BITCOIN took another tumble last night with prices falling from $6,721 to $6,623 a fall of $98. With concern mounting over where the leading cryptocurrency will find its ‘bottom’ price, one expert has hit back, saying, “even if the price drops to $1000 there’s nothing preventing another surge to $14,000.”
Bitcoin is priced at $6,649 this morning after another turbulent night sent prices back down, wiping away the gains from yesterday’s steady recovery.
Yesterday, Bill Baruch, President of Blue Line Futures, told CNBC bitcoin’s “bottoming process can begin” following signs that volatility is “depressed” and that “selling has become exhausted”.
Luis Carranza, founder of London Fintech Week has responded by telling Express.co.uk that crypto has come a long way in 2018 and there are plenty of reasons to be “optimistic”.
He said: “Crypto is unpredictable. There are massive spikes and drops. $4500 could be the bottom, but there is nothing preventing $2500 from being the bottom. Likewise, as crypto becomes more mainstream the price tends to rise. Even if the price drops to $1000 there’s nothing preventing another surge to $14,000.”
However the fintech expert says that one reason for optimism is the amount being raised by crypto-financing, having seen exponential growth so far in 2018 alone.
He added: “The challenges for 2018 all involve regulation and the market maturing; with larger sums, crypto is becoming a grown-up game.”