It’s been a tumultuous couple of days in the cryptocurrency market following the latest declines. According to a reputable analyst, however, the short-term downside might not be over, though other on-chain metrics also suggest that the long-term does look promising.
The past two days were challenging for bitcoin’s price. From a high of around $58,000 on May 12th, it went all the way down to $45,700 (on Bitstamp) yesterday.
This happened immediately after Tesla revealed that they’ve discontinued accepting bitcoins as payment for their electric vehicles. While the community is scratching their heads searching for answers as to how come Musk changed his mind on Bitcoin’s environmental impact, the price has recovered to an extent, and it now sits at around $50,000.
