Professional crypto traders appear to be taking the recent plunge in the price of Bitcoin in their stride as they look ahead to an upswing in the cryptocurrency’s fortunes. Forkast.News heard from two of them.
- Ruud Feltkamp, CEO at crypto trading bot firm Cryptohopper said he saw a clear trading opportunity, saying: “If this bull run is a bit like that of 2017, then we expect the real peak of the Bitcoin price at the end of this year around New Year’s Eve, after which we will see another alt season in early 2022. After such a bull market, it’s not strange to see people taking their profits.”
- Ulrik Lykke, executive director at crypto hedge fund ARK36, said: “In terms of Bitcoin’s outlook, things may be looking grim right now, but historically this is just yet another hurdle for Bitcoin to overcome and a small one compared to what it has braved in the past.”
- Both men were dismissive of the notion that Tesla founder Elon Musk’s influence over the price of the world’s biggest cryptocurrency would be more than short term, with Lykke saying: “Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong … The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”