Friday, August 12, 2022
Forex Broker News
  • Home
  • Forex Broker Reviews
    • All
    • Preferred Brokers
    • Regulated Brokers
    • Unregulated Brokers

    Fibinex.io Review

    Homefx-Plus Review

    Duvaro Review

    Cupiro Review

    StockHome.io Review

    LegacyFX Review

    Crypto Dock Review

    City Index Review

    Forex.com Review

  • Broker Types
  • Forex & Fintech Jobs
  • News
No Result
View All Result
  • Home
  • Forex Broker Reviews
    • All
    • Preferred Brokers
    • Regulated Brokers
    • Unregulated Brokers

    Fibinex.io Review

    Homefx-Plus Review

    Duvaro Review

    Cupiro Review

    StockHome.io Review

    LegacyFX Review

    Crypto Dock Review

    City Index Review

    Forex.com Review

  • Broker Types
  • Forex & Fintech Jobs
  • News
No Result
View All Result
Forex Broker News
No Result
View All Result
Home Uncategorized

BTC to USD Goes Up – Upward Mode is On?

BTC to USD Goes Up – Upward Mode is On?

Table of Contents

  • BTC to USD Goes Up – Upward Mode is On?
  • The Bullish Case
  • The Bearish Case
  • To Sum Up

In case you missed it, Bitcoin is back. The entire market capitalization of the world’s most popular digital asset has swelled to an almost year-and-a-half high of over $200 billion recently. That puts the Bitcoin price back up over $10,000. 

So, what’s the story? Are we back to the races? Or could Bitcoin still head down into the mid-five figures or even lower? Let’s look at some opinions.

The Bullish Case

Ask almost anyone around the Bitcoin space if they think that we’re back into the full-on bull market territory and you’ll get a resounding “yes”. Many popular Bitcoin commentators seem in agreement that the $3,200 low that Bitcoin reached in December 2018 was the ultimate bottom of this market cycle. 

Naturally, as with the previous bull markets, there have been some wild Bitcoin price estimates thrown out there. Naeem Aslam, the chief market analyst at ThinkMarkets, states that the Bitcoin price is likely to hit between $60,000 and $100,000 during the next bull market. He also points to the ongoing unrest in the Middle East as a factor that is driving investors to take up positions at the moment. Since Bitcoin is increasingly seen as a “safe haven” investment, those wanting to hedge against other assets are finding the cryptocurrency appealing. 

BTC to USD Goes Up – Upward Mode is On?

Arguing that higher prices are certainly on the horizon but for a different reason is Fundstrat’s Tom Lee. The Bitcoin bull believes that the mainstream validation given to cryptocurrencies by Facebook’s Libra is certainly promising for Bitcoin and would drive the price to new highs “easily”. 

Elsewhere, Aaron Brown, a contributing journalist at Bloomberg, has argued that if the previous price cycles are anything to go by, Bitcoin could be propelled to a massive $400,000 based on its ever-improving fundamentals. He states that the regulatory landscape is clearer than it has ever been before. Moreover, the recent moves by large companies and wealth managers into the space have made the position of Bitcoin much more robust and therefore more alluring to investors. 

ADVERTISEMENT

Other raging bulls include Kraken’s Jesse Powell, software engineer and presidential hopeful John McAfee, and Lucid Investment’s Tyler Jenks. Powell has recently taken to Twitter to light-heartedly hint at much higher Bitcoin prices – perhaps as high as seven figures.

McAfee also sits in the million-dollar Bitcoin club. He’s confident in Bitcoin hitting a seven-figure mark in 2020 and continue holding to that position. Finally, there is veteran trader and YouTube analyst, Tyler Jenks.

Jenks believes that the world needs a sound monetary unit to base the economy on and that Bitcoin seems particularly well-suited to the role. If this were to come to fruition, the long-time trader says a $10 million Bitcoin is conservative. 

Although some of these price calls might seem far-fetched as Bitcoin sits just around $11,000, Vijay Boyapati, a software engineer and Bitcoin advocate, argues that the current optimism is indeed the beginnings of a new bull market. In determining how high the price could go, Boyapati says that it is expected to really start appreciating rapidly once it crosses its previous all-time high.

 

On the way up, there is still pressure from those who did not sell during the bear market and want to exit the market at around break-even. However, once $20,000 is passed, all bets are off! This is because there will be ever-increasing buying pressure as the media outlets grab hold of new “Bitcoin All-Time High Stories.” Such a frenzy of buying could send the Bitcoin price far higher than anyone thought possible, particularly now that institutions will be able to access the market in a way that they feel more comfortable through the likes of Bakkt and Fidelity’s digital currency offerings. 

The Bearish Case

Discounting the relentless bears for the purposes of this article, let’s consider those generally optimistic about the future of cryptocurrency, but believing the time isn’t now to test that all-time high. 

Perhaps, the most prominent of the not-quite-bullish camp is former Wall Streeter and YouTube technical analyst Tone Vays. In a recent video, Vays states that he wants to see a substantial pullback, like those witnessed in the previous bull cycles, before going to all-time highs. He warns that if we do not see such a retracement, investors should expect an 80 percent or more correction. 

However, he also makes no calls on how high the current parabolic move to the upside could be. At $50,000 plus, 80 percent wouldn’t completely decimate the market. If there’s anywhere below that lofty figure, a lot of newcomers will likely lose money. 

Joining Vays in his cautious pessimism is the founder of Ethfinex, Will Harborne. The cryptocurrency entrepreneur told an industry news publication that he believed the price was being held up by the controversial moves of those behind Tether. Harborne pointed to the total supply of Tethers rapidly increasing as a possible sign of market manipulation. If such suspicions are true, any price correction on the way up could be very dramatic indeed.

To Sum Up

Not everyone is optimistic about Bitcoin’s short-to-mid-term prospects and, of course, there are those that think the whole thing is going to crash to zero in the near future. 

Still, many in the cryptocurrency community believe that Bitcoin is finally recovering from the doom-and-gloom 2018, when the market lost over 50% of its value. If this trend is anything to go by, then 2019 will certainly be the year of flourishing. We’ll see! 

 

Share202Tweet126ShareSend

Related Posts

Uncategorized

Congressman wants to turn Taiwan into a blockchain island.

May 28, 2022
Uncategorized

AvaTrade introducing 3 new crypto pairs

May 28, 2022
Uncategorized

TFX-Click 365 volume down 25% MoM in June

May 27, 2022
Forex & Fintech Jobs

BackOffice Support Officer

May 3, 2022
Uncategorized

Daily Market News: Binance to open an official US website

March 17, 2022
Uncategorized

Daily Market News: June rally is back on

March 9, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Select one of the Best Forex Brokers for your Trading  |  Read the Reviews

Fibinex.io Review

Homefx-Plus Review

Duvaro Review

Cupiro Review

StockHome.io Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. forexbroker.news is an affiliated partner with various Forex brokers and may be compensated for referred Forex traders.

Risk Disclosure: Forexbroker.news assumes no liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and forex signals. Operations in the international foreign exchange market contain high levels of risk. Forex trading may not be suitable for all investors. speculating only the money you can afford to lose. Forexbroker.news remind you that the data contained in this website is not necessarily real-time and may not be accurate. All stock prices, indexes, futures are indicative and not appropriate for trading. Thus, Forexbroker.news assumes no responsibility for any trading losses you might incur as a result of using this data.You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Disclaimer: It is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While ForexBroker.News has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by ForexBroker.News, nor shall it bias our reviews, analysis, and opinions.

  • Privacy Policy
  • Contact US
  • Terms of use,

Copyright © 2020 forexbroker.news

No Result
View All Result
  • Home
  • Forex Broker Reviews
  • Broker Types
  • Forex & Fintech Jobs
  • News

© 2020 https://forexbroker.news - Forex Broker news & magazine