RE: Morgan Stanley – Bitcoin’s 50% Correction is Nothing New
Bitcoin just can’t get out of the high $36-38K zone but don’t fear, we won’t be here forever and new highs are just on the horizon
Morgan Stanley Says Bitcoin’s 50% Correction Is Nothing New
“Bitcoin’s 50% drop from November’s record high is nothing new and the correction is within historical norms, Morgan Stanley said in a research note entitled ‘State of the bear market.’
Estimating the fair value of cryptocurrencies is difficult as they trade in a speculative manner, helped by the large availability of U.S. dollars and central bank liquidity, the bank’s head of cryptocurrency research, Sheena Shah, wrote in the report published last week.”
“The bank notes that bitcoin has witnessed 15 bear markets since its creation in 2009, and the correction seen in recent months is within the range of what has happened before.”
Price is moving upwards of $38,700 so we might see some green on these charts hold instead of dipping back below.
And it is STILL over $38K and not far from $39 at the moment
