- Bitcoin’s recovery stalled on approach to 23.6% Fibo.
- Jim Chanos from Kynikos Associates is another high-profile crypto disbeliever.
Bitcoin is trading a $7,620, off Tuesday’s low registered at $7,355 and unchanged since the beginning of the day. The most popular digital coin reclaimed $7,500 handle, but it still struggles to get back above $7,683, which is 23.6% Fibo of the decline from $11,567 to $6,483.
Meanwhile, voices of Bitcoin critics are getting louder. Jim Chanos, the founder of New York-based Kynikos Associates, is another high-profile investor skeptical about Bitcoin and digital currencies in general. He believes it is a “libertarian fantasy” and a by-product of a global risk-taking cycle
“This is simply a security speculation game masquerading as a technological breakthrough in monetary policy,” Chanos said.
‘And if you say, well, fiat currency is going to bring the world down, which could, of course, happen, then I say the last thing I’d want to own is bitcoin if the grid goes down,’ he added.
However, Bitcoin is not a total outcast in the world of bigwigs. Thus, Apple’s co-founder Steve Wozniak believes that this digital coin would eventually become a single global currency.
Bitcoin’s technical picture
From the longer-term point of view, Bitcoin is supported by the upside trend line now at $7,188. Once it is broken, the sell-off may be extended towards $7,000 handle, where fresh buying interest is likely to appear. On the upside, a sustainable movement above 23.6% Fibo will bring June 3 high ($7,777) into focus. The ultimate bullish aim is $8,000. Bitcoin has been trading below this point since May 23.
BTC/USD, the daily chart
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