The cryptocurrency research firm Alameda is betting on a market recovery even if Bitcoin does not rebound to $ 40,000.

Sam Trabucco, Analyst at Alameda, speak with its 64,300 Twitter followers, crypto traders appear to be overreacting to news events.

He mentioned the presence of popular bearish cryptocurrency stories over the past two weeks, such as the miners crackdown in China, talks on the environmental impact of Bitcoin, Bitcoin (and Elon Musk’s opinion on the matter), and the impact of Bitcoin’s price drop on Bitcoin for some Institutions like MicroStrategy.

However, Trabucco said he did not see the long-term ramifications of these stories.

“None of this affects the long-term narrative, and people are stunned by the over-repetition of this bad news …

Does today mark another paradigm shift? We’ll have to wait – Alameda’s new longs certainly hope so. “

The analyst noted that the news spurred liquidation, thereby exacerbating investor over-negotiation when prices changed.

There have been some dominant narratives lately:
– China FUD is driving prices down, USA might follow suit?
– Bitcoin is bad for the environment, or at least that’s what Elon thinks
– Maybe some of the institutions that bought are underwater with this slump and need to sell? (Saylor etc.)

– Sam Trabucco (@AlamedaTrabucco) June 23, 2021

“I think each of these is an overreaction – so I’m assuming the ‘reversal’ will happen because I think that probably none of them are * really * important to the ‘value’ of BTC or where the people are appreciate him in the medium term.

– Can you tell me where El Salvador is on the map?

– China’s FUD is new, but China has always had FUD and we know China will do something.

SN_Nour

According to Dailyhodl

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