Despite 50% Crash, Bitcoin Still Up 96% in 2019; Can Bulls Maintain Uptrend?

Bitcoin hasn’t had the best second half of 2019. In fact, since the end of June, the leading cryptocurrency has collapsed by 50%, now trading at $7,000 after establishing a year-to-date peak at $14,000.

This collapse has made many cryptocurrency critics revel. Mark Dow, a prominent hedge fund manager that became famous in the crypto space after he shorted the $19,000 top and covered the $3,000 bottom, wrote last month that he entirely expects for Bitcoin to “die a grinding death, punctuated by spoofs and FOMO spasms of decreasing frequency and intensity.”

Related Reading: Bitcoin Week in Review: Bears Attack Key Support, But Irresponsible Monetary Policy May Bolster Macro Outlook

Prominent libertarian investor Peter Schiff, who some say would be a perfect spokesperson for Bitcoin if he liked the cryptocurrency, echoed this line, saying that he expects for BTC to fall to $1,000, then lower, with time.

Yet it seems Schiff, Dow, and their contemporaries are forgetting one thing:…