Determining whether or not the cryptocurrency market momentum has turned around, is always very difficult. In the case of Bitcoin, the market can easily swing in either direction without too many problems. Finding bullish signals is pretty difficult right now, although Mark Dow closing his “epic short” is perhaps the telltale sign this industry needs. As such, it seems there is a good chance the Bitcoin price will continue to rise.
Mark Dow Rethinks his Options
There are many potential factors which can easily influence the Bitcoin price for better or worse. Although conducting thorough technical analysis will usually give traders and speculators a basic idea of what is yet to come, there are always times when even those people are taken by surprise completely. That is both exciting and extremely frightening, as it further goes to show there is no genuine way of analyzing the Bitcoin price.
One potentially important indicator comes in the form of Mark Dow. For those unaware of who this individual is, he is a renowned hedge fund manager who keeps close tabs on the current market trend in many different ways. He is also one of the people who recently shorted Bitcoin in rather epic fashion. Although some might argue he is to blame for Bitcoin’s recent downtrend, one could also argue he simply analyzed the market correctly.
Today I say goodbye to the bitcoin short. Sad! #bitcoin $BTC $XBT.
— Dow (@mark_dow) December 18, 2018
What is even more interesting is how Dow recently closed this Bitcoin short for the foreseeable future. To most enthusiasts, this seems to indicate the Bitcoin bottom is officially in and things will only get better from here on out. The opinions of one individual never turn entire market son their head, although it is still a bullish signal regardless. This also seems to confirm there may be a positive end to 2018 after all the hardships endured recently.
Before people start dumping all of their savings into Bitcoin, Dow has never confirmed he expects the Bitcoin price to increase in spectacular fashion. All this seems to confirm is how there is little to no reason to effectively go short on Bitcoin once again. There is some interesting market volatility to contend with and it seems this latest uptrend will not necessarily be broken anytime soon.
When financial experts turn semi-bullish on Bitcoin, interesting things tend to happen first and foremost. Although the obvious outcome would be to see the Bitcoin price surge ahead by hundreds of dollars on end, the real market trend is something very different. More specifically, this “signal” by Mark Dow can easily have an adverse effect on the market as well, although one never knows what the future will hold exactly in this regard.
For the time being, it seems the closing of Mark Dow’s short has not necessarily impacted the Bitcoin price any more than one would come to expect. Despite the bull trend still being in effect, this uptrend started forming on the charts well ahead of this Tweet. It now seems even financial experts will simply have to follow the overall market trend in this regard, which is only to be expected. For those waiting for a “sign from above”, this Tweet may effectively check the right boxes.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.