With the price of Bitcoin falling over 15% after breaking through the $8,000 barrier near the end of July, Bitcoin bears might be thinking of Frank Sinatra’s “That’s Life,” but Bitcoin bulls think the latest price correction is a precursor to a different tune from the blue-eyed crooner–“The Best is Yet to Come.”
Bitcoin’s current price stands at $6,490.47 as of 11:00 a.m. ET–up 1.68% the past 24 hours
The price of Bitcoin dipped to just under $6,000 a few days ago, which had bulls thinking it was a simple retracement to earlier price floors this summer–an inherent nod to the volatile nature of speculative assets like digital currencies.
“I’ve seen bitcoin drop from $20 to $2 and $1,200 to $250,” said Jeremy Gardner, managing partner of the investment firm Ausum Ventures. “Hyper-growth followed by a heavy correction isn’t new.”
For the past seven days, the price has been trading more sideways than a wine flick, but bulls feel this is par for course, particularly considering that the adoption of digital currencies is still in its infancy.