Robinhood users will come for bitcoin after saturation of the stock market – Bloomberg
As Mike Novogratz laments over the lingering arrival of institutionalists derailing his idea of a cryptocurrency merchant bank, analysts are again betting on retail investors..
Bitcoin has been trading between $ 9,000 and $ 10,000 for two months. The 14-day Relative Strength Index also sits at 48.5, highlighting the lack of clear directionality in the market..
“If it breaks the trend line, it will get a pretty good momentum,” Matt Maley, lead market strategist at Miller Tabak + Co, told Bloomberg..
He expects young retail traders to be the source of demand. It is their activity in the Robinhood trading application that is sometimes associated with the recovery of the stock market after the collapse amid the coronavirus pandemic. While professionals scoff at overconfidence and a willingness to ignore the danger signs of younger market participants, thousands of small players could create momentum that will propel Bitcoin above 2020 highs of around $ 10,400, says Malei..
“They are now playing in a different sandbox, but they follow all the other sandboxes because they know that something like bitcoin can bring them large profits in a very short time,” the analyst explained. – If he reaches the highs of this year, interest in him will return, and all these players on impulses will say: “We are in business”.
Benn Eifert, Managing Partner of QVR Advisors, says he sees a significant overlap between the type of Robinhood users who bought shares in bankrupt companies and those who were in the cryptocurrency market in 2017..
“This dynamic is like a social network. Someone points to a moving stock and lays out some charts. An influencer connects with the words: “Okay, we buy it.” After that, many people are already entering, “said Eifert..
Earlier, the UK Financial Conduct Authority estimated the number of citizens currently owning a cryptocurrency at 1.9 million..
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