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.”