The leading cryptocurrency started last week at $6,723 and a return to $7,000 was thought to be on the cards before a sharp fall that started in Tuesday took the price down to $6,155 on Thursday.
However, having gained $290 and nearly 3 percent so far today, the boffins at Bloomberg now predict that “positive times” could be on the road ahead for bitcoin, with analysis pointing towards the end to the current selling trend and a return to a “potential bull run”.
Bloomberg write that Divergence Analysis Inc.’s (DVAN) Buying and Selling Pressure Indicator – a proprietary analysis charting the coin’s current price, trend line and ideal exit points – suggests the selling trend that began May 14 could end shortly, giving way to a potential bull run.
The last time this happened on April the 13th last year, bitcoin prices began their journey to near $20,000 on December 19, and between April 13 and May 4 BTC surged 22 percent from $7,903 to $9,600.
Support comes from Christopher Matta, a former vice president of investment management division at Goldman Sachs, who has claimed that $15,000 is still on the cards and that, the current price of $6,000 is a “decent entry point.”
Mr Matta, who left Goldman Sachs to co-found of Crescent Crypto Asset Management, told CNBC’s “Fast Money” that despite the recent price volatility, he’d still recommend bitcoin to his mother.
He said: “The bullish sentiment hasn’t changed over the last six months.
“Regulators have started to step in. We think that more smart regulations can be good.”
Julian Hall, entrepreneur and the founder of ultra.education told Express.co.uk that despite the near 3 percent rise today, bitcoin and the English football team have a lot in common.
He said: “Like betting on our sporting ambitions in the last week, is it too soon to say that ‘bitcoin is coming home’ to its lofty price of $15k?