The Bitcoin is a kind of money that some people use in the internet. Recently, the price of Bitcoin went up a lot and people got excited. But, some experts say that we should not be too excited because the price of Bitcoin might go down again soon. They saw this happen before and they think it might happen again. So, they are being careful before saying if the price of Bitcoin will go up for sure. Read from source...
1. The weekend rallies of Bitcoin, in general, are deemed unsustainable by Bitfinex's analysts.
2. They have observed past instances of such short-lived mini-rallies and warn against hasty conclusions based on them.
3. The analysts raised concerns over Mt. Gox's pending sell-off, which could add to the downside pressure on Bitcoin's price.
4. Despite bearish projections from Bitfinex, the market is presented with bullish factors, including statements from influential figures like former President Donald Trump and CEO of BlackRock, Larry Fink.
5. The article states Bitcoin's current price at $63,794.45 and mentions an 11% week-over-week surge.
bullish
Bitcoin's short-term bullish momentum may stall out, according to analysts at Bitfinex. They note that the market tends to see mini-rallies on weekends, which typically fizzle out by midweek. These analysts caution that they will be watching closely to see how this week's action plays out before making any conclusions.