Fund Manger Declares Bitcoin Bears Are “Deluded” Based on Key Technical Data

Even as Bitcoin (BTC) has rallied over the past two weeks, analysts have kept their bearish biases against this market, claiming that it is only a matter of time before the cryptocurrency market sets a new low.
Tone Vays, a former Wall Street trader turned BTC analyst and educator, explained in an interview published near the turn of the year that he expects Bitcoin to retest $5,000s sometime in the next few months.
Related Reading: This Late Night Host Just Exposed Millions to Bitcoin, Again
But, according to a rather bullish cryptocurrency fund manager, bears are “deluded” and potentially “dishonest.” While this statement was made partially in jest and with lots of creative license, he laid out why there is some credence in the idea that Bitcoin bears may be irrational in presuming prices will return to the downside.
Bitcoin Bull Signals Galore
Adaptive Capital’s Murad Mahmudov, formerly of Goldman Sachs, recently wrote on Twitter that “bears are deluded at best, dishonest at worst,” drawing attention to the below chart which shows that BTC has crossed above a number of key moving averages. These are including but not limited to the 128-day simple moving average (SMA), 200-day exponential moving average (EMA), 50-week SMA, and 100-week SMA.
The point in this being that Mahmudov thinks that any bears that remain are foolish for holding their negative sentiment.

Bitcoin Saw a “Mega Rejection” at $9,200, And It Should be Worrisome for Bulls
Sunday January 26, 2020

Over the past few days, Bitcoin (BTC) has stalled, finding itself between a rock and a hard place. Many analysts are currently undecided where the cryptocurrency will go in the next few weeks, though...

The post Bitcoin Saw a “Mega Rejection” at $9,200, And It Should be Worrisome for Bulls appeared first on 12bitplay - Bitcoin Play.

bears are deluded at best, dishonest at worst
— Murad Mahmudov (@MustStopMurad) January 14, 2020

$75,000: Bitcoin’s Price is Set to Climb Exponentially If This Fractal Plays Out
Wednesday January 22, 2020

Bitcoin has seen some afternoon volatility today after the cryptocurrency dipped as low as $8,400 before quickly surging up towards $8,800. This dip and subsequent rise further confirms the massive amount of support that...

The post $75,000: Bitcoin’s Price is Set to Climb Exponentially If This Fractal Plays Out appeared first on 12bitplay - Bitcoin Play.

This comes shortly after he drew attention to a simple textbook financial markets chart, which accentuated that Bitcoin’s trend is decisively positive due to simultaneous growth in the price, volume, and open interest seen in the asset’s markets.
Related Reading: Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu’s Blockchain Beta
Macro Case Decisively Bullish
It isn’t only the technicals that are bullish on Bitcoin per Mahmudov.
Last year, the world’s most prominent BTC  investors, builders, executives, and thinkers descended on Riga, Latvia to attend the Baltic Honeybadger 2019 conference. A religious experience for some, Honeybadger 2019 saw key individuals in the cryptocurrency space take to a stage to discuss the direction of this industry, the future of Bitcoin, among other ideas.

Top Analyst Who Called Bitcoin’s Crash to $6,000 Says This is Next
Friday January 24, 2020

Few analysts have called Bitcoin (BTC) price action over the past few months and years as well as Filb Filb. The pseudonymous trader in 2018 called the cryptocurrency’s bottoming price around $3,000 and the...

The post Top Analyst Who Called Bitcoin’s Crash to $6,000 Says This is Next appeared first on 12bitplay - Bitcoin Play.

One notable presentation was one by Murad Mahmudov, who laid out 50 reasons why the Bitcoin price and the adoption of the cryptocurrency are poised to explode. Some of those reasons are as follows:

Trust in banks and traditional institutions is falling: Over the past decade, trust in traditional institutions has fallen off a cliff. Presumably due to the rise of political polarization and 2008’s Great Recession, the public has begun to trust mainstream media outlets and banks less and less. This underlying distrust and turmoil sets the stage for the implementation of a new trustless system, such as Bitcoin.
Global debt is swelling: While many hoped that the fiat system would be fixed in the aftermath of the Great Recession, it hasn’t. Consumers, corporations, and governments have only continued to take on more and more debt, with the global debt-to-GDP ratio nearly hitting 320%. The leverage needed to maintain this system is believed by many to be dramatically unsustainable, necessitating a “Plan B”, if you will, like Bitcoin or gold.
Macro investors turning to Bitcoin: Macro hedge fund managers and investors have begun to turn to Bitcoin, only accentuating its potential. For instance, former Goldman Sachs executive Raoul Pal has begun to pivot to Bitcoin, calling it an option on the future of finance, the best asset for Millenials at the moment, and something that is currently dramatically undervalued from a long-term perspective.

Related Reading: Ethereum’s Price Chart Just Printed This Extremely Bullish Signal
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