Thursday, October 28, 2021
Home Crypto News Market Skybridge CO, Troy Gayeski: “Bitcoin Is Setting Itself Up For Some Supply...

Skybridge CO, Troy Gayeski: “Bitcoin Is Setting Itself Up For Some Supply Shock”

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Troy Gayeski a Co-Founder and Senior Portfolio Manager at SkyBridge recently told Bloomberg, that Bitcoin is preparing for “some supply shock”, similar to that which occurred in November.

Read: Apple Co-Founder, Steve Wozniak: “Bitcoin Is The Most Amazing Mathematical Miracle”


Gayeski claims that many strong holders are reasserting themselves based on BTC on-chain data. He adds that Bitcoin risk reward is now more upwardly biased.

He Said:

“The On-chain data is basically telling you that lot of strong holders are reasserting themselves and accumulating from those that got into the market last year, And BTC is setting itself up for some type of supply shock very to similar to what we had in last October-November And we think the Risk-Reward is skewed again to the upside.”

Read: Twitter And Square CEO Jack Dorsey Confirms Square Is Building a Bitcoin Hard Wallet

SkyBridge Capital launched a Bitcoin fund at the close of 2020. Gayeski claims that the firm was forced to reduce its position due to falling prices and invested some of its capital into Ethereum.

Gayeski believes that bitcoin will continue to be the most valuable store of value.

The US Securities and Exchange Commission delayed a decision last week on a Bitcoin exchange-traded funds (ETF) filed in May by SkyBridge Capital.

Bitcoin is trading in the same range for many weeks, as bears and bulls continue their tug of war.

Read: A New Bill Submitted By Argentine Lawmaker Propose Bitcoin Salaries

stromgain

According to Pete Humiston, Manager of kraken Intelligence, BTC Bollinger Bands that are used by traders to measure volatility have been the tightest since October 13.

Tight range Bollinger Bands history suggest that high volatility is coming soon.



Watch Bloomberg Video:

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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