Bitcoin in correction mode: is the cycle intact?

Bitcoin is quoted at the usual rolling rate. Is the bull market still intact? What speaks for it and why Jamie Dimon is still not a Bitcoin friend – in the opinion ECHO.

Bitcoin is still correcting: Digital gold found its temporary low on May 23 at 32,000 US dollars. But even at $ 37,000 (as of press time), BTC is only a few percentage points away from that low. Is the bull market over?

If it goes to the Twitter account @therationalroot, this is unlikely to be the case. Because as the anonymous user with the stylized carrot with the laser eyes in the profile picture shows, there have been corrections in the past bull markets. And a look at the chart reveals: You could have set the clock accordingly. Because in both 2013 and 2017 it took exactly 136 days to overcome the “mid-cycle dip”. However, it took a little longer in 2021 – 28.5 percent longer to be precise.

The shortened but possibly logical conclusion: The all-time high can also be expected with a corresponding delay. The targeted time of the preliminary Bitcoin all-time high according to @therationalroot is therefore December 6th, 2021. Good luck!

The crypto market is getting more and more professional – or is it?

Less enthusiastic about cryptocurrencies is “Mr. Wonderful ”, better known as Kevin O’Leary. The investor, who can be seen more often on “Shark Tank”, the US counterpart to the pitch program “Die Höhle des Löwen”, sees – contrary to the narrative of the institutionalizing crypto sector – no signs of professional investors in Bitcoin.

You keep having guests saying, “Oh, institutions are getting into Bitcoin”. There is no institution, state or pension plan out there that is already doing this because they don’t look past the ESG issues,

so the Canadian opposite TD Ameritrade. The reason for the skepticism of the major investors are still ESG reservations about Bitcoin. ESG stands for “Environment”, “Social” and “Governance”, ie the degree of compliance with sustainability criteria for assets. What is probably meant is the accusation of high energy consumption known in the Bitcoin scene as Energy-FUD.

This supposed disadvantage has “Mr. Wonderful ”, however, did not prevent BTC from trying hard. The investor has been investing three percent of his portfolio in Bitcoin since March of this year. In addition, his statement contradicts proven developments in the Bitcoin sector. A look at shows that private and public companies have an increased interest in cryptocurrencies. A recently published study by PwC comes to similar conclusions.

Jamie Dimon is still not a bitcoin fan

Although JPMorgan has made a historic U-turn with regard to Bitcoin and is now allowing its customers to trade in BTC, the bank’s CEO remains skeptical. During a hearing for the U.S. Parliament’s Finance Committee, Dimon said:

My personal advice to people is to stay away from it. That’s not to say that customers don’t want it. That goes back to the question of how to run a business. I don’t smoke marijuana, but if you make it nationally legal, I won’t stop our people from buying it. I’m not telling people how to spend their money.

Most recently, JPMorgan submitted the application for a cryptocurrency exposure basket to the US Securities and Exchange Commission. With the bond instrument, customers of the bank can participate in the Bitcoin rate.

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