After starting a bullish rally at the end of 2020, the price of Bitcoin gradually declined. The cryptocurrency briefly dropped below $20,000, unheard of in 18 months.
The collapse of the UST stablecoin, the bankruptcy of Celsius and the Voyager Digital platform contributed to the sharp decline in the digital asset market. Unlike Bitcoin, most cryptocurrencies are already shown in red.
In the face of this stagnant market, some observers fear the worst. Such is the case for Russell Thompson, CEO of digital asset management firm LibertyRoad Capital. Recently, industry expert Kevin O’Leary agreed, saying that Bitcoin could drop significantly below $13,000. While 60% of investors expect Bitcoin to crash around $10,000 in the near future.
Despite the fear, a large number of investors still strongly believe in the future of cryptocurrencies. This is for example the case of Mike Novogratz, the billionaire behind investment fund Galaxy Digital. According to him, the bitcoin price should reach $500 thousand within 5 years, i.e. by 2027. To achieve this, the coin must rise more than 60% from the record high of $69 thousand reached last November.
After 8 weeks of decline, Bitcoin begins to rise(Opens in a new browser tab)
Intense fear in the cryptocurrency market(Opens in a new browser tab)
Leave a Reply