Bitcoin expert Mati Greenspan said the cryptocurrency’s price is likely to reach new highs in the future, adding that the January decline is part of a normal retracement after an epic high.

A retracement is a temporary swerve in the direction of a stock’s price that goes against the current trend.

Speaking exclusively to Express.co.uk, Mr Greenspan said: “I don’t know what’s going to happen in the future. I’m really not a fortune teller or anything like that.

“I believe that more than fear of regulation that decline from the 20,000 peak was more of just a normal retracement.”