June 30, 2021
Bitcoin price is a bubble
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David Rosenberg: BTC Price Is A Bubble!

Bitcoin has had a great performance in the last three months of 2020 and could hit new records by passing the $30k level. As always, when an asset skyrockets, analysts begin to predict its trend and analyze its status. Following the recent bullish movements of Bitcoin, despite some experts foresee a fantastic future for the major crypto, some others complain about its progress and believe that BTC current price is a bubble.

 

BTC Price Is A Bubble

David Rosenberg, founder and economist at Rosenberg Center is one of those who believe Bitcoin price uptrend is not normal and the major digital asset is in a considerable bubble ever seen. He has already stated similar comment about stock markets. He believes that bears are ready to come back, exactly like what happened after Bitcoin bullish market in 2017.

In a recent CNBC talk, David Rosenberg explainedas an economist that would not enter the Bitcoin market in current price levels. Pointing to the current high risk status of Bitcoin, Rosenberg called the conditions as bubble. He said Bitcoin rapid growth in a short time is not normal and bear market may appear at any moment. He explicitly cautioned traders and investors to protect their money.

In addition, he reemphasized that considers Bitcoin trading as a “really saturated field”. Rosenberg also said that when Bitcoin supply completed at 21 million, the related algorithm should be renewed so as to reviving. According to what Rosenberg believes, CBDCs will take the largest piece of crypto industry in the future.

In the last few days, Bitcoin broke resistances and could come up to $34k. On the other hand, many other analysts have predicted the continuation of bullish trend for Bitcoin. Retails interest in Bitcoin, institutional investor activities and some whales purchases are the reasons provided for Bitcoin bull run.

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