- The cryptocurrency market has seen a significant decline over the past week.
- Bitcoin, the world’s largest digital currency by market capitalization, has fallen below $20,000.
- Analysts are now constantly discussing the fate of their preferred coins.
In a recent tweet, crypto analyst Alistair Milne said that Bitcoin is more resilient and more valuable everyday it stays above zero. He was replying to another market analyst Samson Mow who had reported the current hurdles facing Bitcoin.
Samson had said:
The BTCC Purpose ETF sold 24,500 BTC (on the weekend), Bitfarms sold 3000 BTC, and the SEC approved an ETF to short Bitcoin. This indicates that big players are cashing in on the current market conditions. Bitcoin always gets the hardest possible challenges thrown at it but just keeps soldiering on.
In a response to a tweet by Samson Mow, Allistair Milne replied stating that Bitcoin will remain resilient as long as prices remain above the zero mark.
— Alistair Milne (@alistairmilne) June 22, 2022
In general, the cryptocurrency market has seen a significant decline over the past week. Bitcoin currently trades at $20,423.55 with a 24-hour trading volume of $28,446,608,772 and the price is down by 3.04 percent.
Ever since the market crash, cryptocurrency influencers are making their opinions known about the market conditions. According to reports, many believe Bitcoin has the potential to pass $100K in 2025. For instance, Mike McGlone, a Senior Commodity Strategist for Bloomberg, predicts that the widespread use of cryptocurrency and Bitcoin, in particular, may result in BTC rising to $100k.
However, some other market influencers remain bearish on Bitcoin. CNBC’s Jim Cramer says Bitcoin is likely to drop further in the short term rather than bounce. The investor argues that it’s time for those in the industry to accept that BTC is ready for a big fall.
The contradictions in opinions about Bitcoin’s future price movements show that the market is still highly volatile and prone to big swings.