ShapeShift CEO: Bitcoin is still waiting for 30% drawdown
After the bitcoins defended important support level of $5 800, many have suggested that the bearish trend has outlived its usefulness. However, according to Eric Voorhis, bitcoin price could reach $4750.
Erik Voorhees, founder and CEO cryptostroma Shapeshift, in a recent interview with CNBC discussed the situation on the market of cryptocurrencies and stated that the fall of bitcoin will likely continue this year.
“I don’t believe that we finally survived the fall of bitcoin, but the growth rate decreased significantly. Usually, after a few months of the downtrend begins consolidation and trading within a certain range. In my opinion, the bearish trend is nearing the final phase”.
The main phase of the depreciation is behind us, says Voorhees, but bitcoin is still waiting for a 30% drawdown, which will slow down at the support level of $4750 in the next 3-18 months.
However, CEO Shapeshift noted that any purchase of bitcoin in the range from $5000 to $8000 will be profitable in the long run, a couple of years, the current $6700 seem “tasty morsel” for those who missed the opportunity to buy digital gold at the current price now.
It is remarkable, but the founder and head of the crypto currency exchange Binance Zhao Chanpen, in contrast, believes that the bear market replaced the bull, and cryptocurrencies are preparing for a new growth cycle.