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FxWirePro: Would it be Warren buffet’s turn after Dimon to regret? Flurry of BTC/USD bearish patterns but booming industry cycle to pledge

Legendary investor Mr. Warren Buffet had recently stated that he would never invest in cryptocurrencies as he was so certain about the cryptocurrencies would come to a bad end.

Let’s refresh our memories on few more critics, a few weeks ago JP Morgan chief, Mr. Jammie Dimon, has long been an ardent critic of bitcoin.

Well, he has also termed cryptocurrencies a “fraud” and a "novelty" and said they are "worth nothing. Thereafter, just a week ago, he backpedaled on his notion after seeing the phenomenal rallies of BTC. He regretted terming the cryptocurrency as a fraud in September last year.

In an interview with Fox Business, Mr. Dimon said that he trusts blockchain as a technology behind BTC, is “genuine”.

One thing we've got to be noting here when Berkshire Hathaway owned 415 million shares of UK -based grocer Tesco at the end of 2012. The firm sold some stock but remained heavily invested. In 2014, the grocer overstated its profits and shares tumbled. In another instance, he bought Waumbec Mill twice which he regretted this decision later on.

Well, there have been several cases when Warren Buffett went wrong as well in predicting right stocks for his portfolio over the years, in spite of veteran’s investment expertise.

Amid all these speculative commentaries, bitcoin has been doing its own job responding to the underlying news. BTCUSD, for now, forms hanging man and engulfing patterns at $17,149.67 and $14,157.87 levels on daily and weekly plotting respectively.

Both leading oscillators (RSI & stochastic curves) on daily and weekly terms, show the downward convergence that signal the weakness in both minor and the intermediate trend.

But on the contrary, if you plot monthly charts, the entire story seems different. All you get is the robust uptrend with trivial hiccups.

Well, we wouldn’t be surprised even if this pair crashes to $2000 or $3000 marks. We already stated that such speculative price oscillations have been quite common for an industry that’s been in inception or growth phase, refer below weblink for our earlier remarks on boom cycles that took place in inception stage of bitcoin.

https://www.econotimes.com/FxWirePro-When-entire-universe-of-risk-averse-gamble-on-Bitcoin-asset-bubble-booming-cycles-have-so-much-to-lure-1054608

Well, we vouch that no asset classes are available in this world so far, that has constantly been fetching positive returns without even any necessary corrections, when bitcoin has grown from some negligible cents in its just 2nd of year of its boom cycle to the mammoth $19,666 mark, and we have witnessed steep price crashes earlier as well.

Perhaps a new, blockchain as a technology and unique inventions such as cryptocurrency as a currency system offerings have been developed and luring, thus beginning a new industry as there exists to be more potential on the global level. Some analysts even add an embryonic stage before introduction.Having said that, we wrap up this discussion by stating this write up is just an attempt to bring in awareness about the industry lifecycle, neither to prove anyone right or wrong, and nothing to jump the guns.

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