Last week, Bitcoin prices plummeted by over 15% gaining mixed reactions from industry experts and analysts. Some ardent supporters of the leading cryptocurrency continue to hold on to the idea of Bitcoins surpassing the $100k mark this year. Others are sceptical and have been pointing out the stability issues of decentralized tokens.
A burning question is will Bitcoins hit the $60,000 mark any time soon? Nikolaos Panigirtzoglou, an analyst with JP Morgan, opines that if Bitcoin’s momentum has to continue it should be trading above $60,000. However, he also said that this time the “momentum decay” is stronger and it is unlikely that Bitcoin will hit its all-time high anytime soon.
He also indicated that it wouldn’t be surprising if Bitcoin touches the $50,000 mark or goes even below for a certain period. Currently, BTC is trading around $54,500. Last week it hit its all-time high but the prices started dropping soon after.
While it is recommended not to panic as market volatility is nothing new for Bitcoins or any decentralized token for that matter, it is prudent to beware of expert opinions and nuanced analysis of the market. This time Bitcoin is expected to bounce back, but it will take its time.
In the meanwhile, the prices of Dogecoin, the meme cryptocurrency has dropped significantly after gaining over 400 per cent in less than 48 hours. The unexpected price jump was due to the support coming in from the Doge community who were celebrating the Dogecoin day on 20th April.