Craig Erlam, a London-based consulting firm and senior market analyst at Oanda, suggested that darker days are waiting for Bitcoin and the crypto-currency market.
Analyst: Critical level in Bitcoin $ 4,500
Goldman Sachs' former adviser, Craig Erlam, told MarketWatch on January 31st:
Bitcoin was rebalanced after a few more volatile months under pressure. The leading crypto currency has been traded in a very narrow range over the past few weeks. However, the leading crypto money continued to drift downwards. This confirms that there will be darker days in Bitcoin soon.
In addition, he added that if Bitcoin exceeds $ 4,500, the downside risks will be reduced in the short term. The senior market analyst believes that if the Bitcoin price continues to rise after reaching $ 4,500, it will again focus on $ 6,000.
Erlam is the only analyst who warns investors about the risks of cryptos
In particular, it is not the only analyst Craig Erlam who recently warned investors about the potential risks of crypto currencies. Andreas Utermann, CEO of Allianz Global Investors, a multi-national asset management firm, published a column on January 30th, which stated that there were no significant economic features on Blockchain-based crypto-currency platforms. Andreas Utermann says the traditional fiat-based financial system allows for accurate tax collection and provides a better way to get interest payments.
On the other hand, the former Merrill Lynch banker believes that distributed notebook technology (DLT) based currencies do not have the features needed to make production, nor trade. According to Andreas Utermann, the crypto currency, as an asset – state bonds, stocks or paper money – does not belong to anyone and does not generate an income stream. According to the CEO of Allianz Global Investors, crypto assets are variables that are too large to be considered as a currency or a value store.
Let us know about the latest developments twitterFollow us, like our Facebook page and join our Telegram channel!
The post The Senior Analyst Warns: Bitcoin is Waiting for the Darkest Days! appeared first on Kriptokoin.com.