KEY POINTS
- Among the "common symptoms" of being in the said phase includes believing the bull market is over, he said
- Edwards said that gold went through a similar phase for 4 years, so a 6-month bear run for BTC is "reasonable"
- He went on to project that the symptoms will likely reach its peak before a "mega rally"
Bitcoin, the world's largest digital asset by market value, is in a stagnant state, and a prominent hedge fund manager believes this phase will not end anytime soon, further predicting that sentiment will be mostly negative before the digital currency heats up again.
"Bitcoin is in the 'Bore you to Death' Phase. This lasts between 1-6 months and is designed to bore you to death," Charles Edwards, founder of digital assets hedge fund Capriole Investments, wrote on X (formerly Twitter) late last week.
He further noted that among the "common symptoms" of being bored by Bitcoin are believing that the halving price has already priced in and the bull market has ended.
One commenter disagreed with Edwards, saying he expects the boring phase to continue for only two weeks or so. However, Edwards, said that "if gold can do it for 4 years, I think 1-6 months is very reasonable."
Other users agreed with the projection, with one saying that he has "been feeling" the symptoms the hedge fund management expert described.
Most users said they hoped the said phase will actually last for months so they can accumulate more of the world's first decentralized cryptocurrency at a time when prices are on the low.
While Edwards's fair warning could be discouraging to new BTC holders, he did say that the "symptoms and shorts will peak just before the mega rally," which, if based on his projection, may be sometime in October or November.
His prediction comes amid growing FUD (fear, uncertainty and doubt) within the Bitcoin community following the halving event that split BTC mining rewards in half. Since then, prices have been declining – a far cry from when the digital asset hit a new all-time high in March at $73,000.
Despite the rising negativity among some Bitcoin users, others are encouraging the community to keep the faith and believe in what the digital currency can do after the dragging downtime.
"Remember where we are and where we came from, but most importantly where we are going," one user said. The user may be referring to how Bitcoin started as a highly-doubted new financial technology that now has an established community.
Bitcoin maximalist Michael Saylor, whose company MicroStrategy is known as the world's largest corporate holder of BTC, urged other Bitcoiners early Sunday to create their own future by investing on the digital asset.
Create your own future. #Bitcoin pic.twitter.com/lIUIvMhsIb
— Michael Saylor⚡️ (@saylor) May 12, 2024
Over the weekend, BTC prices have been settling between $60,000 and $61,000.
