A renowned hedge fund manager has suggested that even those HODLing their Bitcoin may need to consider getting out…
It was expected that the cryptocurrency market would have a calmer end to the year, after what’s been a bonfire of a November and December. The highest profile cryptocurrency, Bitcoin, has seen its price plummet to just north of $3500 over the past month or two, a long way down from its near $20,000 peak of last December.
Still, there’s been a mantra of HODLing amongst longer term investors in cryptocurrency. That the market has been volatile before, will be volatile again, but the best thing is to hold your position.
Or is it? Hedge fund manager Mark Dow is one of a slowly growing number of people who fear that this may be as good as it gets. He’s chosen his moments to sell his Bitcoin over the past year or so, and he’s confirmed that he’s closing out his short position, with the price of the currency back around that $3500 mark.
“I’m done”, he told Bloomberg. “I don’t want to ride this thing to zero. I don’t want to try to squeeze more out of the lemon. I don’t want to think about it. It seemed like the right time”.
Furthermore, he’s got a stark warning for those continuing to follow the idea of HODLing. He took to his Twitter account to argue that without a resurgence in the price of Bitcoin soon, that even the HODLers need to GTFO. Which, for those unaware, stands for the get the, er, ‘flip’ out. That price floor is reckoned to be around $3200.
Here’s that Tweet…
Still a beautiful chart. If bitcoin can’t bounce to at least 5k-6k soon, it’s a really bad sign for the cyberbulls. And if it breaks down thru the yellow line at any point, even the HODLers need to GTFO. $BTC $XBT pic.twitter.com/FqqyzE1mhb
— Dow (@mark_dow) December 27, 2018
All signs are pointing to January being taxing and pivotal for the crypto markets. Late December is not sending out too many positive signs…