Fund Managers Believe Bear Market Is Almost Over
By: Ivy Riane
Tags: Bitcoin, Cryptocurrency, Sentiment, Investing, Finance

Photo Courtesy of Executive Rising

We have waited months for a reprieve from sinking markets in the crypto space and the wait may be finally over!

I wrote a post the other day about Tom Lee and his prediction for the crypto market, feel free to check it out here. That was the first report of good news for crypto hodlers.

Timothy Enneking is the managing director of Crypto Asset Management, LP and is publicly claiming that he believes that the crypto winter is “largely over.”

Crypto Asset Management was founded only last year and their CAMCrypto30 index fund has fallen in value 69% since January, when it saw it’s long time highs. The company manages approximately $20 million in assets.

Photo Courtesy of Crypto Asset Management Home Page

What Caused the Fall In the First Place?

Enneking cites four reasons for the fall:

1. Rumors of upcoming regulation.

2. Asset consolidation

3. Huge liquidation by the Mt. Gox trustee

4. Massive selling of crypto assets to pay taxes and business expenses during the downturn by companies and individuals.

“Consolidation after the amazing 2017 increase” drew back some of the funds invested in cryptocurrencies, he said.

Many investors had become scared, and still may be, of the regulation rumors since the Security and Exchange Commission announced that they have dozens of investigations ongoing surrounding cryptocurrency. No one knows exactly what they are looking for and we likely won’t know unless they actually find something.

Enneking, also, stated that the market is still up over 600% in the last 15 months and this is a huge amount! Since the inception of crypto, we have seen huge gains over and over again, year after year.

Retrieved from a Facebook Group. Photo of popular coin prices one year ago.

Another valuable point that he made was that Bitcoin’s domination of the marketplace has decreased from 45.7 percent to 44.3 percent in the past 4 months.

But why has the happened? Is this a good thing or a bad thing?

In my mind, it is a good thing because this shows that other coins are stepping towards the forefront and may be able to start to stand on their own without relying on Bitcoin. This could be good for altcoin investors.

He Concluded His Report by Stating That The Market Should Being Rebounding Soon!

In truth, I don’t think we will see $7,000 per Bitcoin again after this downturn is over because big money will not let it fall again.

The other day, an announcement was made that the likes of George Soros and the Rockefellers are seeking to invest in cryptocurrencies. They have enough money to refuel the market if it tries to fall again or to intentionally make it fall if they choose to do so. This is likely what has happened with the stock market repeatedly for years.

The entire crypto market is still fairly small compared to other global financial markets so it can be easily manipulated if they choose to do so. Following big money is usually the smart thing to do, if you want my opinion.

** Please don’t consider this post to be investment advice, I am not a financial advisor. Do your own research and make your own decisions, as I do. And only invest money that you can afford to lose. **

What do you think about the state of the market and it’s future? I would love to know your thoughts.

Thanks so much for reading!

Ivy