The movement continues in a lateral channel between $4000 and $4300 levels. The fact that the price is holding above $4000 and Bearish Trend Line adds to the possible turnaround formation. Furthermore, the lateral movement above $4000 could be the formation of the right shoulder of the reversed head and shoulders formation, with the head at $3500 and left shoulder from 20th November. In such scenario, a breakthrough above $4500 level within the next week could have a strong positive response and send the price to the next target levels at $5000 and $5500. Return to the $3500 level will dismiss the above scenario and target the price downwards to test $3000 support.
Trading Bounds: $4000 – $4500. Breakthrough below 4000 will bring back bearish scenario.
🔹 Barry Silbert: ICO market is dead, but growth is inevitable
Even though the ICO market is currently dead, this will not be an obstacle to the inevitable growth of the cryptocurrency industry, said founder and CEO of Digital Currency Group, Barry Silbert.
Speaking on CNBC, Silbert said that the hype around ICO in 2017 stimulated a rise in Bitcoin prices, but now the market has collapsed, and this has led to a massive sale.
“The ICO market is dead. Now there is a lack of demand for ICO, and there are all these sponsors who have raised a bunch of bitcoins and Ethereum, which they are now starting to sell. There are also all these crypto funds that have attracted funds, and now they need to pay ” – said Barry Silbert.
In his opinion, the lack of stability in the cryptocurrency market is an inevitable growing pain accompanying any new phenomenon. To see the picture in a more global perspective, it is necessary to look at past bubbles and corrections, says Silbert.
“Now this is our fifth, sixth or seventh time. The first few times when you see your balance fall by 80%, it is a little difficult to digest. But by the third or fourth time you are getting used to it and can consider it as a fantastic opportunity ” – Silbert said.
He also believes that at the moment there are changes that are in no way connected with the daily fluctuations of the cryptocurrency market – institutional investors are starting to participate in the industry.
“What happens without much publicity is the creation of companies for building infrastructure that allows them to serve a new category of investors. These are institutional investors, and I think that everything will happen in 2019 ” – Silbert added.
It’s worth noticing that criticism for the ICO projects became popular among many, earlier BitMEX CEO Arthur Hayes gave a very negative outlook regarding the prospects for the 12 largest ICO-projects, which collected more than $50 million, and their tokens after entering the secondary market.