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Updated · Seeking Alpha · Jun 21Bitcoin Falls in Another Leg Down as Current Price Cycle Nears a Bottom
3 articles · Updated · Seeking Alpha · Jun 21Summary
- Bitcoin extended its decline in the latest move lower, marking another leg down in the current price cycle.
- That drop matches the report's earlier call that bitcoin would likely fall again before establishing a cycle bottom.
- The latest move is framed not as a new trend reversal but as part of the expected bottoming process for the cryptocurrency.
Insights
As Mt. Gox fears and institutional selling persist, where will Bitcoin find its ultimate price floor? With Wall Street in control, are Bitcoin's historic boom-and-bust cycles truly over? Is Bitcoin now a safer macro asset or just a more volatile version of the Nasdaq?