Bloomberg Markets: Asia, Innes claims that BTC’s behaviour over the past few months does not indicate that a bottom is in. He adds that despite the pronouncements of “soothsayers”, the current market is a decidedly negative one for investors, who will consequently continue to sell or avoid buying bitcoin.
When asked about the lower limit of BTC’s bottoming out, he points out the current ecosystem presents an unattractive buy due to a variety of reasons. According to Innes, the key reason is the uncertainty in regards to markets’ directions:
“What I’m really looking at here is the way coins have been trading over the last few months. It’s indicated that the bottom is not in so therefore I don’t think any mature investor is willing to catch this falling knife. And that tells me there is more room to go and as soon as we hit some of these key round figure inflection points like $3500 and $2500, the psychological impact will weigh on more inexperienced traders.”
Innes remarks that while he is optimistic about Blockchain, the underlying technology of cryptocurrency, he is unsure about the future of cryptocurrency. The uncertainty is definitely putting doubts in minds of both experienced and inexperienced traders, which further knocks down the price points.
He noted that the continued reluctance of Wall Street to explore the ecosystem, the ever-tightening regulatory landscape and the recent Bitcoin Cash hash war have collectively pushed the tokens to this edge of the spectrum. A range of reasons that are being predicted by almost all analyst. As for Innes, he summed up his thoughts as follows:
“Given the momentum we’ve had over the past year, this price action is not positive, and despite what soothsayers say, it’s not a good time to go in because we can’t quantify what we’re really buying at these levels so this is the issue I have with trying to understand coins at specific inflection points.”
Interestingly, despite being in a bearish phase, BTC is managing to multiply its outreach. On Tuesday, NASDAQ announced its plans to list its variation of Bitcoin Futures in Q1 of 2019. Just this week, Ohio became the first state to accept bitcoin for tax payments. The proof of all the traction that the token is generating is that Google Trends Bitcoin interest hit its highest since April.
Additional reading: Bitcoin Price To Bottom At $3000, Suggests Analysts/p>