Out – Plus Ripple and XRP, Ethereum, Litecoin, Tron
From a new take on whether Bitcoin traders should hit the panic button to a brainstorming session with Tron founder Justin Sun and Litecoin creator Charlie Lee, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Popular crypto analyst Peter Brandt says Bitcoin is still in a bull market despite its drop from nearly $14,000 to the $10,000 range.
In a new YouTube interview, Brandt says BTC’s prior history shows the dip is par for the course, telling Cointelegraph it’s no reason to panic.
“Bitcoin has a record of correcting. If you look back to the price history of Bitcoin, I think there’s been four or five times when Bitcoin’s had an 80% correction from a high. We’ve barely come off 20% here. So we’re still in a bull market. We just got ahead of ourselves. Now everybody’s freaking out that the market’s somehow topped out. And perhaps it has topped out for the time being. But I still see Bitcoin as very possibly in another parabolic bull market…
We could correct back to perhaps $9,000. That’s a level that I’ve kind of had in mind as a level where I want to be a buyer.”
Brandt says he can’t find an asset in modern history that’s had as many parabolic bull runs on a logarithmic price scale, which shows why he believes BTC is in a class of its own.
“You can go back into the history of tradable markets where we have variable assets that can be traded, whether they be equities or commodities or interest rates or cryptos. We’ve had Bitcoin from the 2010 low advance into the 2017 high by more than 8,000 fold. There’s no other market like that. There’s no other market where you can see a series of parabolic advances on a log chart. It’s hard to find a stock such as Apple or Netflix or Amazon that’s had a parabolic advance on the log chart.”
According to Brandt, Bitcoin traders need to realize when to avoid FOMO (fear of missing out), never investing during a big surge and only buying what they can afford to lose.
Ethereum
A new edition of the Week in Ethereum blog post is out.
This week’s post covers the latest on Ethereum 2.0 and includes a number of updates on Ethereum-based platforms such as Raiden, Golem and Decentraland.
Ripple and XRP
Ripple’s senior vice president of business and corporate development Kahina Van Dyke is expanding on how the company plans to transform the world of cross-border payments.
In a new interview with PYMNTS, Van Dyke says today’s global financial ecosystem is geared toward corporate giants and countries with massive economies, which creates an opening for new companies in fintech.
“If you’re a small coconut oil farmer in the Philippines, or a basket maker, you do need to have your money and have a way to efficiently transact across the border in order to grow your business…
I think what we’re going to see is that is actually going to be the start of a massive efficiency in a system that just hasn’t had a lot of other options marked by a democratization of currencies. And new entrants will likely see opportunity in the cross-border B2B payments markets, benefiting individuals and small businesses.”
Tron and Litecoin
Tron founder Justin Sun posted a pic of himself with Litecoin creator Charlie Lee.
The two are preparing for their meeting with Wall Street legend Warren Buffett. Sun won a charity auction for $4.6 million, granting him a seat at the table with Buffett and the chance to bring along a number of influencers in the crypto space. The meeting is set for July 25th in San Francisco.
Planning something for @WarrenBuffett. @SatoshiLite pic.twitter.com/b7MRdMnIoi
— Justin Sun (@justinsuntron) July 1, 2019
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