Bitcoin continues to hover around $40,000 on Wednesday morning, with some price analysts describing the latest recovery as a “dead cat bounce”.
Other leading cryptocurrencies, including Ethereum (ether), Cardano (ada) and dogecoin have also stalled, having surged in value alongside bitcoin at the start of the week.
Market experts appear divided over whether the bounce back was part of a longer term bull market trend that will see bitcoin hit new record highs in 2021, or whether it is simply following the same pattern seen after the 2017 price peaks.
There has been plenty of good news in the crypto space in recent days, which has contributed to positive forecasts and price predictions in the region of $250,000.
The president of Tanzania has shown interest in adopting bitcoin as legal tender, Tunisia’s finance minister wants to decriminalise cryptocurrency and MicroStrategy is planning to plough another half billion dollars into BTC.
We’ll have all the latest news, analysis and price predictions right here.
