Over the past few days, Bitcoin (BTC), the world’s largest digital currency in terms of market capitalization, has seen various price crashes. Worst of all, when the price of the leading digital currency fell below the psychological level of USD 30,000, key support was also recently lost. However, it has largely rebounded as it hit the $ 40,000 support level. But the bearish sentiment is still lurking in the big digital currency. Meanwhile, a cryptocurrency analyst says that Bitcoin’s upward trend is not over yet.
Anthony Scaramucci, the founder of major alternative investment firm SkyBridge Capital and former White House communications director, has claimed that the first digital currency, Bitcoin, is still in its upward trend and that the bull for digital currency is not over yet.
In one (n Interview with CNBCThe cryptocurrency investor stated that if we look closely at the price history of the major cryptocurrency, we will find that such massive sell-offs have usually happened in the past and are common. Hence, he said that the top ranked digital currency is still intact with its uptrend. As he said:
“I still think the bull market is on the beat #bitcoin“Says @ Scaramucci. “Most of the smaller players are leveraging tremendous leverage – we believe that over $ 8.6 billion worth of crypto accounts were liquidated in full swing yesterday. In the long term, Bitcoin will recover.”
“I still think the bull market is on the beat #bitcoin“says @ Scaramucci. “Most of the smaller players are using enormous leverage – we believe that over $ 8.6 billion worth of crypto accounts were liquidated in full swing yesterday. In the long term, Bitcoin is recovering.” pic.twitter.com/ajDo46boHt
– Squawk Box (@SquawkCNBC) May 20, 2021
in the another statementHe also highlighted some of the factors that are negatively impacting the overall digital currency market. One of these factors is the decision of the famous electric car company Tesla not to accept BTC as a payment method. This was one of the reasons the flagship cryptocurrency suffered a drop in price.