Experts claim that BITCOIN will not disappear despite it experiencing a bearish start in the New Year, with its price dropping to below $8,000. Bitcoin’s price has fallen to its lowest point in two months this year.
Arcadia Crypto Ventures Chief Investment Officer Nithin Eapen claimed that cryptocurrency will always remain volatile, but said that Bitcoin was the future.
He stated, “This is not something you see.” It is down by 20 percent this week. Maybe it will fall 50 percent in the next two months.
“I can recall times when it was only one dollar. Then it goes up to $10, and then it returns to $3. This is nothing compared to that.
Bitcoin miners who have decided to keep playing despite plummeting prices could soon discover that they are out of luck.
Profitability has been slashed to the bone by a 70% price drop since mid-December’s highs. According to Gadfly analysis, the cryptocurrency has risen to $6,000 on Tuesday. Only the most powerful and efficient can keep above water.
The Bitcoin price continues to rise, causing “fast money” fears and a rise in the fear of a bubble or burst. A smart investment is better than blind speculation.
Bitcoin could see a rebound ahead of this week’s meeting of the US Senate Banking Committee, which will discuss regulation of cryptocurrency in the country.
Around Christmas, Bitcoin reached a peak of almost $20,000 in price.
Institutional investors who are hesitant about jumping on to the bitcoin bandwagon could gain clarity from this meeting.
Brian Kelly, CEO of an investment company focusing on digital currencies, stated that “one of the greatest problems we’ve encountered in this market was institutional investors don’t know where they stand regulatory-wise, what they can do, and what they can’t do.”
Ran Neuner, CEO at OnChain Capital, even stated that Bitcoin would return back to the high prices it had last year.
He stated, “I have been following bitcoin since last year. It went up from $17500 to $20,000 in anticipation for the futures.
“I expect the market to remain here for a while, which is why I am a bit nervous. Then I expect some sort of something to lighten the green candle, and that will kick off the momentum again.”
