Grayscale Investments LLC has won a legal battle that allows it to launch the first Bitcoin exchange-traded fund (ETF) in the United States. This victory has the potential to attract significant Investment from the general public, leading to a rise in the price of Bitcoin. However, there are skeptics who believe that this rise is a trap. Crypto Capo, a well-known crypto bear, predicted a rise in Bitcoin’s price before a decline, stating that it could touch $27,000-$28,000. After the rise occurred, Crypto Capo referred to it as a “fraud pump” and warned that the decline would continue.
Crypto Capo also outlined his main scenario for Bitcoin, suggesting that the last leg of the pump would reach $28,300-$28,500, forming a local peak at $28,000. He expects the price to then drop below $25,000, with major support levels at $20,000 and $21,000. Ultimately, Crypto Capo’s main goal for Bitcoin is $12,000.
On the other hand, Nassim Nicholas Taleb, author of “The Black Swan,” views Bitcoin as a passing fad. He argues that once the popularity of a fashion like Bitcoin diminishes, its supporters often predict its downfall. Taleb points out that Bitcoin’s Trading volume on all exchanges has collapsed, experiencing a 94% drop compared to March. He believes that Bitcoin’s decline will not be due to a Market crash, but rather a “relentless decay.” Taleb warns of increased market manipulation as trading volume decreases, comparing it to an “explosion of open Ponzi.”
Despite Taleb’s skepticism, Bitcoin’s price has risen over 6% following Grayscale’s victory. Long-term investors do not seem deterred by the recent sell-off and remain optimistic. However, Taleb argues that the risk of market manipulation grows as trading volume declines.
In conclusion, Grayscale Investments’ legal victory paves the way for the launch of the first Bitcoin ETF in the US, potentially attracting more investment. While skeptics like Crypto Capo warn of a decline after the recent rise, Nassim Nicholas Taleb views Bitcoin as a passing fad with a potential for market manipulation as trading volume decreases. Regardless, the Bitcoin market remains dynamic, and investors continue to monitor its movements closely..
#passing #fad #Analyst #Bitcoins #Rise #Trap
Crypto Capo also outlined his main scenario for Bitcoin, suggesting that the last leg of the pump would reach $28,300-$28,500, forming a local peak at $28,000. He expects the price to then drop below $25,000, with major support levels at $20,000 and $21,000. Ultimately, Crypto Capo’s main goal for Bitcoin is $12,000.
On the other hand, Nassim Nicholas Taleb, author of “The Black Swan,” views Bitcoin as a passing fad. He argues that once the popularity of a fashion like Bitcoin diminishes, its supporters often predict its downfall. Taleb points out that Bitcoin’s Trading volume on all exchanges has collapsed, experiencing a 94% drop compared to March. He believes that Bitcoin’s decline will not be due to a Market crash, but rather a “relentless decay.” Taleb warns of increased market manipulation as trading volume decreases, comparing it to an “explosion of open Ponzi.”
Despite Taleb’s skepticism, Bitcoin’s price has risen over 6% following Grayscale’s victory. Long-term investors do not seem deterred by the recent sell-off and remain optimistic. However, Taleb argues that the risk of market manipulation grows as trading volume declines.
In conclusion, Grayscale Investments’ legal victory paves the way for the launch of the first Bitcoin ETF in the US, potentially attracting more investment. While skeptics like Crypto Capo warn of a decline after the recent rise, Nassim Nicholas Taleb views Bitcoin as a passing fad with a potential for market manipulation as trading volume decreases. Regardless, the Bitcoin market remains dynamic, and investors continue to monitor its movements closely..
#passing #fad #Analyst #Bitcoins #Rise #Trap
