In spite of all the obituaries written by market pundits, Bitcoin remains alive and well, and BTC at $8,000 is a testament to its ongoing resilience and value. Helping Crush the Street’s readers to better analyze and understand Bitcoin’s recent stunning comeback is premier cryptocurrency market educator CryptoBud.
Owner of a popular YouTube channel, CryptoBud is here to help you navigate through the vast cryptocurrency space. He posts videos featuring technical and fundamental analysis to help you trade wisely in cryptocurrency, and CryptoBud frequently discusses Bitcoin as well as Litecoin, Dash, Ripple, and many other altcoins.
As CryptoBud explained recently to Crush the Street in an exclusive interview, the cryptocurrency space has witnessed four months of highly encouraging price action. This, in conjunction with a lot of positive developments on the network, gives CryptoBud strongly bullish expectations in the third and fourth quarters of the year for Bitcoin.
However, according to CryptoBud, investors and traders need to understand that the “whales” or large institutional investors will have a massive impact on the price of Bitcoin going forward. They’re the reason that Bitcoin went to nearly $20,000 in 2017, and still today the hedge funds are in control of the cryptocurrency market.
Courtesy: CryptoBud
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Moreover, according to CryptoBud, the whales could drive the price of Bitcoin down to $2,000 tomorrow if they really wanted to do so. Most of the trading on major cryptocurrency exchanges is very thin, and it would only take a few large orders to send Bitcoin into a major price decline.
However, it wouldn’t make sense for the whales to kill the cryptocurrency market right now because if they did that, people would never come back to crypto, according to CryptoBud. Thus, a balance remains in the crypto market as there’s no reason for the hedge funds to push the prices too low or too high.
And so, while the whales won’t crash Bitcoin to $2,000, it also wouldn’t make sense for them to drive the price up too quickly: if it ran immediately to $20,000, the whales would see this as unsustainable and would start selling.
To get the complete picture of Bitcoin’s next moves and crypto’s future, check out Crush the Street’s exciting interview with CryptoBud as well as his highly informative and instructive YouTube channel for up-to-the-minute cryptocurrency analysis.
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