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Experts’ Opinion – Are We in a Bull Market?

In the summer of 2021, bitcoin and the entire crypto market experienced a heavy price pull-back. It sure made the entire crypto market flinch when they saw their investments go down over 30%. It’s not unusual to see cryptocurrency prices go down an unsettling 30 percent.

But the question is that are we in a bull market or have the bears taken over. Altcoin Buzz reached out to financial market experts like Anthony Scaramucci, former Goldman Sachs banker and White House Director of Communication; Bobby Ong, Co-Founder & COO CoinGecko; Reuben Yap, Firo’s Project Steward; Anh Nguyen, Head of Business Operations, TomoChain and more to understand the future course of the crypto market. Trust us, we were super excited to see some 6-digit bitcoin predictions for 2021!

Anthony Scaramucci

Founder SkyBridge Capital, Former White House Director of Communication, and Goldman Sachs banker.

AB: Bitcoin is off more than 30% from its new all-time high this year. What do you think actually led to this massive drop?

Scaramucci: Price drop pure and simple was deleveraging. The outsized returns that bitcoin provides creates a lot of leverage speculation. That’s why we get these 30 to 40% downdrafts.

AB: Market sentiments are pretty negative and many traders are anticipating that bitcoin is in a bear market now. What are your thoughts about it? Was this a correction or have bears taken over the market?

Scaramucci: This is a correction in a bull cycle pure and simple. However, the institution isn’t in the product yet. So, it’s still early.

AB: What is your Bitcoin price prediction by the end of 2021? Are We in a Bull Market?

Scaramucci: $100,000

AB: Ethereum outperformed Bitcoin’s recent price rally. What do you think led to that?

Scaramucci: ETH has great use cases but this is temporary. Bitcoin remains the Apex predator

Bobby Ong

Co-Founder & COO CoinGecko

AB: Bitcoin is off more than 30% from its new all-time high this year. What do you think actually led to this massive drop?

Bobby: The market sentiment was euphoric when Tesla decided to invest in Bitcoin as part of their corporate treasury. This led to speculation that other large companies may also soon add Bitcoin to their balance sheets. The crypto market was bullish for some time, and it is not surprising that there was a sharp correction since then.

The recent negative news that Tesla will stop accepting Bitcoin for new car purchases and China will start cracking down on Bitcoin mining served to provide the catalysts for the recent market correction.

The sharp downturn also helped flush out large amounts of leverage from the crypto trading ecosystem among retail investors.

AB: Market sentiments are pretty negative and many traders are anticipating that bitcoin is in a bear market now. What are your thoughts about it? Was this a correction or have bears taken over the market?

Bobby: As shown by the Crypto Fear and Greed Index, the market is now in the phase of “Extreme Fear”. The market was quite overheated before the recent drop, with plenty of leverage used by retail traders and the rise of meme dog coins such as Dogecoin and Shiba Inu. It is expected that such a market downturn was to happen to wash out the short-term speculators using high leverage.

Nonetheless, the recent downturn has provided an opportunity for institutional investors such as Ray Dalio, George Soros, and Rockefellers to make their cryptocurrencies investments. This shows that the old players are taking note of this new, growing industry and cannot be ignored anymore.

AB: What is your Bitcoin price prediction by the end of 2021? Are We in a Bull Market?

Bobby: I don’t think we are in a bear market yet, though we are reaching near the peak. I think we are currently in a ranging market for the next few months before the next leg up. There is still strong institutional demand, and large corporations are increasingly looking at other cryptocurrencies beyond Bitcoin, such as Ethereum and DeFi tokens.

AB: Ethereum outperformed Bitcoin’s recent price rally. What do you think led to that?

Bobby: Unlike Bitcoin, which is mainly used as a Store of Value, Ethereum is frequently used to conduct complex transactions such as in DeFi and NFT. The rise of NFT has helped Ethereum enter into the public mainstream as it is easy for the ordinary guy to relate with digital art and collectibles.

Ethereum’s price rise is also driven by an upcoming protocol upgrade called EIP-1559. This upgrade is scheduled to take place in July with the “London” hard fork of Ethereum. In this upgrade, Ethereum’s supply will be reduced by having a percentage of each transaction fee being burned instead of being sent to miners.

Anh Nguyen

Head of Business Operations, TomoChain

Anh shared his long-term perspective. Here are his exact words, “We’re in the crypto business for the long haul so we take the long-term perspective. That means every market goes up and down. So, we see the current development as a normal market correction along the way.

That being said, we love cryptocurrency and blockchain space. And it’s not going anywhere. On the contrary – it will only go up in the long run. And who will rise on top from this particular correction? Companies that focus on building the most useful products for users. So, this is where we focus all our energy here at TomoChain – making our product better every day.

Reuben Yap

Firo’s Project Steward

AB: Bitcoin is off more than 30% from its new all-time high this year. What do you think actually led to this massive drop?

Reuben: Most people blame Elon Musk and the China FUD but like most things, it’s a combination. The market was overleveraged and over-extended and prior to Elon’s tweets was already in a tentative recovery state. The series of negative news set it careening. Of course, there’s the Wyckoff distribution chart that everyone has been talking about to indicate big players manipulating it which isn’t beyond the realm of possibility given how biased the reporting was.

I do think that these are good growing pains and hopefully the market matures enough to ignore such noise.

AB: Market sentiments are pretty negative and many traders are anticipating that bitcoin is in a bear market now. What are your thoughts about it? Was this a correction or have bears taken over the market?

I don’t think we’re in a bear market but it will take some time to pick up steam again which is healthy. While many have quoted that such a large drop triggers a bear market and there were many negative technical indicators, interest in the space is still pretty high, and anecdotally many retail are seeing this dip as an opportunity to buy. We also have to realize that the derivatives market in previous bull cycles weren’t as developed and sophisticated institutions are now entering the space making it much harder to use previous trends as a reference so I do expect high volatility.

AB: What is your Bitcoin price prediction by the end of 2021? Are We in a Bull Market?

Reuben: I would like to say USD150k!

AB: Ethereum outperformed Bitcoin’s recent price rally. What do you think led to that?

Reuben: The growing ESG narrative plus the growth of DeFi has really contributed to this. I personally won’t be surprised if Ethereum flips Bitcoin for a brief moment which may be healthy for space rather than everyone assuming that Bitcoin will forever be king, though I do hope that its scaling solutions come before this happens.

Nitin Agarwal

Founder and Director B21 Limited

AB: Bitcoin is off more than 30% from its new all-time high this year. What do you think actually led to this massive drop?

When there is massive growth there has to be a cool-off period.  I think right now we are in a cool-off period and will trade sideways for a few more weeks.  The mass euphoria had taken over and it is a good reminder that trading and especially leveraged trading is VERY risky.  We, therefore, believe in investing and investing regularly.  While there is no exact event that triggered but there were many events that happened led by Tesla discontinuing the bitcoin-based buying of Tesla.  There is also uncertainty in China and India that has led to some cool off time

AB: Market sentiments are pretty negative and many traders are anticipating that bitcoin is in a bear market now. What are your thoughts about it? Was this a correction or have bears taken over the market?

There are no negative sentiments in believers.  There is negative sentiment in people who expected to 2x / 3x their money in days (maybe in hours).  We see strong investments flowing in continuously.  We also have not seen any slowing of interest in crypto from all sectors – which include government, corporate, funds, big investment houses, Banks, or to an extent even retail

AB: What is your Bitcoin price prediction by the end of 2021? Are We in a Bull Market?

Nitin: We refrain from giving a number but we think that there will be a sideways trend for some time and then we will see the next phase of growth which will be marked by some more strong developments in this space

AB: Ethereum outperformed Bitcoin’s recent price rally. What do you think led to that?

Nitin: Ethereum is a fabric that supports most altcoins and all promising use cases like NFT and DeFi.  Uniswap and other DeFi projects have been anchors of this growth.

Wrapping it up

The naysayers of bitcoin are concerned the current rally is reminiscent of the 2017 bubble. However, the experts have put forward strong reasons that this is just the beginning.

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The post Experts’ Opinion – Are We in a Bull Market? appeared first on Altcoin Buzz.

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