Ronnie Moas, a Bitcoin bull, in an exclusive interview with CoinTelegraph, Spoke about the recent downturn of cryptocurrencies, which brought the total value of crypto assets below $140 billion, Moas maintained his bullish sentiment, making it abundantly clear that BTC isn’t dead in the water.
Moas (Standpoint Research director), when questioned about the current look of the crypto market, talked about the appalling performance of global markets. Moas then said that, he sees it as a common sight, to see Bitcoin undergo parabolic moves, before a subsequent 80% correction. Having this in mind, he explained: “Every time we have a parabolic move, we knock out the high from the previous cycle. And I don’t think the parabolic move that I am expecting next year will be any different.”
Moas, talking about the current market sentiment, noted that in the history of crypto markets and stocks, those that sold while a crash was on, ended up regretting their actions shortly after. He went on to say that this experience also occurred during Black Monday, the Great Recession, Dotcom bust and the Great Depression. He then added that those who bought at the bottom did something great for themselves
Giving a vague price prediction, Moas exclaimed that he doesn’t find it logical that gold’s market cap, which is $8 billion, is 100 times that of Bitcoin, and 60 times that of crypto assets. This is likely in reference to the sentiment that Bitcoin will eventually surpass gold.
Moas, maintaining a positive angle on the recent crash of cryptocurrencies noted: “We are at the beginning of this game… we are in a price discovery phase. There are weak hands getting shaken out. People who’ve never been in a situation like this before are acting as if Bitcoin is going to zero, so I don’t think that’s happening.”
Finally, Moas said that “the smart ones” bought Bitcoin while its price was going down. At whatever price, whether they have a cost basis of $4000 or $9000, he said that those who bought at lower values are more likely to do very well.