Bitcoin’s Recovery Slows

Today it seems Bitcoin rally slowed down. As it reached record high of $20,000  last week, there isn’t any prospect to make another run.

“Nobody knows the ultimate value of this underlying asset. We cannot predict whether it’s going to be zero or one million dollars or anything in between,” Edward Stringham, president of the American Institute for Economic Research pointed his view on Bloomberg Television.

The short-lived rebound from the past week’s selloff portends further declines, as some specialists have doubtful position whether bitcoin will be truly used as a medium of exchange- officially backed digital currency.

“It’s much more likely once you’ve made a big downward movement like the one we made last week that you have a bigger and more complex correction. Once a market like this one locks into those patterns it becomes pretty good”.  This point gave  Ric Spooner, a Sydney-based analyst at CMC Markets on Bloomberg Television.

According to Ric Spooner’s view, it is possible for bitcoin to dip down to $5,700 or $8,700  in coming months.

 

3D illustration by Quince Media

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