Prominent Investors are Selling Bitcoin, Calling Recent Parabolic Rise “Unsustainable”

Bitcoinist

  • Bitcoin’s parabolic advance has finally come to an end, with bulls losing their footing following the recent break below $40,000
  • Its macro parabola could very well still be valid and in play, but it will require a firm and swift trend reversal in the near-term
  • The entire market is reeling lower in tandem with Bitcoin, and investors widely believe that the ongoing descent could extend further
  • This comes as one prominent Bitcoin investor from Guggenheim Partners notes that he is taking profits off the table
  • Other prominent investors who watched their investment in Bitcoin explode over the past few weeks may be doing the same

Bitcoin and the entire crypto market have been caught in the throes of immense turbulence throughout the past few days.

Bulls have been unable to gain any ground against bears as Bitcoin, Ethereum, and most other altcoins all plunge lower.

How To Get Free Crypto  

Where the market trends in the mid-term should depend largely on whether or not BTC can find strong support at $30,000. A break below this level could prove to be dire and spark a massive selloff.

One prominent investor at Guggenheim who previously forecasted $400,000 per Bitcoin is now taking profits off the table, noting that BTC’s short-term rally has grown incredibly over-extended.

Bitcoin Craters as Selling Pressure Ramps Up 

Bitcoin has cratered from its $43,000 highs, and the cryptocurrency appears to be on the cusp of facing further losses.

At the time of writing, the benchmark cryptocurrency is trading down nearly 20% at its current price of $31,000. This marks a notable decline from recent highs of over $40,000.

Coinbase Banner  

$30,000 will likely prove to be a strong support level for the crypto, making it imperative that bulls guard against any strong dip below this level.

This Prominent Investor Announced He Is Selling BTC

Scott Minerd from Guggenheim Partners is known for his recent statement on CNBC regarding Bitcoin one day reaching $400,000.

It doesn’t appear that he believes this is a near-term possibility, as he is now noting that he is taking money off the table as BTC’s rally has grown “unsustainable.”

“Bitcoin’s parabolic rise is unsustainable in the near term.  Vulnerable to a setback. The target technical upside of $35,000 has been exceeded.  Time to take some money off the table.”

The coming few days should shine some light on Bitcoin’s outlook, as its ultimate response to $30,000 will likely determine where it trends in the days and weeks ahead.

Featured image from Unsplash.
Price data from TradingView.

Go to Source
Author: Cole Petersen


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.