Don’t believe the ‘doom mongers,’ says bitcoin analyst
After an early-August selloff, bitcoin and major digital currencies, have, for the most part, righted the ship. For one financial consultant, the decline is over, and it’s onward and upward from here.
“Despite what the doom mongers would want you to believe, the recent selloff was only ever going to be temporary and prices were bound to rise again relatively quickly — as they are now doing,” wrote Nigel Green, founder and chief executive of deVere Group in an email to MarketWatch. “Previous to this selloff, in recent weeks bitcoin had experienced a pretty impressive rally, peaking at around $8,300. As such, what happened over the last [two weeks] was simply a standard crypto market correction,” he said. Bitcoin is 14.5% off its August low set on the 14th but remains down more than 13% for the month to date and is off more than 51% since the end of last year. Green added that sharp rises and declines are par for the course for digital currencies.
