Bitcoin’s woes may be coming to an end.
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Bitcoin’s sell-off may soon be over, according to Arca CIO Jeff Dorman. Dorman shared the indicators he’s looking at that tell him the sell-off is in its later stages. Dorman also broke down why he’s bullish on ether, and thinks it could triple in value. See more stories on Insider’s business page.
Following a gargantuan surge earlier this year, bitcoin has spiraled downward over the last month, falling more than 40% from after hitting an all-time high in April. And the more it falls, the more its price chart resembles the cryptocurrency’s 2017-18 pattern.
But according to Jeff Dorman, the chief investment officer at digital asset management firm Arca, the sell-off is near its end. Dorman manages the Arca Digital Assets Fund, which returned 373% to investors in 2020 – compared to 300% for bitcoin, and 276% for the Bloomberg Galaxy Crypto Index (BGCI).
In a phone call with Insider on Wednesday, Dorman said sell-offs for any asset can be broken down into four stages, and bitcoin is most likely