Fund Manger Declares Bitcoin Bears Are “Deluded” Based on Key Technical Data


Even as Bitcoin (BTC) has rallied over the past two weeks, analysts have kept their bearish biases against this market, claiming that it is only a matter of time before the cryptocurrency market sets a new low.Tone Vays, a former Wall Street trader turned BTC analyst and educator, explained in an interview published near the turn of the year that he expects Bitcoin to retest $5,000s sometime in the next few months.Related Reading: This Late Night Host Just Exposed Millions to Bitcoin, AgainBut, according to a rather bullish cryptocurrency fund manager, bears are “deluded” and potentially “dishonest.” While this statement was made partially in jest and with lots of creative license, he laid out why there is some credence in the idea that Bitcoin bears may be irrational in presuming prices will return to the downside.Bitcoin Bull Signals GaloreAdaptive Capital’s Murad Mahmudov, formerly of Goldman Sachs, recently wrote on Twitter that “bears are deluded at best, dishonest at worst,” drawing attention to the below chart which shows that BTC has crossed above a number of key moving averages. These are including but not limited to the 128-day simple moving average (SMA), 200-day exponential moving average (EMA), 50-week SMA, and 100-week SMA.The point in this being that Mahmudov thinks that any bears that remain are foolish for holding their negative sentiment.bears are deluded at best, dishonest at worst pic.twitter.com/mHedoqmSwL— Murad Mahmudov 🚀 (@MustStopMurad) January 14, 2020This comes shortly after he drew attention to a simple textbook financial markets chart, which accentuated that Bitcoin’s trend is decisively positive due to simultaneous growth in the price, volume, and open interest seen in the asset’s markets.Related Reading: Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu’s Blockchain BetaMacro Case Decisively BullishIt isn’t only the technicals that are bullish on Bitcoin per Mahmudov.Last year, the world’s most prominent BTC  investors, builders, executives, and thinkers descended on Riga, Latvia to attend the Baltic Honeybadger 2019 conference. A religious experience for some, Honeybadger 2019 saw key individuals in the cryptocurrency space take to a stage to discuss the direction of this industry, the future of Bitcoin, among other ideas.

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Author: Nick Chong


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