Friday, December 6, 2019

Richard Heart, Bitcoin Billionaire: ‘If You Buy Bitcoin Now, You’re Likely to Get Rekt’

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

Bitcoin on April 10 spiked to $5,400 and that remarkable performance has been evident since April 2. Its recent price and market capitalization make it a 5-month all-time high, which has led many to believe that the crypto winter is over. However, Richard Heart, a Bitcoin billionaire believes that if you buy into the market at this point, you’re likely to get rekt, reports a media outlet on April 10.

Is the Bear Market is Over

Per the report, Richard Heart while in an interview with Ran Neuner, CNBC’s Crypto Trader host was asked if the recent spike in price is the real thing. As a response, the Bitcoin billionaire said this could be the beginning of the end. He also made reference to the last bear market that there was a capitulation candle and then a bounce in price, before another capitulation candle.

Heart noted that things are looking promising now because institutional investors can FOMO into the market harder and easily in comparison to before. He adds that if there is no bull run now, then it can be expected in October. It will also be a fabulous price surge.

Will we be Seeing Another Capitulation Candle?

Neuner also asked Heart if we will be seeing another capitulation candle and the interviewee responded that we will. The only problem is, will we experience a lower low or not? Likewise, he is waiting to buy into the market if that happens and the virtual asset trades around $3,000 to $4,200.

He further said that the only reason there won’t be another capitulation candle is because of institutions who are also buying in and as such, it helps to reduce the volatility a bit. But then, “history tends to repeat itself” and the best chart that can give a trader an insight of what Bitcoin will do is what it has already done.

According to Heart:

When a bear market ends, you don’t get an instant bull market…You have a horizontal period of chopping about, and this would be the beginning of that period.

That being the case, those who buy Bitcoin at this time are likely to get rekt, he concludes.

Heart’s Opinion Coincides With Many Others

Heart’s opinion is similar to many others who do not believe that this is the end of the bear market that began in 2018. Gizmodo, for instance, said investors didn’t learn a lesson the first time, a reason why many are fomoing into the market. Nevertheless, their opinion varies from several others who believe we can expect higher prices from here on.

The latter would be the case of Ran Neuner who said on April 6 that if Bitcoin is a bubble, he has never seen a bubble pop twice. In the same vein, John McAfee, presidential candidate for the U.S. 2020 elections recently said the bow of the bull market had been pulled to its limit and as such, we can watch the arrow spring to life.

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