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Bitcoin on the Verge of Comeback? Expert Sees Parallels to 2017
The cryptocurrency market is still reeling from the recent losses, with many assets trading at multi-month lows. Despite this bleak outlook, some experts believe that Bitcoin may be poised for a rebound. This sentiment echoes sentiments seen in 2017, when the digital asset experienced a meteoric rise.
Raoul Pal, CEO of Real Vision and former Goldman Sachs executive, has sparked a sense of optimism among investors by drawing parallels between the current market dynamics and those witnessed in 2017. According to Pal, Bitcoin’s price action is closely tied to the global M2 money supply. He notes that this relationship has consistently held true throughout the digital asset’s history.
As the cryptocurrency market struggles to regain its footing following recent sell-offs, many are looking for signs of hope. While sentiment remains bearish, experts like Pal believe that this downturn may ultimately prove to be a buying opportunity.
Source: https://thebitcoinnews.com/bitcoin-on-the-verge-of-a-comeback-expert-sees-parallels-to-2017/
