- Bitcoin fall by 50% would be devastating for investors.
- Bitcoin is exchanging hands at $10,417 after the support at $10,500 failed to hold.
The co-founder and partner at Morgan Creek Digital Anthony Pompliano has been a crypto supporter and a Bitcoin bull the longest time. In his latest tweet, Pompliano believes that even a 50% fall in Bitcoin price from the current market value is unlikely to stop the asset from outperforming the S&P 500 in 2019.
“Bitcoin's price could fall 50% from today's price of $10,600 and the digital currency would still be outperforming the S&P 500 in 2019.”
Bitcoin fall by 50% would be devastating for investors. However, Bitcoin has shown resilience and the ability to reverse the downtrend in the past. The recovery starting in April saw Bitcoin trade highs around $13,800. Bitcoin also refreshed the lows close to $9,000 before making a comeback touching levels above $12,000.
At press time, Bitcoin is exchanging hands at $10,417 after the support at $10,500 failed to hold. Technicals signal continued bearish force on the support areas. The Moving Average Convergence Divergence (MACD) divergence shows sellers gaining traction.
BTC/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.