Analyst Tells CNBC Change Needed for Bitcoin Bulls to Return





During an appearance on CNBC’s "Futures Now" on Tuesday, Ambrosino Brothers analyst Todd Colvin suggested that Bitcoin investors are looking for a reason to regain their bullish sentiment. On a day in which Bitcoin’s price retreated once again, Colvin was asked what he would like to see to become bullish about the world’s most well-known digital currency. He cited several key areas of concern:

“After the move we’ve seen it’s very difficult in the short term to be bullish, but I think if you take a step back, there are a few points and a few variables that you can look at.”

Colvin cited technology and improved security as major concerns, noting that hacks and thefts at exchanges have prompted sell-offs in the markets and a general sense of bearishness. He also pointed to government oversight, suggesting that the government’s inability to clearly define the technology had led to a lack of clarity for investors.

Finally, he said that there was a lack of accessibility:

“There is demand for this type of product. It’s just that nobody can get their hands on it. So, how we can get dollars – fiat currencies – into Bitcoin is another question. More accessibility will bring higher Bitcoin prices over the long term.”

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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