We are all wondering if Bitcoin will rocket to a higher price soon – and it seems like the analysts are questioning themselves the same question. As the latest cryptocurrency news show, Bitcoin is headed to $10,000 but is moving slowly.
According to Andy Cheung who is the head of operations at the Malta-based crypto exchange OKEx, $20,000 is a “conservative prediction for Bitcoin.” With this Cheung hinted that most of the speculators are less likely to exit their long positions on BTC, indicating that Bitcoin will rocket past this prediction. Knowing that BTC has already rebounded by more than 180% from its low of $3,120 in just 163 days, the outlook is positive.
“$20,000 is a conservative prediction for [the] bitcoin price in 2019, as I said last year. The rally won’t stop here because more institutional investors are coming into the market, and the 2020 halving effect starts to take place. We are thrilled to witness such [a] bullish trend, and I look forward to a new high the bitcoin deserves. Bitcoin is not just a coin but a spirit that hinders the crypto-industry,” Cheung said.
Trying to get them to accept BTC or other cryptocurrency instead of being a Fiat only Cafe :p pic.twitter.com/b7SEJh347E
— Andy Cheung OKEx (@AndyC0125) May 17, 2019
As many best cryptocurrency news sites show, the holding sentiment is also rising. Still, the dynamics surrouding the previous boom are very different from the current one, which is why Bitcoin will rocket as many analysts believe. For example, Q4 2017 saw Bitcoin surging close to 219% which owes to the infamous ICO mania. However, when 90% of those firms failed, a lot of traders sold their Bitcoins which caused the crash by more than 75%.
Diar, which is an international crypto research publication, in February reported that the number of Bitcoin holders – and investors who did not move crypto from their hot and cold wallets – was continuously increasing. The firm was in the altcoin news then, noting that the number of wallets holding anywhere between 100 and 1,000 BTC was declining.
So, Bitcoin will rocket or not – is the question we all have right now.
In another study, Wencer Casares who is the CEO of the Hong Kong-based Bitcoin wallet company Xapo, said that more than 60 million wallets are right now “holding the cryptocurrency.”
“After 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, [bitcoin] has a good chance of succeeding,” Casares wrote.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
Messari Report: BTC Could Copy Gold’s Behavior And Drop Dramatically
“I would not be surprised if BTC performs like gold did 2008-2011.’’McArdle referenced some of the fresh comments that were made on gold by Raoul Pal who is the serial asset manager who presented a buoyant outlook for both Bitcoin and gold during the Stephan Livra podcast. On the topic of gold’s current return to form in line with the number one cryptocurrency, he stated that the markets are now preparing for the dollar’s own winning streak. He tweeted:
“Gold is rightly doing its job, sniffing out a BIG problem and is exploding higher, outperforming even the super strong dollar as gold begins to price in an end game of an eventual MASSIVE readjustment of the dollar (in 12 months? 18 months?).’’As it was reported in the latest cryptocurrency news, the Bitcoin price bull runs since April have started a strong debate once again about the potential long-term and gold-like safe-haven assets. There are now more and more figures that continue to shift into Bitcoin for investors that are looking for a hedge against the inflation that is currently happening. Some of the figures include Circle’s CEO Jeremey Allaire as well as some other consultancy executives this week. For example, Peter Schiff doubled down on his opinion that gold is now better than cryptocurrency. He even took it to Twitter and stated that many customers are not buying Bitcoin because it is a safe-haven asset:
“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”
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