Matt Maley, the chief market strategist at Miller Tabak, told CNBC that Bitcoin’s price could further drop down in the short-term. Even though the leading cryptocurrency indicates long-term bullishness, investors need to gear up to survive Bitcoin’s short-term volatility, warns Maley. Bitcoin to Go Higher Over the Long Term: Maley Maley appeared on CNBC’s Trading Nation saying that $25,000 could be a possible bottom for Bitcoin. That will be about 40% lower than its previous $41,999 all-time high the cryptocurrency hit on Jan. 8. According to him, any regulation could flush out some of the funds that have flowed into Bitcoin in recent months, saying: “If the government comes along and wants to regulate that more, I think that some of this excess liquidity is going to move away and move to another area. That could cause a fairly significant drop, even though I think it’s going higher long-term.” With the additional pullback, the cryptocurrency could lead to a significant drop. However, the analyst still thinks that Bitcoin is going higher in the longer term. “You’re going to see those big moves and big declines in bitcoin, so traders are going to have to be very, very nimble, and long-term investors are going to have to have a very strong stomach.” BTC Saw Major Corrections Over the Past Two Weeks Bitcoin has been seeing a major correction in the last two weeks following a booming rally that started in July 2020 to exceed $40,000 from trading below the $10,000 level. The cryptocurrency is now trading 11.3% lower at $30,712.41 at the current time. Earlier this week, Treasury Secretary Janet Yellen expressed concerns regarding the use of cryptocurrencies in funding illicit activities. Her remarks have triggered fears that the new administration could enforce a cryptocurrency crackdown. Meanwhile, investors are concerned over potential incoming regulations in the United States under the administration of President Joe Biden.
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