As known from:
CoinWireICOBenchCoinCodex
Write a Review
Write a Review
Nothing Found
Contains commercial content
TradersBest.com / Analysts Describe Bitcoin Recovery as ‘Dead Cat Bounce’

Analysts Describe Bitcoin Recovery as ‘Dead Cat Bounce’

Publish Date: 18/06/2021

Bitcoin saw a fall in its value last Friday, leaving investors devastated. The previous month hasn’t been the best for the market-leading crypto, followed by China’s ban on using crypto and Musk’s decision to pause the acceptance of Bitcoin for Tesla. The price of Bitcoin continued to hover around $40,000, with many people impatiently waiting for “a dead cat bounce”. Analysts suggested that Bitcoin will shortly see a spike in value, putting the crypto back on track.

Following Bitcoin’s decline in price last week, other major cryptocurrencies, including Ethereum and Dogecoin, saw a drop in their values as well. It hasn’t been the best month for most crypto’s, as prices have been rising and falling quicker on shorter scales for a while now.

Market experts divided on Bitcoin forecast

While a majority of analysts are inclined towards the thought that Bitcoin will see a spike in value, some of the experts are guessing that it will rise in value for only a short period, following the pattern of 2017 price peaks.

However, the acceptance of Bitcoin as legal tender in El Salvador followed by the president of Tanzania showing hints of accepting Bitcoin as legal tender, led to a highly optimistic Bitcoin forecast for the coming year. Some projections depict that the crypto will touch £100,000; meanwhile, others predicted values going up to $250,000.

That being said, only time will tell what direction the cryptocurrency will head towards. Similar blips in Bitcoin’s market value were seen and analyzed in 2013 and 2017, so there’s definitely a chance that the pattern is being repeated. However, you never know when it comes to Bitcoin. It comes down to your gut feeling and what you choose to believe. Despite the disappointments amongst investors, many aren’t giving the drop in Bitcoin’s value too much worry. Instead, they’re hoping for a ‘dead cat bounce’ in the times to come as well.

Being the first country to accept Bitcoin as legal tender, the president of El Salvador, Nayib Bukele, showed the world what it means to be innovative and to think outside the box. Bukele supported his decision by stating that he believes accepting Bitcoin as legal tender will make it easier for the country’s citizens to send money back home while living abroad.

The president continued to add innovative thoughts regarding his decision, for instance, the offering of citizenship to someone who has proof of Bitcoin investments. However, the decision won’t be entirely supported by the World bank. A spokesperson for the World Bank told Reuters, “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,”

“While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”

Read Also
DogeCoin Soars Following Take-up by Tesla
The value of novelty cryptocurrency DogeCoin soared by as much as 15% ...
Dogecoin Spikes 23% After Elon Musk Tweet
A tweet from Elon Musk saying Tesla would accept Dogecoin payments caused ...
Crypto Prices Drop Again Leaving Investors Confused
The crypto market seems to have crashed, and as a result, all ...
China’s Ban on Crypto Leads to Further Decline in Crypto Prices
For the first time in the past three months, Bitcoin's price came ...
US Crypto-related Stocks Hit As Digital Coins Tumble
The US stock market struggled amidst the rapid drop in cryptocurrency prices. ...
Latest News
Study: how do finances shape our love life?
Do we find someone less attractive if they're ...
Is FTX Bankrupt? 
The crypto market has seen a drastic change ...
Disney Shares Jump 6% After Positive Earnings Report
A booming subscriber base and the return of ...
Alibaba Posts Flat Revenue Growth But Stock Still Jumps 6%
Chinese ecommerce giant Alibaba posted its first earnings ...
Intel Stock Slumps Over 8% Following Weak Earnings Report
Chip-maker Intel suffered a disastrous end to last ...
Top Forex Sites
Ally Invest
Ally Invest
Ally Invest Review
4.8/5
Webull
Webull
Webull Review
4.6/5
Kraken
Kraken
Kraken Review
4.3/5
Nadex
Nadex Review
3.6/5
Interactive Brokers
Interactive Brokers Review
4.8/5
Receive the latest trading news by email + our free eBook
Crypto eBook EN
Nobody is born a trading expert. Register now to receive the Ultimate Guide to Trading Cryptocurrencies in 2022 (and beyond), and receive the TradersBest.com newsletter with the latest market news and broker reviews!.

By registering, I agree that TradersBest.com may send me newsletters via email at regular intervals. This consent can be revoked at any time.
Receive the latest trading news by email + our free eBook
Nobody is born a trading expert. Register now to receive the Ultimate Guide to Trading Cryptocurrencies in 2022 (and beyond), and receive the TradersBest.com newsletter with the latest market news and broker reviews!.

By registering, I agree that TradersBest.com may send me newsletters via email at regular intervals. This consent can be revoked at any time.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site