The crypto markets have been on the up-and-up for the past several weeks, and Bitcoin just recently set fresh year-to-date highs in the mid-$8,000 region. Despite this, the upwards momentum that have incurred since early-April was put in jeopardy late-yesterday when BTC plummeted below $7,000 before quickly bouncing back into the $7,000 region.
Despite some short-term choppiness, over a long-time frame the markets are still in a clear uptrend, and one prominent venture capitalist believes that the improved fundamental conditions of the crypto markets will help propel them back towards their all-time-highs in 2019.
Bitcoin’s Sentiment and Technicals Look Great, Claims Prominent VC
Barry Silbert, who is the founder and CEO of the revered crypto/blockchain focused venture capital firm, Digital Currency Group, shared his thoughts on the current state of the markets in a recent interview with Bloomberg, where he bullishly noted that the markets are likely to rocket towards fresh-all-time highs in the near future.
Silbert justified his bullish bias by referring to the improving sentiment surrounding the cryptocurrency as well as its improving technical formations.
“Sentiment, the technicals look great. An 80 percent drawdown happened three or four times and every time that’s happened [it hit] record highs.