Some financial analysts are predicting a further bearish movement for Bitcoin (BTC/USD). CNBC’s Melissa Lee was talking with Fast Money traders – Courtney Dominguez, Tim Seymour, Guy Adami, and Steve Grasso – about Bitcoin’s movement pattern.
According to Dominguez, Bitcoin’s price could still fall far lower than the present level because of some signs working against the cryptocurrency. She noted that most of the movement right now is trending based on speculation. She added that Bitcoin could do worse as more organizations start suspending Bitcoin payments for their goods and services, just like Tesla did.
More people may be willing to sell out their Bitcoin on the assumption it’s going to go lower. Dominguez stated that with more traders willing to sell their Bitcoin now than last year, it isn’t a good sign for the token.
Bitcoin to crash to $20,000
Financial analyst and stock market strategist Carter Worth has made an interesting prediction about the movement of Bitcoin. He says the present Bitcoin movement pattern suggests that the most valuable cryptocurrency may likely revisit the $20,000 level, which it hit as its all-time high in December 2017.
He says the stakes are high as opposed to a year ago because the money involved in the market is much bigger.
Bitcoin’s volatility and the rise of meme stocks
Another analyst Steve Grasso pointed out that the recent rise in meme stocks does not correlate with the fall of Bitcoin. He noted that although some investors are selling their Bitcoin to buy other stocks, the impact will not be felt much on meme-based stocks. Grasso agreed with Carter Worth when it comes to the price volatility of Bitcoin. He stated that people have become complacent with cryptocurrency and are just “letting money ride”.