Bitcoin slides under $6,400 as Dogecoin creator says institutional investors will kill the industry

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  • BTC/USD is creeping lower, but the momentum is weak so far.
  • Jackson Palmer believes institutional investors will do more harm than good.

Bitcoin is changing hands at $6,393. Despite rangebound trading, the biggest cryptocurrency has lost over 2% in recent 7 days and moved to trade at the lower line of the recent channel. While the longer-term picture confirms the indecisiveness on the market, the further decline may tilt the balance in favor of Bitcoin bears.

Bitcoin’s short-term technical picture

BTC/USD has moved under SMA200 (1-hour) and psychological $6,400, which might lead to a more extensive sell-off once the breakthrough is confirmed. The next downside target is produced by $6,355 (October 19 low) and $6,300 handle. Once below, the bears will have a chance to push the coin towards critical $6,200 and possibly $6,060 (the recent low).

On the upside, we need to return above $6,400 and see a sustainable movement above $6,480. In this case, the recovery may be extended towards $6,500 that capped the upside since  October 16. 

No institutional investors, please

While the industry is frantically waiting for institutional money, Jackson Palmer the creator of a joke coin Dogecoin believes that it will kill the industry by turning in into Wall Street 2.0. Recently he posted a tweet where he confessed that he did not understand why people were so enthusiastic about institutional investors. 

“The institutionalization of cryptocurrency will heavily re-centralize both power structures and token distribution. So you can say goodbye to much of the original vision for the technology.”

He is also worried by the fact that 1% of all cryptocurrency wallets hold 55% of all the Bitcoins in the circulation. He is sure that institutions will deepen the divide and inequality of digital assets distribution.

BTC/USD, 1-hour chart

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