Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: ranaprime on May 27, 2021, 07:04:38 AM
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According to Decrypt.co Bitcoin suffered a historic price crash last week.
Some experts tell Decrypt that this was all expected, and even healthy in the long term. Others aren't so sure.
That Bitcoin bull may still have some kick in him yet, despite the events of the past week, experts tell Decrypt.
Bitcoin’s latest price crash (or “correction,” if you’re technical and perhaps more optimistic) has many investors worried—especially those new to the game who have been quick to sell.
Some are already fearing the worst—another frosty crypto winter, when we’re still in May. Bitcoin showed signs that the bull run may be coming to an end when the crypto market suffered its worst dollar-denominated pullback in history, and for a whole host of reasons.
But many analysts believe we’re still in the bull market, and the dip in Bitcoin's value was well overdue.
Fred Pye, the CEO of Toronto-based cryptocurrency exchange-traded fund (ETF) 3iQ, told Decrypt that we’re not yet in the bear market, and that Bitcoin’s massive gains over the last year were “not humanly unsustainable.”
“This [the pullback] had a lot to do with China, and how they want to crackdown,” he said. “The market was desperately looking for a reason to have a correction—anything going from $10k to $60k in that time makes absolutely no sense, just look at the rates of return on our hedge funds, it’s not humanly possible or sustainable.