Bitcoin fell to a three-month low of $42,100. Analysts told when the bull market will end and why the price of the asset may return to growth in the coming days.
On the evening of May 16, billionaire Elon Musk criticized bitcoin. He also responded with the word “really” to the suggestion that Tesla will announce the sale of all its bitcoins in the next quarter.
Amid Musk’s words, the bitcoin rate fell to a three-month low of about $42,000 in the morning of May 17. Afterwards, the billionaire wrote that Tesla did not start selling off its accumulated bitcoins, contrary to rumors.
Why does the bull market continue?
There is no reason to start a downward trend or end the bull market, analysts believe. Moreover, Elon Musk is far from being the only major player in the cryptocurrency industry. Funds and institutional investors won’t sell their assets without a reason.
Is cryptocurrency worth buying?
The price of bitcoin is “more attractive than ever to buy,” according to analysts. According to him, the growth of cryptocurrency quotes is not over yet. The expert suggested that the beginning of the long-term decline of the asset will be discussed after the rate reaches $100,000.
When will a new wave of growth begin?
A surge of interest in buying and growth in trading volume may begin in the coming days. The current bitcoin price is “quite attractive. Already in June the first cryptocurrency may update its historical maximum of $64.8 thousand.
Support from the big players
Last week, BlackRock investment director Rick Reeder called bitcoin an interesting asset that has yet to reach maturity. According to Reader, the cryptocurrency will be able to overcome its problems and become part of the “investment arena” for years to come.