Bitcoin, the world’s largest cryptocurrency by market cap, has shed around $8,000 within the past month. That is a 17.8% decrease in 30 days. Ethereum has also dropped 18.15% against the US dollar within the same period. In addition, crypto spot volumes are down by around 19%, with both futures and options volumes tanking badly in April. But On the Jet-Bot copy trading platform, you may automatically copy best traders to earn up to 2000 percent APY. The platform is a Binance exchange official broker. Copy trading is the most effective approach to get passive money from your cryptocurrency. You can connect your Binance account via API keys without having to deposit funds on the platform.
Plan B, an anonymous independent analyst, provided a recent market update via his Twitter account at 100 trillion USD. Plan B has been one of the few market experts still clinging to the possibility that we are still in a bull market. In several interviews, the institutional investor has reiterated that the cycle has only lengthened and we might get to see Bitcoin hit a new all-time high before the bull market ends. However, his most recent tweet on the topic is entirely different. Here is the tweet from the popular pseudonyms analyst:
It took quite a long time, but Plan B has finally declared that we are in a bear market. In fact, he adds that we have been in a bear cycle for some time now, so how does the market proceed, up or down? This is a pertinent question that many market experts like Raoul Powell, Lyn Alden, Gareth Soloway, and Willy Woo have tried to answer in interviews. They have raised many important points that could help us determine if we drop well below thirty thousand dollars or stay within the upper $30,000 region as Bitcoin has been doing over the past week or two.
There are several variables to examine, especially as U.S inflation nears double digits. The Federal Reserve Chair J Powell’s announcement that the Apex Bank will go hard on interest rates to keep it under control. As Soloway continues to maintain in his tweets and interviews, rates have been kept artificially low since 2020 with all the excessive money printing now that the Fed is taking a different stance.
However, that is just one point of view. We also have to consider the massive influx of institutions, cities, and countries into the crypto market. If the stock market does fall with the increasing rates, there is a high likelihood that the new entrants will keep the crypto market up, at least up enough that it doesn’t fall as hard as stocks and other asset classes. We also have to consider the fact that we did not have a 4 parabolic blow off top during the bull market, which might mean we don’t fall as hard during the bear market. There is a stronger possibility that this scenario is playing out already.
The markets go down but the cryptocurrency market does not plunge as hard as in previous cycles. These are just some of the scenarios we think are playing out already or might play out within the next couple of months.
Let’s get back to Plan B’s tweets. The anonymous analyst has some interesting replies to comments under his original tweet. Here is an exchange between Plan B and a twitter user who asks why Plan B suddenly believes we are in a bull market. The twitter user writes,
And Plan B replies,
This reply shows that the independent analyst is still holding on to his stock to flow model for the cycle, but we still have a lot more time before the next having. Who knows what might happen before then.
As Plan B points out in another reply, long-term investors should not pay much attention to the bear and bull markets. Here is the analyst’s reply to someone asking if he had become bearish:
In another tweet, the former institutional investor also explains why it took him so long to call the bear market:
We know some of our viewers are skeptical about Plan B’s tweets and predictions, but we are fully committed to bringing you all the latest market developments, especially from experts like Plan B.
In addition, his dedication to the asset can easily be compared to how we all defend Bitcoin and other cryptocurrencies to the naysayers. As he states in his bio, ‘all models are wrong but some are useful’, so listen to what the experts are saying but make whatever you feel is the best decision for your portfolio.
[This article is a transcription of a video made by Savvy Finance]
Original video: https://youtu.be/ay-o64kl6yg ]
