The rollercoaster is again on the cryptocurrency market, yesterday the Bitcoin rate fell to a 7-month low, and after that, it grew by 13% in a matter of hours.
The first cryptocurrency recovered from $6476 to $7325 in a short period of time, many analysts consider this movement to be highly technical.
“It’s simply a rebound after taking out the prior low at 6618,” Tim Enneking, managing director of Digital Capital Management said.
He believes that the Bitcoin rate will fall even lower until it proceeds to a sustained recovery.
BitBull Capital’s cryptocurrency hedge fund chief Joe DiPasquale also points to the technical nature of the recent rally. Some time ago, he said that the price of Bitcoin will be at $6800, but could fall to $6200.
“However, Bitcoin will be severely oversold if this drop happens very fast and will result in a temporary bounce back.” – he said.
The current price of the first cryptocurrency at the time of this writing is $7069.