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August 9, 2022
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Monetary strategist says that “the rise of Bitcoin is very close to the top”

In addition to pointing out that Bitcoin is near the top, he also said that “companies are being‘ enigmatic ’in adopting cryptocurrency.”

Bitcoin’s rise is “very long” and may be about to drastically reverse the course, according to a monetary strategist.

Boris Schlossberg, managing director of strategy for BK Asset Management, told CNBC this week that the CME Group announcement that it will present Bitcoin micro futures it can be a sign that the market is at the top.

“Last time, they announced that there would be futures” – which was in 2017 – “Bitcoin really reached the top,” said Schlossberg.

He said he thinks the adoption of Bitcoin by many companies is “very ingenious”. Tesla announced in March that it has started accepting Bitcoin as a payment, while PayPal said on Tuesday that its customers in the United States can use their cryptocurrency reserves to pay millions of their online merchants worldwide.

“I don’t think any asset with a 20% volatility per week can really act as currency right now,” said Schlossberg.

“And I think that any transactions that you will see in Bitcoin will be infinitesimally small compared to the normal currency.”

The strategist said he thinks “the whole bullish cryptocurrency … is getting too long”.

He said:

“I think we are very, very close to perhaps an intermediate top here. A small correction is certainly needed at this point. ”

Schlossberg is far from the only analyst predicting that the remarkable recovery of the world’s largest cryptocurrency may be reaching its peak. Bitcoin rose about 775% in the last year to $ 58,400 on Thursday, according to data from Coinbase.

Cryptocurrency analysts at Glassnode said in March that an increase in “wealth transfers” from long-term bitcoin holders to the most recent speculators could mean that Bitcoin is entering the second half or later stages of a bull market.

Still, Bitcoin tycoon Mike Novogratz predicted on Wednesday that increased institutional interest would make the asset bigger than gold. He told CNBC that he is shocked by the pace of adoption of cryptocurrency by major Wall Street players.

Source: Business Insider

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