Bitcoin Analyst Capitulates
That’s right, CryptoYoda, an industry personality, trader, and thought leader extraordinaire that sports hundreds of thousands of followers, is leaving the industry. Or temporarily, at least. In what can only be described as an acute case of Bitcoin (BTC) bear market blues, Yoda took to Twitter on Friday to convey his final (for now) message.
In a tweet that garnered traction throughout the space, Yoda wrote that while he will be leaving for a “while,” he remains fully invested in cryptocurrencies, as their value proposition from his perspective is still as apparent as ever.
will be leaving this space for a while, remaining fully invested. perspective hasn't changed – still in the first selloff on a major timescale, still the beginning, $50k+ inevitable. global fomo will reignite. if it drops again, buy more. may the patience be with you. farewell🙏
— CryptoYoda (@CryptoYoda1338) March 2, 2019
He adds that the recent downturn in the Bitcoin price, was just the “first selloff on a major timescale,” leading him to the conclusion that in the grand scheme of things, crypto assets are just getting started. In fact, he adds that BTC reaching the auspicious price point of $50,000 is inevitable, echoing points made by Travis Kling, Chris Burniske, and others about how this space is already becoming too big to fail. Yoda even wrote that global FOMO will eventually reignite, especially as fundamentals continue to deviate drastically from market valuations.
And with that, the industry commentator left. It isn’t clear when Yoda will reappear, but, maybe like in Star Wars: The Force Awakens, he will make a surprise appearance to wrest cryptocurrency out from a rock and a hard place. Regardless, the analyst’s sudden disappearance still sparked an outburst of love from the crypto community. Luke “Venture Coinist” Martin, Panama Crypto, Dan Okopnyi, among other pro-Bitcoin netizens that frequent Crypto Twiter all expressed their support.
Interestingly though, some took this time to note that this could be a sign that a bottom in this market is inbound. Some wrote that this is the epitome of capitulation, which usually marks a bottom in nascent, irrational markets much like Bitcoin. Ramen, a popular crypto enthusiast, added that as Yoda was a “bull market expert’ for much of 2018, the decision to leave could indicate a floor in this market is rapidly approaching.
Crypto Needs To Fall Further Before Bitcoin Rally
Yet, some say that the loss of community members won’t be enough to signal that bears are heaving their last breaths.
Travis Kling, a former Wall Streeter turned founder of crypto fund Ikigai, says that if Bitcoin is to see a resurgence, this array of shortcomings, including layoffs, exchange collapses, stringent regulation, and cries that “crypto is dead,” will be just the tip of the proverbial iceberg. Kling, a former portfolio manager at Steve Cohen’s Point72, recently took Twitter to claim that not enough horrors have befallen this industry to warrant a bull run. He explained:
We need more.
More exchanges gone. More projects shuttering. More SEC enforcements. More developer ragequits. More ICO Treasury selling. More layoffs. More fund liquidations. More scammers exposed. More failed cap raises. More “crypto is dead”.
Only then do we move higher 🙂
— Travis Kling (@Travis_Kling) January 28, 2019
Although such sentiment from a notable industry insider, and one with a presumably large vested interest, may seem harrowing, Kling said this with the thought process that a continued industry collapse would be the silver bullet to kill the raging, seemingly unrelenting Bitcoin bear.
Title Image Courtesy of Sebastian Unrau Via Unsplash