Bitcoin Under $20k Feels Irrational, Says Gemini Co-Founder Cameron Winklevoss 15

Bitcoin Under $20k Feels Irrational, Says Gemini Co-Founder Cameron Winklevoss

Summary:

  • Gemini crypto exchange co-founder, Cameron Winklevoss, believes Bitcoin below $20k seems irrational.
  • Mr. Winklevoss also pointed out that Bitcoin’s underlying fundamentals, adoption, and infrastructure remain strong.
  • CZ also highlighted fundamentals as being crucial during both bull and bear markets.
  • However, Bitcoin remains in a bear market with room for further losses.

The Co-founder of the Gemini Crypto exchange, Cameron Winklevoss, believes that Bitcoin trading below $20k feels irrational.

According to Mr. Winklevoss, Bitcoin’s trading below the crucial $20k is illogical given that its fundamentals, adoption, and infrastructure are more robust than before. He shared his insights into Bitcoin through the following tweet.

CZ: Look for Fundamentals In Bull and Bear Markets.

In a similar tweet, the CEO of Binance, CZ, recommended that the crypto community look for fundamentals during both bull and bear markets. He said:

Lesson learned:

In bull market, look at fundamentals.

Also: In bear market, look at fundamentals. Well: Look at fundamentals.

Bitcoin Could Drop to $10k – Timothy Peterson.

Concerning value, Bitcoin and crypto analyst Timothy Peterson has forecasted a scenario whereby BTC drops to as low as $10k.

According to Mr. Peterson, Bitcoin’s fate is tied to that of the Nasdaq, which could drop by an additional 50% from its current value. Consequently, Bitcoin could fall to as low as $10k in the following months or years. His Bitcoin forecast of $10k can be seen in the tweet below.

What the Daily BTC/USDT Chart Says.

A quick look at the daily BTC/USDT chart reveals that Bitcoin is again attempting to reclaim the crucial $20k support level after setting a local low of $17,622 – Binance rate.

Bitcoin Under $20k Feels Irrational, Says Gemini Co-Founder Cameron Winklevoss 16

Also, from the chart, Bitcoin is still in oversold territory, having deviated considerably from the 50-day (white) moving average. The daily MFI, RSI, and MACD also confirm the oversold situation behind Bitcoin’s attempt at reclaiming the $20k level.

However, caution is advised when going long on Bitcoin due to the correlation to traditional markets, as highlighted by Mr. Peterson above. As a result, the weekly close later tonight and Monday’s open in the Asian, European, and US markets will determine Bitcoin’s fate in the new week.