Bitcoin underwent multiple bull runs since its inception and each time challenged its own highs to form a new one. Despite a contracting trend, the asset maintains an incremental trend displaying a huge tendency to rebound from the bearish trend soon. However, to do so the asset is required to hit the lows to attract huge liquidity which is required for a firm rebound.
When and where can the price of BTC go down?
In the past 24 hours, bitcoin has surpassed the $20,000 level almost 43 times, indicating an uphill battle between the bulls and the bears. However, a popular analyst using the QQE indicator claims that the BTC price has already reached a bottom.
The price of bitcoin (BTC) will not be zero
A former Wall Street wolf, Jordan Belfort, recently admitted that his initial projection of Beeshan going to zero was wrong. In a recent interview, he said that he believed bitcoin was a scam in 2017 and had the merits of a fraudulent project. Furthermore, as the crypto grew, he believed that regulatory pressure could drive the price of BTC down to zero.
“ When it crashed and it went down to $3000 it was still a multi-dollar market. I’m like wait for a second when things crash they go like Terra(LUNA) that’s what happens when they’re supposed to go the way. That was the first thing that made me start looking closely,” he said
“My original thesis was sovereign risk that the US would say no more as China did and that was the real thing that was driving me really bearish on bitcoin,”
The stockbroker also revealed he changed his perspective on Bitcoin recently but supports more regulation on it but with maturity. However, Belfort believes that BTC will continue to trade more like a store of value and less like a growth stock.
