[코인리더스] Was Bitcoin bull market peaking?… ‘Solsol’ fear of plunge

Cryptocurrency (virtual real estate) general stock Bitcoin (BTC) has been traded in the range of 53,000 to 56,000 dollars in the last 24 hours. Currently, it is moving sideways at the $54,000 level amid a bearish trend.

As of 10:15 a.m. on the 24th (Korean time), the market capitalization of Bitcoin (BTC), the No. 1 cryptocurrency in CoinMarket Cap, is recording about $54,177, down 1.29% from the previous 24 hours. The market capitalization is about $ 1.78 trillion.

After the recent failure of the bitcoin price to break through the $60,000 resistance, signs of a bearish market appear, raising concerns about a price plunge.

In this regard, Business Insider, a US economic magazine, said, in the words of Glassnode’s cryptocurrency analysts, “As anxiety about the collapse of the bitcoin price increases, bitcoin may have entered the stage after the second half of the bull market. He warned.

In fact, according to Glassnode’s weekly analysis, a’wealth transfer’ took place from long-term Bitcoin holders to new speculators, which explains that the market has reached a euphoric top.

Jerome Powell, chairman of the Federal Reserve System (Fed), also warned the risk of investment at an event hosted by the Bank for International Settlements (BIS) on the 22nd (local time), saying that bitcoin is close to speculative assets and is difficult to use as a currency due to its volatility and decentralization properties. .

On the other hand, Timothy Peterson, an industry fund manager and cryptocurrency analyst, said via Twitter that “the crash is often but not always related to the bear market.”

Cryptoquant CEO Ji-Young Ju also said through his Twitter, “The bull market is not over yet. We are preparing to buy Bitcoin lows.”

In particular, Business Insider said, “Many bitcoin advocates are citing increased institutional interest as a reason for the low probability of a collapse of bitcoin as in the past. Visa, Morgan Stanley, JPMorgan, etc. are some of the financial giants that have recently joined.” He said.

Meanwhile, Bobby Lee, the founder of the cryptocurrency exchange BTCC, told CNBC the day before, “2021 will be a bull market for bitcoin that comes every three or four years.” I can,” he insisted.

However, he advised, “It looks like a bubble will burst,” and “investors should know that bitcoin can drop by up to 80% to 90% from an all-time high.

Peter Brandt, a veteran cryptocurrency trader in the U.S. who predicted a bearish cryptocurrency market in 2018, said in a recent interview with CoinDesk, a cryptocurrency specialist, “Bitcoin may fluctuate in the middle, but (long term) price rally. “It is expected to record 180~200,000 dollars in the third or fourth quarter of this year,” he said.