After Bitcoin (BTC) crossed the US$20,000 level in December, the leading cryptocurrency has been notably topping its value to the latest all-time high (ATH) above US$34,000. Despite the exponential growth since the past months, many opponents like Nouriel Roubini still don’t see the cryptocurrency as a thing. Popularly known as Dr. Doom, Roubini again referred to Bitcoin’s growth as a “bubble,” which is largely manipulated by Tether’s massive USDT minting.
Dr Doom Red-flags Bitcoin’s Growth
On Sunday, the price of Bitcoin briefly dropped by more than 15 percent. This movement alone saw the cryptocurrency declined from as high as US$34,000 to US$29,000, sparking sentiment that BTC’s bullish moment is finally over. Surprisingly, the price of the crypto rebounded to a little above US$30,000. This suggested that many investors and traders are still optimistic about BTC at US$30K.
For Dr. Doom, however, the price movement of Bitcoin was manipulated. He argued that the digital currency could only rebound because Tether resumed massive issuance. “Active manipulation of BTC started after those scammers woke up from their Sunday night sleep,” Roubini tweeted, adding that the whole BTC story will end in sorrow when the “law enforcement & reg authorities crack it down soon.”
CT Still Bullish on Bitcoin
While Dr. Doom thinks that Bitcoin’s quick rebound follows the massive USDT issuance, many industry players think otherwise. For the crypto veteran trader Scott Melker (The Wolf Of All Streets), the BTC rebound shows there’s an insane demand for the cryptocurrency. A popular crypto analyst Willy Woo also opined that Bitcoin would hardly drop to US$20,000 again.
“We’ll never see $20k BTC again. $24k support would need a black swan event to breakdown. Floor price supported by long term buyers is rising very fast,” Willy Woo wrote on Sunday.