After losing close to 30 per cent of its valuation in the last seven days, traders are left wondering if the digital currency could melt down to $2,000 valuation.
Will #bitcoin get off the floor? pic.twitter.com/Dh09vetVNI
— John Stafford (@Stafy2012) November 20, 2018
Let’s take a look at what some experts say:
Bitcoin bull Tom Lee, managing partner at Fundstrat Global Advisors, has stated in a market note: “While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications.”
Speaking on CNBC, Lee also admitted the recent decline “has definitely been a negative development.”
Bitcoin plunged 16% Tuesday and fell as low as $4,200.22.
Crypto evangelist Tom Lee joined us to discuss why he is lowering his bitcoin price target to $15,000 from $25,000. https://t.co/H04pEqEm7v pic.twitter.com/AZ2zQZWcea
— CNBC (@CNBC) November 20, 2018
But there are others who are still bearish on the digital currency. The former chief economist at the IMF, Kenneth Rogoff, told CNBC that bitcoin “will be worth a tiny fraction of what it is now.” The Harvard economist also said that transaction costs and a lack of comparative speed put it well behind traditional payment systems.
One year after the Thanksgiving surge, #bitcoin hodlers are saying… pic.twitter.com/3dIIogVNIa
— CNBC's Fast Money (@CNBCFastMoney) November 22, 2018
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