Over the course of the last couple of days, the world’s largest digital currency in terms of market capitalization Bitcoin (BTC) has faced various price crashes. The worst one was that when the price value of the leading digital currency went below the psychological level of $30k recently losing the key support as well. It has however recovered to much extent as it has gained the support level of $40k. But the bearish sentiments are still lurking around the major digital currency. Meanwhile, a cryptocurrency analyst says that the bullish run of Bitcoin is not yet over.
The major alternative investment company SkyBridge Capital’s founder and the former White House Director of Communications, Anthony Scaramucci has claimed that the first-ranked digital currency Bitcoin is still in its bullish cycle and that the bull is not yet over for the digital currency.
In an interview with CNBC, the cryptocurrency investor stated that if we look deeply on the price history of the major cryptocurrency then we will see that such kind of massive sell-offs have usually been occurring in the past and it is common. Therefore, he said that the top-ranked digital currency is still intact with its bullish run. As he stated:
“I still think the bull market is in tact for #bitcoin,” says @scaramucci. “Most of the smaller players are using tremendous amounts of leverage– we think over $8.6B of crypto accounts were flat out liquidated yesterday….long term bitcoin is bouncing back.”
"I still think the bull market is in tact for #bitcoin," says @scaramucci. "Most of the smaller players are using tremendous amounts of leverage– we think over $8.6B of crypto accounts were flat out liquidated yesterday….long term bitcoin is bouncing back." pic.twitter.com/ajDo46boHt
— Squawk Box (@SquawkCNBC) May 20, 2021
In another statement, he also highlighted some of the factors that are having a negative impact on the entire digital currency market. One of these factors is the famous electric car company Tesla’s decision to not accepting BTC as a payment method. This was one of the reasons due to which the flagship cryptocurrency had to undergo a price crash.
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