Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000

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Thu, 11/21/2019 - 14:32
Alex Dovbnya
The number of Bitcoin’s obituaries keeps growing with Mark Down saying that the first cryptocurrency is dying
Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000
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In a recent tweet, former IMF economist Mark Dow riled up crypto Twitter by saying that Bitcoin, the top cryptocurrency by market capitalization, is dying.

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Meet the luckiest Bitcoin bear

Dow rose to prominence after shorting Bitcoin at nearly $20,000 back in December 2017 when crypto mania reached its peak. 

He stated that hordes of people that rushed to buy BTC didn't understand the technology and were simply driven by the price narrative. 

To top that off, he closed his short position one year later when the BTC price bottomed at $3,100.

In a Bloomberg interview, he said that that he didn't want to ride it to zero. 

However, some Bitcoiners were quick to clap back, claiming that Dow would be able to generate much greater returns if he was a Bitcoin bull. 

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It's so 2016

Dow's tweet comes right after Bitcoin failed to hold $8,000 support, which is considered to be a major win for the bears. 

That said, tweeting that Bitcoin is going to die just because it failed to rally to $10,000 could be a bit premature. 

The crypto king forced Dow to eat his words when it printed the $14,000 price tag at the end of July. 

According to cryptocurrency trader 'Don Alt,' the top cryptocurrency is currently in the stage of consolidation. 

Whether Bitcoin bottoms here or experiences a deeper correction, it's clear that scary tweets about its death should be left in 2016.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.