Habiba Aziz
Contributor
Over the past 24 hours, the cryptocurrency market dropped more than $22 billion, falling from $343 billion to $321 billion in market valuation. Bitcoin fell by 5 percent, while other major cryptocurrencies recorded larger losses, dropping by more than 7 percent.
“I think we are gonna go to $5,500 – $5,700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess,” Woo said on May 25, adding, “Volatility is still too high. I’m looking for a sustained low band of volatility which tends to be a signal for the end of the detox and the next accumulation phase. It’s still got some time to ride down.”
Short-term skeptics including Woo are still optimistic in the mid-term trend of BTC, as it is possible for BTC to experience a bull run triggered by a mania set up by institutional investors such as pensions and hedge funds in the upcoming months. But, because robust custodian solutions are necessary for institutional investors to commit, it is unlikely that institutional investors come into the cryptocurrency market before the fourth quarter of 2018.
Full article on CCN https://www.ccn.com/bitcoin-drops-to-7200-while-ethereum-ripple-and-bitcoin-cash-see-losses/
“I think we are gonna go to $5,500 – $5,700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess,” Woo said on May 25, adding, “Volatility is still too high. I’m looking for a sustained low band of volatility which tends to be a signal for the end of the detox and the next accumulation phase. It’s still got some time to ride down.”
Short-term skeptics including Woo are still optimistic in the mid-term trend of BTC, as it is possible for BTC to experience a bull run triggered by a mania set up by institutional investors such as pensions and hedge funds in the upcoming months. But, because robust custodian solutions are necessary for institutional investors to commit, it is unlikely that institutional investors come into the cryptocurrency market before the fourth quarter of 2018.
Full article on CCN https://www.ccn.com/bitcoin-drops-to-7200-while-ethereum-ripple-and-bitcoin-cash-see-losses/
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