The disastrous November has shaken the little confidence bitcoin bulls had remaining. The sentiment within the community is still largely bearish with little hope for a rebound, even for the short term.
Crypto Twitter and Youtube
Youtube personality and popular trader Tone Vays has claimed that both his short-term and his long-term expectations for bitcoin are bearish. In a recent live stream, he set $3200 as his next price target.
CNBC’s Fast Money has also been making headlines within the crypto community, after an interview with early bitcoin adopter and entrepreneur Vinny Lingham. The Oracle of Bitcoin has reaffirmed his long-held stance that cryptocurrencies cannot be just stores of value.
— CNBC’s Fast Money (@CNBCFastMoney) November 26, 2018
Given bitcoin’s massive failure to actually store value in 2018 his points are hard to refute. Both him and host Melissa Lee reminded viewers that the inability to either store value or act as a payment network leaves few reasons for anyone to buy the asset.
Civic’s CEO used the opportunity to hint towards the fact that competitive cryptocurrencies are already focusing on tackling the limitations that supposedly prevent bitcoin from becoming a successful payment network.
Still, despite the overall bearish sentiment, Lingham believes that the $3000 bottom will not be breached in the short term. However, if the bear market persists in early 2019, it’s unlikely to hold over the long run.
Long or Short
Most speculators would choose none. Active traders have set aside the usual commitment to either long or short cryptocurrencies. Instead, scalping has become the most profitable strategy since bitcoin fell below $4000.
Given the lack of positive news to drive the price back to at least mid-2018 levels, and the relative confidence in the $3200 bottom, frequent small-profit trades appear to be most people’s favourite.