Bitcoin took a long pause in this 2018, slowly declining with occasional burst of hope that a recovery is in sight only to dip some more.
The king of cryptocurrencies is trading in a very tight range, having not traded outside of the $7,300 to $7,800 in this week with a bottom-to-top range being just 5.3%.
Bitcoin is down 1.66%, since yesterday, with a market cap of $129 billion.
While many bulls believe the recent lull is the bottom and a foundation for another move higher, one perennial bear, who predicted the move lower from $9,000, notes the worst is yet to come.
“This cryptocurrency had a very ugly May and it looks like things will only get worse,” said Jani Ziedins in a Friday blog post.
A drop to the $6,000 low would mean another 20% fall.
On the other side is a bull Tom Lee, who is still holding on to his $25,000 year-end target price. He said the regulatory outlook could be the impetus for digital currencies to move out of the bear market.
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