While the Bitcoin community is excited over the flagship cryptocurrency’s partial recovery, Nobel-winning economist Paul Krugman is convinced that it is just a flash in the pan.
In a recent tweet, the esteemed intellectual says that the recent price is “probably” just a dead cat bounce.
During bear markets, it is typical for cryptocurrencies and other assets to see short-lived rallies before prices resume the downtrend.
As of this morning BTC is experiencing a modest rally. Probably just a dead crypto bounce. But anyway I thought some history might be relevant 1/ pic.twitter.com/g3ZcSVhuh7
— Paul Krugman (@paulkrugman) June 19, 2022
On June 18, the Bitcoin price collapsed to $17,930, the lowest level since early December 2020 on the Bitstamp exchange.
The largest cryptocurrency has since rallied almost 14% and managed to briefly reclaim the $20,000 level.
