Many crypto experts fear that this level of volatility can have a bigger implication on Bitcoin’s value.
According to Nikolaos Panigirtzoglou, a JP Morgan strategist, despite the fact that Bitcoin saw some correction, the firm is unable to shake away its negative outlook for Bitcoin and the cryptocurrency market, on the whole.
Fully aware of the crypto market volatility, Bitcoin traders are hopeful that its value will reach US$40,000 or closer in the coming months.
While traders are questioning China’s influence on the cryptocurrency market, Galaxy CEO Michael Novogratz opined, “A lot of cryptos happens in Asia, a lot of it is Chinese focused.
According to Novogratz, the Chinese ban on cryptocurrency is a long-term positive for Bitcoin.
Amidst these polarizing opinions, many traders agree that this Bitcoin price drop is opening potential investment chances for people who have not invested in Bitcoin yet but always wanted to.