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SOME SEES CRYPTO DOWN FALL AS OPPORTUNITY WHILE OTHERS AS DANGER SIGNAL

SOME SEES CRYPTO DOWN FALL AS OPPORTUNITY WHILE OTHERS AS DANGER SIGNAL 

Some high-profile crypto investors believe that the crypto market is fast approaching and the right time to buy - although one still warns of dire consequences if prices fall below established support levels.


Billionaire Mike Novogratz, founder, chairman and CEO of digital digital banking bank Digital Digital Holdings told Morgan Stanley conference on June 13 that crypto currencies could be down, with Ethereum (ETH) likely to hold $ 1,000 and Bitcoin (BTC) is about $ 20,000 to $ 21,000.


The bottom for crypto will appear sooner than in U.S. stocks, which is likely to drop by 15% to 20% he said.


“Ethereum should hold about $ 1,000 and $ 1,200 right now. Bitcoin is about $ 20,000, $ 21,000 and $ 23,000, so you are a lot closer to crypto than you are when I think, shares, will have another 15% to 20% decline.

Hayes warns of the danger of being sold

Arthur Hayes, founder and former manager of BitMEX took a similar view, acknowledging on Twitter on June 13 that Wrapped Bitcoin (wBTC) and Ether data showed that "financial closures have occurred significantly."


However, Hayes warned that should be supported by breaches of BTC and ETH rates at $ 20,000 and $ 1,000 respectively, we can expect "significant sales pressure on existing markets."



Pal, Scaramucci loads

Major investor Raoul Pal takes the recent market downturn as an opportunity to add to his crypto positions. On June 14, Pal told his 956,000 Twitter followers that we were "in the market" for Bitcoin (BTC), adding that he was preparing "significantly" to add to his crypto positions "probably from next week until July."


A former Goldman Sachs official explained that the near Bitcoin downside could be re-signed by the 31-year Relative Strength Index (RSI), which is approaching the lowest of 28.



RSI is a metaphor used by investors to measure the speed and magnitude of price changes, which may reflect the best-selling or best-selling conditions. According to Investopedia, a reading of RSI of 30 or less indicates an overdose and low price.


Pal said his framework often expects a 60% reduction in the long run, adding:


"In fact, the best way to maximize profits is to add more when the market is testing a significant trend."

Anthony Scaramucci, founder of Skybridge Capital told CNBC's Squawk Box on June 13 that investors should "stay tuned" during the crypto downturn, noting that his wallet has continued to add Bitcoin and Ethereum to its portfolio.


“With the growing amount of money coming into our wallet we bought more Bitcoin and Ethereum […]



Novogratz has been a little gung-ho about investing right now, taking the next step and telling attendees that it may not be time to "spend more money" as the economy may even slow down.


"Until I see the Fed flinch, until I really think, OK the economy is very bad, and the Fed will have to stop climbing mountains and consider cutting, I don't think it's time to invest a lot of money."


Other metrics that may enlighten us that crypto is close to its market are the Fear and Greed Index which currently sits at 8, under "Extreme Fear", which last appeared on May 17, during Terra (LunA's decline.



Bitcoin currently has a value of $ 22,061 and ETH is at $ 1,215 at the time of writing.

Source: cointelegraphy




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