Fund Manger Declares Bitcoin Bears Are Deluded Based on Key Technical Data

Tuesday 10 January 2020, 10:45 PM AEST - 5 months ago

Even as Bitcoin (BTC) has rallied over the past two weeks, analysts have kept their bearish biases against this market, claiming that it is only a matter of time before the cryptocurrency market sets a new low.

Tone Vays, a former Wall Street trader turned BTC analyst and educator, explained in an interview published near the turn of the year that he expects Bitcoin to retest $5,000s sometime in the next few months.

But, according to a rather bullish cryptocurrency fund manager, bears are deluded and potentially dishonest. While this statement was made partially in jest and with lots of creative license, he laid out why there is some credence in the idea that Bitcoin bears may be irrational in presuming prices will return to the downside.

Bitcoin Bull Signals Galore

Adaptive Capitals Murad Mahmudov, formerly of Goldman Sachs, recently wrote on Twitter that bears are deluded at best, dishonest at worst, drawing attention to the below chart which shows that BTC has crossed above a number of key moving averages. These are including but not limited to the 128-day simple moving average (SMA), 200-day exponential moving average (EMA), 50-week SMA, and 100-week SMA.

The point in this being that Mahmudov thinks that any bears that remain are foolish for holding their negative sentiment.

bears are deluded at best, dishonest at worst

This comes shortly after he drew attention to a simple textbook financial markets chart, which accentuated that Bitcoins trend is decisively positive due to simultaneous growth in the price, volume, and open interest seen in the assets markets.

Macro Case Decisively Bullish

It isnt only the technicals that are bullish on Bitcoin per Mahmudov.

Last year, the worlds most prominent BTC investors, builders, executives, and thinkers descended on Riga, Latvia to attend the Baltic Honeybadger 2019 conference. A religious experience for some, Honeybadger 2019 saw key individuals in the cryptocurrency space take to a stage to discuss the direction of this industry, the future of Bitcoin, among other i ...

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