Bitcoin prices recently reached a six-month low, having declined more than 50% from their 2019 high of almost $14,000.
After suffering this pullback, has the digital currency’s price bottomed out?
While many analysts are unsurprisingly bullish in the long-term, many of them are less optimistic in the short-term, emphasizing that the cryptocurrency could easily suffer further losses.
Market observers offered these predictions after bitcoin fell to nearly $6,500 on November 24th, its lowest since May, before recovering, approaching $7,400 the following day, CoinDesk figures reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Bitcoin ‘Overbought,’ Says Analyst
“We don’t see $6.5k as the bottom, although it’s the first strong candidate for that title,” said Tim Enneking, managing director of Digital Capital Management.
“While there might be a move up before it happens,” we expect bitcoin to drop below $6,000 “before this correction is over,” he added.
Analyst Marouane Garcon also weighed in, describing bitcoin prices as “overbought.”
“It’s nakedly obvious that we can’t agree on a true price and it’s still extremely volatile to current events and even fake news,” said Garcon, managing director of crypto-to-crypto derivatives platform Amulet.
“I wouldn’t be surprised if the price continued to drop.”
However, not everyone had the same point of view, as Mati Greenspan, a cryptocurrency analyst who founded the newsletter Quantum Economics, stated that “the retracement from the current peak may soon be coming to an end.”
In his latest newsletter, Greenspan emphasized the following: