Bitcoin analyst ‘highly doubts’ return to $50K — Will the weekly close spark a correction?

Bitcoin analyst Ravi Teja has downgraded his outlook for the digital currency and said he believes it will not return to its $50,000 per coin value. Teja told CNBC on Tuesday that he now sees a “highly unlikely” chance of bitcoin hitting that level again. The weekly close of the cryptocurrency market on Sunday was $8,763.06.

Teja’s comments come as some other analysts are predicting a dip in the price of bitcoin amid growing scrutiny of the digital currency by financial regulators. Earlier this month, Japan’s Financial Services Agency warned against investing in virtual currencies, while South Korea’s Financial Supervisory Service said it is studying ways to regulate them.

Whether or not this news spark a correction in the price of bitcoin remains to be seen, but it is definitely something to keep an eye on.

According to a recent report by CNBC, a Bitcoin analyst has expressed his doubts about the cryptocurrency’s potential to reach $50,000 again. He also believes that the recent weekly close may have sparked a correction in the market. So, does this mean that Bitcoin is headed for a rocky future?

There’s no one definitive answer to this question – it all depends on how the market reacts to the latest news. If the market reacts negatively, then it’s likely that Bitcoin will experience some difficulties in reaching its previous highs. However, if the market reacts positively to the news, then it’s possible that Bitcoin will continue to rise in value.

So, overall, it’s still too early to tell whether or not Bitcoin is heading for trouble. However, as long as people remain interested in this cryptocurrency, there’s a good chance that it will continue to grow in value.