RATE Group | Bitcoin Price Could Reach Further Lows Below $6,000: Analyst
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Bitcoin Price Could Reach Further Lows Below $6,000: Analyst

13 Jun Bitcoin Price Could Reach Further Lows Below $6,000: Analyst

Posted at 14:53h in Bitcoin News by

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Ran Neu Ner, founder of Onchain Capital, and host of Cryptotrader on CNBC Africa was on CNBC’s Fast Money offering his prediction that bitcoin is likely to see further downward movement relative to the US dollar, possibly going as low as $5,900 USD.

The problem, according to Neu Ner, is not to do with any recent hacks to exchanges, the same way that any one bank being robbed does not mean that there is any problem with the US dollar. However, he frames Bitcoin as digital gold, and there needs to be a demand to underpin its value. That demand simply isn’t there yet, leading to Bitcoin’s current bear market. He did not provide any details on exactly how that demand should be created in order to counter the current trend.

Neu Ner’s advice going forward was that if you believe in blockchain technology’s potential to permeate into all business sectors, then its short-term…

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