Cryptocurrency News

Bitcoin is in a “bear market”


Hall of Fame Investor Richard Bernstein warns that bitcoin is in a Bear Market. Richard is the CEO and CIO Richard Bernstein Consultant. A management fund that manages $4.7 billion and provides investment advisory services to over 10,000 clients.

on CNBC on Monday trading nationBernstein was a guest where he talked about the bull market. Bitcoin has been in a bull market for the better part of a year now. And even though the asset has moved upwards at that time, Bernstein suggests that the trend is not sustainable.

He said that people are leaving behind those properties which have been deployed to make profit. Going after cryptocurrency is what he called “very wild.”

bitcoin is a bubble

In calling for digital assets, CEO Richard Bernstein said that assets are a bubble. He says the property is currently in a Bear market but everyone is ignoring those assets which are actually in a bull market.

The real bull market is actually in oil but everyone is ignoring the market. Despite the property being up 42%, not much is being said about it.

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Pointing to the stock markets, He Said “Bitcoin Is In One” Bear The market and everyone loves its property. And oil was in a bull market and it’s basically, you’ve never heard of it. People don’t care.

Bernstein has been on Wall Street for years and has called oil the most neglected bull market ever. Explaining that the major bull market was actually operating in commodities, not cryptocurrencies. The CEO believes that the rush to own a cryptocurrency has led to a major parabola.

“The bubble differs from speculation in that it pervades society,” he said. “It’s out of the financial markets.” Elaborating on this by saying that cryptocurrencies and other tech stocks are now being discussed at places like cocktail parties.

Bernstein on how it can affect your portfolio

Describing what he thinks is the source of growth, Bernstein believes that the source of growth ultimately lies in energy and materials and industry.

According to the CEO, you want to be on the winning team. And according to him the winning team has always been in the energy sector.

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With regard to crypto, the CEO said, “If you are on the other side in the next year or two, maybe five years, your portfolio is going to be hit hard.” “What you want to see is the kind of inflation-promoting aspect that most people don’t invest in.”

Bitcoin is down 38 percent from its all-time high of $64k in April. While the asset has performed extremely well, Richard Bernstein believes that bitcoin has finally backtracked. Bear Market.

Bitcoin down 38% from all time high | Source : BTCUSD on TradingView.com

Currently, Bernstein is quite pessimistic about technology stocks, which he clarified in 2019. He does not believe in stocks which are ready to disrupt the current economy.

Technology stocks have risen significantly in recent years. Most investors have a fair amount of technology stocks in their portfolios. Shares have also shown tremendous growth. Disruption is a word that gets thrown around a lot in the technology sector. But Bernstein is still not impressed by them, Call The tech sector is a cyclical sector in 2017.

With regard to inflation, he predicted that inflation would definitely shock the investors. “A big miss on inflation but everyone thinks it’s just temporary,” he said in a statement to economists that it’s just fleeting. But he expects the tide to turn at some point.

Featured image by Luv Murrell - Unsplash, chart from TradingView.com



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