Authorities have almost opened up markets and relaxed the restrictions imposed to curb the spread of infection. Minerd's comments come after European Central Bank President Christine Lagarde said cryptocurrencies are "worth nothing. The Indian government on Tuesday reported 30,941 new cases in the last 24 hours, dropping from around 40,000 in the previous days. Minerd added that additional technological advances could change that and help create an ecosystem where people get used to using cryptocurrencies for transactions and are confident they will hold their value. "None of these things pass, they don't even pass on one basis," he said. "I don't think we have had the right prototype yet for crypto," he said, saying that currency needs to store value, be a medium of exchange and unit of account. "Everything else, we couldn't tell you if Amazon or was going to be the winner." The conclusion of a bear channel usually leads to a decrease equivalent to the width of the channel, or in this case a tough test of 32,000 approximately my guess is 28,000, he composed on Twitter.
However, there is no consensus among analysts. In the short term, the price could drop and stabilize around 6,400, according to some experts. The drop might be as severe as BTC falling by 10,000, he warned. However, a correction of the price of Bitcoin seems to be imminent as uncertainty over Coronavirus remains and moving average indicators are approaching a cross death scenario.
"If we were sitting here in the internet bubble, we would be talking about how Yahoo and America Online were the great winners," he said. This might follow an impending choice by the Federal Reserve about tax rates in the nation. Minerd compared the current situation to the dotcom bubble of the early 2000s. "Most of these currencies, they're not currencies, they're junk," he said.Įven so, he said, "I don't think we've seen the dominant player in crypto yet."
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