According To Bill Miller Failures Of FTX And Celsius Should Not Discourage Investors
Aa
Share
On the 4-hour TF, it is evident that bitcoin is still moving primarily laterally, although there has been a slight upward slope recently. Remember how bitcoin was traded using the "collapse-flat-collapse" strategy in 2022? Consequently, despite crossing over the upward trend line, a protracted flat can now be seen. The start of a new slide within the flat may be signaled by a comeback from the $17,582 level.
The whole crypto industry are still being shared in the meantime
The thoughts of numerous billionaires, investors, and specialists on bitcoin and the whole crypto industry are still being shared in the meantime. Bill Miller, a billionaire, responded to a message today with a very intriguing statement, claiming that bitcoin is different from other crypto firms like the insolvent Celsius or FTX. To put it mildly, his words sound weird. The same impact would be achieved by saying, "Bitcoin is not a tomato." Everyone understands the difference between a decentralized cryptocurrency and a cryptocurrency exchange. Since bitcoin can only be purchased through exchanges, it is also evident to everyone that these two ideas are intertwined. Bill Miller said that prospective investors shouldn't be put off by the failures of FTX and Celsius. However, we think that investors who have lost money have the right to turn down new investments made through other exchanges. Given that other exchanges might suffer the same fate as FTX, we think that many potential investors have the right to decline to purchase bitcoin. There is no assurance that your funds won't be diverted for other endeavors, as the FTX example demonstrated, and one day they may choose to conceal the fact that there is no money by referring to a "lack of liquidity" instead of telling you.
Bill Miller holds bitcoin personally
Bill Miller added that because bitcoin is traded continuously and the Fed poured hundreds of billions of dollars into other markets to keep them from collapsing, the cryptocurrency market is considerably more stable than other markets. Mr. Miller overlooked the fact that the price of bitcoin has dropped by 75% just in the past year. Almost every billionaire's statement, in general, begs a lot of questions and "smells" like at least one more failed pump. Keep in mind that many "experts" who promote cryptocurrencies do so because it is advantageous for them to do so. This increases demand, which drives up the price. Most likely, Mr. Miller holds bitcoin personally.
Bitcoin on the 4H
The "bitcoin" quotes on the 4-hour time frame are still fluctuating between $15,500 and $17,582. Therefore, a new wave of bearish movement could occur following the price's recovery from the level of $17,582. Even if the necessary level is attained, the level of $18,500 is close by and will be quite challenging to reach. The price of bitcoin may rise by several thousand dollars, but in the medium term, we anticipate a decline.
Relevance up to 14:00 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
