In a recent discussion on Wednesday, Dec. 26th 2018, Anthony Pompliano, founder of Morgan Creek Digital Assets, said that the cryptocurrency Bitcoin (BTC) will plunge down furthermore, as the digital currency has still “lower to go” despite it touching the above $4,000 mark last week.
Pompliano, who frequents markets with his comments, adds to a list of figures who claim Bitcoin markets will only bottom out when the once market thriving currency hits the $3000 mark. Last month, Pompliano correctly predicted a BTC plunging down to $3,000 which eventually happened earlier this month.
Since the $3000 touchdown, Bitcoin took off hitting its monthly high of nearly $4,300 before starting its downwards accent to $3,782. Some altcoins gained much more, with Bitcoin Cash (BCH) and Ethereum (ETH) hitting more than twice their respective USD values in a span of days.
Pompliano also denied assertions that the Bitcoin’s price has a correlation with traditional FAANG (Facebook, Apple, Amazon, Netflix, and Google) stocks. These assertions were arising as FAANG stocks too tumbled in 2018, seeing turbulence all over the year, with traditional stocks following over the Christmas period, just like Cryptos. Continuing further Pompliano said that there are certain psychological components that have a play in the stock markets, Bitcoin’s correlation with the FAANG has “zero” and “near zero” relation with the dollar index.