The world’s most popular cryptocurrency has appreciated almost 17% during the last 24 hours and 44% over a seven-day period. Bitcoin is now traded at above $14 000, setting just another record. How long will the bullish trend last and what can possibly go wrong?
Bitcoin is demonstrating unprecedented financial performance, once again. The cryptocurrency was growing since November 30th, when one coin was priced at $9 420. BTC has, therefore, added almost $89 billion to its market capitalization in only seven days. It took Bitcoin almost eight years to achieve this figure in the first place.
The growth, however, does not come without serious concerns. The risk of a massive retracement is growing daily while the positive dynamics remains. The overheated cryptocurrency market, already hit by the negative news on fraudulent ICO activities and once-promising but failed projects, may find all cryptocurrency investments too risky. Or it may not. The price action will depend on the general sentiment and behavior of whales. Should a group of influential investors find the BTC price appealing, the selling pressure may send the BTC price action falling. The plunge can, in turn, induce panic and decrease the price even further.
It is worth remembering that many professional investors — including former Fed Chairman Alan Greenspan, economist John Quiggin, Nobel Memorial Prize laureate Robert Shiller and Warren Buffett — have expressed their doubt in the long-term prospects of Bitcoin. According to the above-mentioned personalities, Bitcoin has exhibited many of the characteristics of a speculative bubble.
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