Bitcoin's price briefly slipped below $8,000 on Thursday for the first time in three months, though the cryptocurrency is still more than double its level at the start of 2019.

What do these bold – and volatile – moves mean for the ecosystem?

David Nage

, principal at the Los Angeles-based money manager Arca Funds, discusses his views on this week's price drop and whether price volatility in cryptocurrencies might turn off big investors.

https://youtu.be/k-6a7odVuzg

Nage, who saw bitcoin's price to be artificially range-bound until this correction, stated:

Nage believes that as an asset, bitcoin is akin to future-pointing equities like Netflix and Amazon. With the caveat that "we're not in the business of price predictions," Nage said:

Catalysts for price action

And while the next halving – a periodic reduction in bitcoin mining rewards, expected to occur around May 15, 2020 – is potentially bullish, both the technical and fundamental views point toward uncertain times ahead for BTC's direction after its recent sell-off threw into question the long-term trend.

Soravis Srinawakoon, co-founder and CEO of decentralized data governance project Band Protocol, said:

Disclosure: The author holds no cryptocurrency at the time of writing.

Sebastian Sinclair contributed reporting.

Teddy Bear via Shutterstock.