Bitcoin price (BTC) continues to make small sideways movements over the last week showcasing a tug-o’-war between bulls and bears. Bulls are struggling to find fundamental support to extend April’s bull-run into May. Bears, however, have been capitalizing on bearish market reports.
They have successfully hindered the latest bull-run that was poised to breach the $10K mark – after which bulls were the expecting BTC to surpass the $11K level immediately.
Source Image: coinmarketcap.com
Although it’s quite difficult to predict where cryptocurrencies will move shortly, GP Bullhound expects bitcoin and other digital currencies to crash completely later this year.
GP Bullhound, an investment bank —gallantly declared that the crypto market would be “wiped out” this year.
“Finally, cryptocurrencies will experience a heavy correction of up to 90 percent in the next 12 months, and very few companies will survive this correction. While this correction will be critical to cutting through the hype, its lack of impact on financial institutions will create phenomena that we have never seen in any previous bubble burst,” the bank said in a report.
Warren Buffett has also criticized bitcoin. He refuses to invest in cryptocurrencies. He previously suggested to investors that cryptocurrencies will have a bad ending.
Bulls are Resisting Against Bearish Reports
Bulls have been showing resistance against bearish market reports. They claim that bitcoin price will steadily move higher this year on the back of investments from institutional investors; Goldman Sachs is setting up the first Bitcoin trading operation at a Wall Street bank and this is adding to the bulls optimism. Initially, the bank is planning to use its own money to trade with clients in a variety of contracts linked to the price of Bitcoin.
The increasing prospects for cryptocurrency legalization from U.K. and European countries could enhance the overall trading volume and confidence in cryptocurrency markets. Bitcoin price is in the green over the last two days.
Featured Image: Depositphotos/© spaxiax