Bitcoin price hit to $4,026.60 at 08:30 (GMT) on Friday, according to CoinDesk. The cryptocurrency saw its highest value before Christmas when it reached the monumental price of just under $20,000. But finance expert Jeff Kilburg has claimed that without Government backing, the cryptocurrency will struggle to get above its current price. Mr Kilburg of KKM Financial told CNBC: “Right here and right now I think there is unfinished business.
“I see it going back down to $3,000.
“I think it is going to have a hard time staying above $4,000 unless we see something substantial come out of the Securities and Exchange Commission (SEC) – nothing new is putting the wind in the sails right now.
“It’s kind of hit no man’s land and it is chopping around a lot.”
Jim Iurio of TJM Institutional Services responded to the comments and said the government is unlikely to welcome the cryptocurrency.
Mr Iurio added: “When you see headlines, they’re rarely going to be that the SEC or some government has decided they love Bitcoin.
“The headlines that are going to come out are the ones that are going to be regulatory.”
In response, Mr Kilburg said: “Historically, for the last year that has driven the price from 20,000 down to here.”
But bullish finance boss Brian Kelly said pricing suggests the cryptocurrency is “getting closer to the bottom” of around $2,900 – indicating there could soon be an upward trend.
Mr Kelly, the founder of Brian Kelly Capital, also told CNBC: “For me, the bull case and the investment case is that everything that you can say is wrong with Bitcoin is going to get fixed.
“Similar to with the internet when it was super slow and yet and you had dial-up internet and people didn’t want to shop online and all of those things.
“As the technology progressed, it got better and it got a higher adoption rate.”
The crypto expert also said the price indicates Bitcoin is close to a bottom. He said: “Directly right now we are about neutral and probably we have a net short position on at this point in time.
“But I think we are getting closer to the bottom. We have the preconditions for the bottom, kind of the mania that we had last year – you are seeing that reflecting here in a pessimism. So the preconditions are there.
“It wouldn’t surprise me if we popped down to 2,900 on Bitcoin before we bottom. That’s kind of what I’m looking at as the next level.”