Bloomberg analyst says Bitcoin bulls are "grasping at straws"

10 Apr, 2019 | Updated: 10 Apr, 2019
by Richard Allen
Bloomberg analyst says Bitcoin bulls are grasping at straws

Despite the crypto market’s dramatic upswing last week, a recent Bloomberg article has taken a less than optimistic stance.

The article reports that the GTI Global Strength Indicator of the Bloomberg Crypto Index has the same trends which led to the previous peak in January 2018. Shortly after that, the index – and then the price of Bitcoin – dropped over 65%.

Bloomberg Intelligence analyst Mike Glone remained skeptical on the current bull trend, stating exchange volumes and transactions have been underwhelming. “A highly speculative market rallying on declining volume is not healthy. Typically you need good, strong volume and transactions to indicate an enduring trend. Bulls appear to be grasping at straws or what best fits their more emotional less rational views, positions. The emotional enthusiasm the past week appears too extreme,” he said.

April 1 saw Bitcoin’s price shoot up over $1,000, though no one is entirely sure why. Ikigai founder and CEO, Travis Kling recently opined that central banks were behind it, while others suspect a single $100 million buy order could have been the catalyst.

While many felt the market’s upswing signified an end to the crypto winter, CIVIC founder Vinny Lingham took a more cautious approach, stating he isn’t confident the crypto winter has subsided.

Read more: Vinny Lingham says crypto winter is not over

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Read more about: Bitcoin (BTC)

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