Analyst Jeff DeGraaf: Bitcoin Shouldn't Depend on Annual Support

Head of Technical Research at Renaissance Macro Research, Jeff deGraaf came to the conclusion that bitcoin parabolic movements are dangerous for those investors who want to earn in a short period of time. In his opinion, it is possible to earn the first on the capitalization of the cryptocurrency only in the case of long-term investments. Note that the opinion of Jeff deGraaf is considered authoritative, since over the past twenty years he was named for many awards, for his trading ideas.

It should be noted that over the past three weeks, the price of bitcoin has been unstable. In late July, prices rose to $8.45 thousand. At the moment of writing the material, the price of the asset is $6,4 thousand. A year ago, at the same time, the price of a cryptocurrency was $3.4 thousand. Then the market actively grew and as a result, in December last year reached a peak. At that time, bitcoin was trading at a price of 20 thousand US dollars.

Despite the increased interest in the cryptocurrency market on the part of Wall Street players, fears associated with traditional sources of financing still persist.

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