So there I was this afternoon reading a financial magazine and they were interviewing two large hedge fund managers who have been actively investing in #Bitcoin and #Ethereum. They both held the view that as more firms from Wall Street and The City get involved with cryptocurrencies there will be major price discover which will force the price of Bitcoin and Ethereum down to attractive levels for these funds to start accumulating.
It makes sense, these funds have ignored the crypto world and are having major FOMO (fear of missing out) attacks. However, they have an advantage that most us don't have.....the ability to drive down price via shorting to attractive levels. It's nothing for these guys to short half-a-yard ($500 million) to get price to fall. If they act in a coordinated effort this could easily drive the price down.
The good news is that it will be a great time for the retail crowd (you and me) to add to our holdings at bargain prices.
So without further ado here are their forecasts.
Bitcoin Daily Chart 8 September 2017
They have issued guidance for institutions to buy Bitcoin at the $2525-$2000 level
Ethereum Daily Chart 8 September 2017
Their guidance for Ethereum is anywhere at the $150-$190 level.
Personally, I would love to see price retreat to these levels so I could load up. It will be interesting to see if they are able to achieve this plan. One caveat, I have seen several Bitcoin maximalist claim it is impossible for this to happen.....I would encourage them to take a look a some of the attacks on fiat. They have successfully manipulated fiat time and time again.
What do you think? Comment below with any questions or observations.
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@opietaylor One moment you can hear them saying that it is a scam. Now they are speculating on a scam. That is why I just rely on my instinct. And not on theirs.
True, but it wouldn't surprise me to see them act together to drive down the price so they could pick it up at a better price.
Informative post, @opietaylor. Thanks for sharing.
I think you brought down the number of upvotes you would have got on your post by upvoting it yourself immediately. See my post here on the same.
Thanks for the tip....still learning the system
Can you give some insight on where you read this information or who these individuals are? Thanks!
One of the guys is Mike Novogratz at Fortress Investment Group. Here's a link to one of the articles - http://fortune.com/2017/06/29/bitcoin-ethereum-price-buy-michael-novogratz/
AWESOME! I will check it out!