Strategic Wealth Partners Luke Lloyd told Insider he sees a massive correction ahead for bitcoin.
Lloyd said regulation fears will be the catalyst for a fall all the way to $24,000.
But he said he thinks its price will recover and surge to $100,000 by the end of the year.
Luke Lloyd is an outspoken bitcoin bull when it comes to his long-term outlook.
So it might have come as head-scratching news to some when the investment strategist and wealth advisor at Strategic Wealth Partners said on Fox Business Varney & Co. that he d cashed out of the cryptocurrency when it hit $40,000 for the first time in January.
US stocks slide from record highs as traders digest blowout retail-sales report
Emily GraffeoFeb 17, 2021, 20:47 IST
REUTERS/Brendan McDermid
US retail sales surged 5.3% in January, the most in seven months.
Bitcoin rose to a new high above $51,700 while
oil prices remained elevated.
US stocks pulled back from record highs Wednesday morning as investors weighed whether strong retail sales indicate a positive economic recovery or a signal that could dampen congressional urgency around passing the next stimulus bill.US retail sales soared in January by the most in seven months. Sales grew 5.3% in January, the Census Bureau said Wednesday. Economists surveyed by Bloomberg expected spending to climb by 1%. The reading snaps a three-month streak of contracting sales and follows a revised 1% decline in December. The single-month expansion is also the largest since June.
Bitcoin is the most crowded trade, according to a Bank of America fund manager survey. The cryptocurrency is dethroning tech stocks, which have held the most
| UPDATED: 18:10, Wed, Jan 20, 2021
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Bitcoin prices peaked above £27,100 ($37,000) earlier today (January 20) after a recent downturn in the market. BTC is down more than $3,660 ($5,000) after it shot past ($40,000) on January 8 but market analysts believe the crypto is still showing signs of positive movement. As of 4.50pm on Wednesday, the token is trading for £25,261.66 ($34,489.50), according to Coindesk data.
Bitcoin slid on Friday as investors took profits from the volatile trading week. The cryptocurrency fell as much as 11%, to $34,409.04, at intraday lows. The