“With BTC down almost 80% from peak (from 20K to ~4K) & all other cryptocurrencies down 80% to 99% I rest my case that this crypto bubble went bust for good. I feel vindicated,” Nouriel Roubini, a professor at NYU’s Stern School of Business, said.
American millionaire John McAfee said that the collapse was caused by confusion provoked by public conflicts and scandals, fears created by the actions of institutions that could not do anything to dispel them, and traders' uncertainty. But the most important thing is the inability to take into account the rapid growth of the cryptocurrency user base.
Nigel Green, the founder and head of the deVere Group consulting company, believes that crypto skeptics use the current wave of volatility to challenge the existence of virtual currencies. However, he says that cryptocurrencies are the future of money. They have forever changed the interaction of people with the money supply, as well as the nature of transactions, business and asset management, the businessman added.
“Cryptocurrencies has been so weak because most of it there's no underlying value outside of confidence. Bitcoin, itself, we think is going to replace gold eventually. I think it's a store of value. I think it's the greatest store of value ever created. It should surpass gold over time,” Lou Kerner, the co-founder of the CryptoOracle venture capital firm, said.
Spencer Bogart, from the Blockchain Capital investment firm, belives that bears continue doing their work, but this does not reduce the enormous potential of Bitcoin. Digital money is an idea worth several trillion dollars.
“We have a price correction taking place, which has caused the price to fall even below its 200-day, but if you’ve got time, it will arise. It will not happen within three months, or one year, but in two to three years, and this is the golden time to be in crypto," Thomas Lee, an analyst at Fundstrat Global Advisors, is sure.
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This year has been pivotal for Bitcoin, the world's leading cryptocurrency. One of the key milestones was the approval of Bitcoin spot ETFs by the US Securities and Exchange Commission. In April 2024, Bitcoin also experienced a halving event, which is typically seen as a positive development for the digital asset. This year, the cryptocurrency is up 57%, and analysts remain optimistic about its future. However, they highlight four key factors that could influence Bitcoin's trajectory, both for better and for worse
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