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Yet another prediction has been made on the fate of Bitcoin (BTC). This time, however, the speculation is as bearish as it is bullish, Ethereum World News reported.
The CEO of financial market website ADVFN, Clem Chambers, recently said that Bitcoin will likely fall below $2,000 before it can regain its December 2017 value, which nearly spiked to $19,000. He added that there is a shortage of actual money in the world and that vacuum is being filled by Bitcoin and other cryptocurrencies at the moment.
“The blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term,” Chambers said.
As of this writing, Bitcoin is valued at $6,599 and down 1.27 percent in a 24-hour period, as Coinmarketcap indicates. The leading cryptocurrency in the world is still struggling to break through the $6,800 resistance level.
However, an analysis published by Coindesk projects this value will rise to $7,000 as a bullish trend is starting to gain momentum. The four-hour chart that the site used illustrates a head-and-shoulders pattern, which, when inverted, can open the possibility of the next Fibonacci retracement (0.382) near $7,400.
Meanwhile, leading economists who are Bitcoin detractors have come out again to denounce the cryptocurrency. Joseph Stiglitz, a Nobel Prize-winning economist and professor at Columbia University, said that Bitcoin will fall in value once global regulators bring down the hammer.
The economist argued that this has yet to happen due to Bitcoin and other cryptocurrencies being not big enough to threaten the global financial market. But if it does grow significantly, Stiglitz said that his prediction will be realized.
However, Bitcoin critics were slammed by an EU Parliament report published on June 26. The analysis went after Bitcoin and cryptocurrency detractors, saying that they’re mistaken in their negative view of this alternative money.
