Youre reading Bybit Insights, a quick rundown of key crypto market sentiment and trends you shouldnt miss.
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Interviews with Early Pioneers
In an interview with CoIntelegraph, Erik Voorhees, one of the earliest crypto entrepreneurs, said he is very worried that a global debt crisis is coming in the next five years. The exponential growth of government debt indicates a fundamental problem with current monetary policy. Voorhees believes that the financial crisis will drive investors towards crypto assets. Voorhees, a self-proclaimed crypto pluralist, believes that 90% of altcoins are merely a distraction from the core projects, namely Bitcoin and Ethereum.
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Bull market or bear market?
However, not everyone shares Helds boldly optimistic view. A stagnant market has shaken the faith of some of the worlds biggest bitcoin bulls. Mike Novogratz, an analyst who famously predicted that Bitcoin would hit $20,000 by 2019 but was proven disastrously wrong by the market, sounded the voice of warning. He advises against putting most of your funds in the crypto space because Bitcoin is too volatile. He told CNBC television on July 8 that although bitcoin has performed much better than gold, it is safer to buy more gold than bitcoin.
from DataDashNicholasThat said, Bitcoin is poised to break resistance above $10,000, nonetheless. Likewise, he believes Ethereum is temporarily accumulating strength while maintaining its current price, but will eventually break above $300. While altcoins stole the limelight with consecutive double-digit returns, most crypto influencers are trying to shift the focus back to Bitcoin by calling investors to focus on shorter time frames.
The Moon believes that the bullish pattern of altcoins depends on the price action of Bitcoin. Through technical analysis, The Moon sees a bearish resistance level for Bitcoin at $6,200 within the Fibonacci pocket of gold. He expects Bitcoin’s market capitalization dominance to eventually break through 80%, pushing the price to $20,000.
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source:PlanB
Irrational market is hard to survive
On the other hand, the price of Dogecoin, a cryptocurrency created in imitation of other popular cryptocurrencies, jumped 125% last week. The hugely popular Douyin platform has amassed a loyal following, most of whom mistake Dogecoin for a stock. The frenzy has cooled off considerably since hitting highs last Wednesday, suggesting any irrational gains will eventually be thwarted by rational thinking.
