Bitcoin News: The crashing prices of Bitcoin and altcoins have pushed crypto enthusiasts to re-consider their price point predictions and the subsequent trading tactics. An Asia-Pacific market-focused trader at New York-based Oanda, Stephen Innes, shared his views on the current market and what to expect in 2019, in a discussion with Bloomberg.
The Bloomberg segment commenced with Innes’ recent forecast that BTC will trade in a range of $3,500 to $6,000 before it falls to $2,500 by January 2019. Innes elaborated his predictions:
You know it’s a bit of a wild west show out here in crypto lands, that’s for sure, so we have to be a bit guarded. Looking at some of these metrics, basically [there’s] unquantified risk. [And] what I’m really looking at is the way coins have been trading in the past few months, and it’s indicative that the [Bitcoin] bottom isn’t in.
He dubbed the current state of the crypto markets as a “falling knife.” Much of pro and anti crypto analysts somehow meet eye to eye upon the prediction that BTC hasn’t bottomed out yet. Innes was quick to explain that he’s not bearish on blockchain technologies, it is just the way the coins are traded in terms of technicals and fundamentals that have him sceptical.
When the Bloomberg host asked him about the plausible reasons for the crashing prices such as Bitcoin Cash hash war and whether such reasons are truly affecting the market, Innes turned the question on its head. He pointed out that these are primary bearish indicators, according to him the low adoption rate of crypto from Wall Street players is the forerunner catalyst.
He further elaborated that the crypto’s regulatory scene, especially ICO-funded tokens, are under scrutiny from the SEC’s recent crackdown on AirFox, Paragon Coin, and EtherDelta’s founder. Later, the Oanda representative echoed a similar sentiment, telling MarketWatch that BTC’s recent price action “isn’t normal nor positive.”
He added that investors should stay away from the “false prophets,” who are acting as market soothsayers. Innes’ prediction of the short-term bottom at $2,500 is below and beyond, is what other analysts are speculating as well. Just recently, Tone Vays, predicted that the Bitcoin Bear Might Last Until Summer Of 2019.
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