Just a few minutes ago, Bitcoin had sunk back below the $10,000 mark. This signifies that bullish pressure is gradually slowing down, which may lead to losses later in the day. However, we mustn’t forget that support exists near the $9482 level.
Mark Yusko, the CEO of Morgan Creek Capital Management, believes that the bond market across the globe is facing impending danger. Yusko spoke of how Bitcoin as an asset will soon be invaluable, while traditional financial systems will be experiencing failures.
While on CNBC’s Fast Money, Mark stated growth has begun to slow down and profits have been decreasing while referring to corporations. He spoke about the lows of Bitcoin jumping up with every passing year, which proves the strength of this rare digital asset.
Value investing has been declining over the past few years. Even if Warren Buffett firmly believes that Bitcoin is similar to rat poison, “Facts don’t care about your feelings”. Pretty soon, developed nations around the world will start regulating cryptocurrencies effectively.
Bitcoin’s price could fall 50% from today’s price of $10,600 and the digital currency would still be outperforming the S&P 500 in 2019.
— Pomp 🌪 (@APompliano) August 14, 2019
Anthony is the founder of Morgan Creek Capital. He has been an advocate of Bitcoin for the last 5 years. Pompliano has argued with many investors till date, over bitcoin being a legitimate form of currency that can aid struggling economies to run smoothly.
The daily chart for the BTC/USD pair points to the presence of bearish force. So far, the MACD line has not been able to cross and soar above the signal line [since 14th of August]. The RSI is also close to the level at 30, i.e. it currently stands at 38.66. I don’t expect BTC to test the $9000 mark by today, although further losses may still be possible. The Ichimoku Cloud [between lead 1 and lead 2] is still green.