BTC, ETH, XRP, BCH and LTC: Price Analysis – 06/06/19
There is a large disconnect between traditional investors and crypto investors on how they approach cryptocurrencies. Billionaire investor Stanley Druckenmiller said that he would neither buy nor sell Bitcoin because he does not find inherent value in it. He also said that due to its sharp volatility, Bitcoin can never be a medium of exchange.
Another investor, Peter Boockvar, chief investment officer at Bleakley’s believes that Bitcoin can be used as a leading indicator to forecast the directional movement in the stock markets or gold. But he prefers to own gold over Bitcoin.
We had projected that the Bitcoin (BTC) rally is tiring out and that is what happened. It plunged on June 3 and 4, which pulled it back to the critical support of $7,413.46. Currently, the bulls are attempting to hold the level but the rebound lacks strength, which is a negative sign.
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