Wyckoff Stock Market Institute Owner is Long on Both Crypto and The Stock Market
We are long stocks and crypto’s so today is a good day😎👍we expect continued strength in both👌
— Todd Butterfield (@WyckoffOnCrypto) March 2, 2020
Todd Butterfield just endorsed both cryptocurrencies and stocks for the long haul. The trading expert echoed his thoughts on Twitter based on the recent performance of both the stock and cryptocurrency markets.
Despite his Tweet, traders will still have to do further research to ascertain the possibilities of his predictions.
Is it The Correct Call?
Numerous factors are working for and against Butterfield’s predictions. For instance, stock markets globally are experiencing difficulties due to the effects of the Coronavirus. Various stocks have been plunging, which heavily argues against Butterfield’s prediction.
However, stocks related to stay-at-home products such as Netflix have been increasing in value as the markets expect more people to spend more time at home during this global crisis.
The cryptocurrency front is also experiencing its ups and downs. Recently, predictions showed that Bitcoin would be breaking the $10,000 as we moved into March; however, the price of the cryptocurrency took a nosedive.
It is still expected that Bitcoin will perform better in the future as a result of the upcoming halving. Still, it is difficult to know how the market will genuinely react, considering other prevailing conditions.
Other cryptocurrencies showed a relatively stable upward trend; nevertheless, the market still presents itself as shaky at best.
Butterfield’s predictions are not misplaced. There are sightings of possible breakouts from numerous cryptocurrencies and traditional assets. Indications of the general decline in market performance are also present. Traders must, however, do their due diligence by critically assessing market patterns to ascertain their strategic decisions in the respective markets.
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Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org