Bitcoin (BTC) has been attracting several investors and users from all over the world. In 2018, the most popular cryptocurrency has been in a bear trend that affected the whole space. However, things are changing in 2019. Over the last weeks, Bitcoin was able to reach the highest price in more than 8 months. At the same time, Jimmy Song, a recognized Bitcoin educator and entrepreneur, explained that new funds are entering the crypto space.
Jimmy Song Believes New Money Is Entering The Crypto Market
During a conversation with CryptoPotato, Jimmy Song talked about the cryptocurrency market and also about Willy Woo’s technical analysis on Bitcoin. Song said that Woo’s thoughts made sense and that there is a correlation to Bitfinex and Tether (USDT) drama.
Song said that there were whales that saw a large amount of shorts that were piling up on Bitfinex. These whales decided to take these shorts out and now Bitcoin has a price close to $7,900. The most popular digital asset has also experienced a correction after reaching $8,400 a few days ago. The virtual currency fell to $6,400 but it recovered in a short period of time.
He said that, at these price levels, is more reasonable to think about a pullback than a continuation. Song explained that it is not possible to sustain that kind of parabolic advance over time.
About who is putting the new money that is entering the market, he commented:
“That’s the real question. No one really knows where the new money is coming from. If it’s whales playing games to wreck all the shorts, then that money just comes back out, but it seems like there’s genuinely new money entering the scene, and that almost always means that price is increasing.”
Thus, it is not clear from where these investors are entering the space. Bitcoin is receiving an influx of new money but Song doesn’t know the origin of this fresh capital.
Song has also written a book that is called Programming Bitcoin and that he recently finished. At the Consensus conference, there was a large number of individuals waiting for him to sign the book he wrote.
Currently, each Bitcoin can be purchased for $7,889 according to CoinMarketCap. The digital currency has a market capitalization of almost $140 billion. In the last 24 hours, Bitcoin grew 1 percent.
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