RATE Group | Contrary to Popular Belief, Bitcoin is in Full Bear Market, Says Analyst
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Contrary to Popular Belief, Bitcoin is in Full Bear Market, Says Analyst

18 Dec Contrary to Popular Belief, Bitcoin is in Full Bear Market, Says Analyst

Posted at 16:07h in Bitcoin News by

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People who believe bitcoin is currently in a bull market just because it avoided a drop below $6,400 are wrong, according to Alex Krüger.

The prominent market analyst made bold comments about halving, an event that would reduce the bitcoin mining reward from 12.5 BTC to 6.25 BTC effectively from May 2020. Krüger refuted popular price prediction models, such as the Stock-to-Flow, that envision bitcoin at its all-time high after halving.

“Contrary to what cheerleaders want people to believe, the halving is not supposed to make longs rich,” said Krüger. “I bet cheerleaders making predictions do not even know what econometrics means.”

The statements came shortly after bitcoin plunged to its seven-month low on Tuesday. The cryptocurrency established an intraday bottom of $6,430 during the London afternoon trade. Nevertheless, the price pulled back by around $300 shortly after, signaling that bulls were in a mood to defend the support.

Krüger noted the same in his tweet. The…

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