The crypto market is taking huge hits after the Bitcoin Cash fork that started a hash rate war between two rival chains. Bitcoin, being the original chain from which Bitcoin cash was forked, hasn’t been spared by the crisis. Bitcoin’s position as the market dominant means that its trends resonate across the whole market, and that’s how the crypto world has found itself in the woods.
As this happens, various experts have come out to offer their personal opinions concerning the possible market trend. Some are optimistic of a price upswing in the very near future when the hash war subsides. Others are bearish. One such person is Bobby Lee, and his recent tweets indicate just that. Bobby Lee is a member of the board at BTC Foundation and the co-founder of BTCChina.
Are You A Weak Position?
In his tweet, Bobby suggested that the current bear market could stretch out as far as 18 months to come, saying that those holding weak positions might well be fatigued and tempted to let go. He described people with weak positions as those who hope for long margins and have no idea why they should keep holding even as the prices spiral down. Also in this category are people who are still undecided on whether to maintain their positions or pull out.
Going forth, Bobby didn’t mince his words in saying that people who hold on to the end of the bear market will be winners in the end. He described this category of investors as “true believers.” In his view, the bear market lasting such a long time would be enough to drive away those with “weak long positions” right before the bulls strike back.
By specifying 18 months as the period for the bear market to last, Bobby pointed out that this would be in line with the period for the next block reward halving.
The Future Of Bitcoin
Bobby’s tweet was received with mixed reactions, with some agreeing with his suggestion to hold onto their assets till the end. However, a few on the thread weren’t quite happy with Bobby’s view that the market correction could last a whole 18 months. Understandably, this might be disturbing to some people, especially given that, at the moment, Bitcoin has already shed off about 20% of its value – not to mention the meteoric fall of the market cap.