BTC Crash Is Temporal: Anthony Scaramucci Reiterates Bullish Views
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Following yesterday’s market crash, which saw Bitcoin (BTC) plummeting more than $10k in a few minutes, many investors and analysts have lent their opinion on the matter.
Speaking with CNBC earlier today, the founder of SkyBridge Capital, Anthony Scaramucci, asserted that the benchmark cryptocurrency’s extraordinary 2021 bullish performance would resume shortly.
As with most market crashes, Scaramucci noted that overleveraging by traders contributed heavily to the market crash. Reports show that cryptocurrency liquidations surged to over $8 billion over the past two days. Nonetheless, the hedge funder asserted that “long term, bitcoin is bouncing back.”
Also, Scaramucci commented on some of the most recent FUD triggers coming from several directions, citing recent comments by Elon Musk on Bitcoin’s environmental impact.
However, the SkyBridge founder argued that research by his organization revealed that a healthy amount of the energy consumed by BTC comes from renewable sources. He opined that Bitcoin’s “overall carbon emission is 0.13%.” adding that “if you tie the facts with what the claims are – they don’t fit.”
Commenting on China’s recent reiteration against the use of cryptos in its jurisdiction, Scaramucci noted that:
“I accept the fact that China may never allow a cryptocurrency because they have a closed economic system.”
However, he highlighted that Facebook, Google, and many other social platforms continued to grow despite their “censorship problems in China.”
Key BTC Levels to Watch — May 20
Following its 34% crash yesterday, BTC appears to have regained stability above the $39,500 level. The primary cryptocurrency is currently trading along a descending channel and continues to bump along the top and bottom lines as it continues to trade lower.
That said, a sustained break above the $41k resistance could help the cryptocurrency facilitate a leg up over the coming hours and days.
Considering that the recent declines got caused by fundamental factors, a bullish recovery in the near term is likely. At worst, BTC could consolidate around the $39k level before resuming higher.
Meanwhile, our resistance levels are at $41,000, $42,000, and $43,000, and our key support levels are at $39,500, $37,500, and $36,000.
Total Market Capitalization: $1.78 trillion
Bitcoin Market Capitalization: $747 billion
Bitcoin Dominance: 42.2%
Market Rank: #1
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