After hitting a new record over the weekend, the price of Bitcoin has retreated below $56,000.
At the time of writing, the largest cryptocurrency is trading at around $ 56,000, losing around 8% overnight. Most altcoins supported the fall in BTC.
According to analysts from FxPro, it's simplesmall correction. They say the new $1.9 trillion stimulus package will fuel the digital currency's bullish rally as many will invest the cash in Bitcoin or stocks.
Jeffrey Halley, Senior Analyst, Oanda AsiaPacific and Miller Tabak's Matt Maley see potential for further growth. According to Miley, “Bitcoin could rise to $75,000 very quickly”. Halley believes the next threshold could be $100,000.
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