Global Business Media Warns Of Bitcoin’s Demise Too Soon

0

Last Updated on 29 October 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
View all posts

As we’ve said earlier this week, it was to be expected that classic world business media will warn over Bitcoin’s fall from $67,000 to $59,000, meaning it only doubled this year so far. As on cue, journalists used to writing about banks and tech stocks brought the warnings, and man were they scary. Must be the Halloween phenomenon.

As Bitcoin traded around $59,000, Business insider spoke of a ‘waning wave of enthusiasm’ due to the fact that the launch of the Bitcoin ETF is now behind us. They were also keen to point out that the world’s biggest crypto traded at it’s ‘lowest level in two weeks’.

Advertentie.

Warning, slide, fever

Forbes fared no better, stating that ‘Bitcoin prices have been struggling to recover’. I thought they had hit a new all time high just two weeks ago, but they must know something I don’t.

CNN called the ‘slide from record highs’ nothing less than a ‘warning’.

CNBC has become more and more of a Bitcoin fan as of late, but even they were quick to point out that Bitcoin had dropped ‘5% as ETF fever subsides’. Five whole percentage points for one of the world’s most volatile investment vehicles. Wauw, how will we ever recover.

Analysts foresee higher highs

Even with all that doom and gloom on their front pages, the texts inside those screaming articles were much more positive, with analysts admitting that they still expect Bitcoin to make a higher high before the end of the year.

Joe DiPasquale, CEO of hedge fund BitBull Capital, explained it best:

Currently Bitcoin is sitting on a key support level of $58,000 and as long as it maintains the $50,000 level traders can continue expecting bullish resumption.

At the time of writing, Bitcoin is trading almost at $61,000 again.

nicescene / Depositphotos.com