Jason Pizzino, a cryptocurrency trader, recently tweeted in response to a video by an analyst going by the moniker “Coin Bureau,” claiming that the analyst’s definition of a “true bull market” more closely resembles a “retail bull market top.”
Hey, @coinbureau I thought your video was an interesting one to discuss as there are many topics covered that are relevant to financial markets and the economy today.
— Jason Pizzino 🌞 (@jasonpizzino) May 11, 2023
Your definition of a "true bull market" that you are using in this video is more in line with a definition of a… pic.twitter.com/MEdVBSXQJf
Coin Bureau responded with a lengthy explanation of why he was “only cautiously optimistic” about the future of cryptocurrencies.
Jason Pizzino thinks it’s at the bottom of the bear market and on the edge of a new bull run. “A bottom in a bear market, like the one we’re in right now, is where bull markets begin. The Bitcoin price hit a new low in the bear market in November of that year. However, as you pointed out in the video, big altcoins are exhibiting dips, and the expert seems to agree that cryptocurrencies could go even lower.
Coin Bureau posted a picture of the whole cryptocurrency market cap, implying that the current downward price trend indicates a bear market. They think most cryptocurrencies have further to fall and disagree with the idea that the bull market starts when Bitcoin bottoms out.
Pizzino, on the other hand, stated that many cryptocurrencies are fake or failing enterprises. Thus, an initial rally is unnecessary. When it comes to price movement, cryptocurrencies usually mirror Bitcoin. In addition, Pizzino recommended studying charts to get insight into complex matters like laws, interest rates, and international politics. He also stated that Bitcoin would continue to increase as a risk-on asset if US stock markets and real estate cycles remain bullish.
Coin Bureau argued that it is not clear that Bitcoin has decoupled from the rest of the cryptocurrency market. They pointed out the link between Bitcoin and the stock market, implying that Bitcoin is due for a bear market rally in tandem with the recent stock market upswing.
When asked about the possible impact of liquidity drop owing to issues like the debt ceiling, Coin Bureau voiced skepticism that Bitcoin and cryptocurrencies would be the go-to assets after a big global collapse. Coin Bureau also noted that the cryptocurrency market still underappreciated factors such as legislation, interest rates, and geopolitics.
