Bitcoin Will Surge After It Reaches $10,700: Analyst Prediction

Bitcoin will surge once it reaches the $10,700 price point according to Dan Tapeiro who is the portfolio manager at Pimco and we are about to find out more about his prediction in the coming altcoin news below.

The price of the number one cryptocurrency increased on Tuesday as the investors patiently waited for the outcome of the Federal Reserve’s meeting on monetary policy. Bitcoin slipped by $44.70 or about 0.44 percent and reached the price level at $10,217. The downside price action happened on the sidelines of the better-performing alternative cryptocurrencies while the Ethereum blockchain managed to increase up to 2.18 percent against Bitcoin. XRP, on the other hand, became the second-largest gainer against the benchmark cryptocurrency after it increased by 5.97 percent. Some of the other altcoins including Litecoin and Bitcoin Cash also registered some decent gains.

There is a sentiment that Bitcoin did not live up to its ‘’safe-haven asset’’ status in the face of the adversary. The recent drone attacks on the Saudi Arabian crude oil production facilities ended up destroying the already weak global economic outlook. The S&P 500 and China’s CSI have dwindled the investors digested the long-term prospects of the Saudi attack. Some of the analysts believe that the incident will halt the global oil supply for the next few months and the effect will even start reflecting the health of the international markets:

 “While the ultimate impact will depend on a combination of the extent of damage, the US and Saudi response, and whether further attacks occur, the current production decline will exacerbate the tightening in the oil market that was already underway and could add a more lasting geopolitical risk premium to prices.’’

Almost all of the haven assets are reacting positively to the Saudi attacks as well as Gold and Treasures who also managed to increase as the investors look at them as hedging assets. now, the crypto users are eyeing the Federal Reserve meeting and the markets expect that the US central banks will cut the interest rates by 25-basis point. The Fed Chair Jerome Powell is still facing political pressure from the US president and the chairman himself stated that he will address the attendees tomorrow. The analysts believe that bitcoin will surge once it reaches the $10,700 and as per the analysts Dan Tapeiro who stated for the latest cryptocurrency news:

“Everyone “knows” that fact already. In traditional markets, when everyone knows the fact it is considered “priced in.”