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The Big Boys are testing the price of bitcoin before it hits the psychological barrier of $20,000 again. It will be up and down, up and down, many times over till the bears can’t hold it much longer. And institutional investors are buying on the dip.
Bitcoin tested the waters at $18,500 but retreated thereafter, when a wave of selling ensued. Large sell orders were observed both on the spot and futures exchanges.
Just this month, Nic Carter, one of the founders of CoinMetrics, a statistics collecting agency, put the spotlight on 10 charts which shows that bitcoin is outperforming itself when compared to the events that preceded the last quarter bull run of 2017. He added that today’s market that’s geared towards cryptocurrency is more capital efficient, more orderly, more liquid and even more monitored than that glorious run-up record of 2017.
Dan Rapiero echoes the sentiments of Carter. He is one of the founders of 10T Holdings. He said that you don’t often see charts like we see at present. He said that the price of bitcoin will slice through the highs imminently. This 3rd wave, he added, will dwarf the 2017 scenario and will persist for several years. Observe the big boys, he said, they will buy on dips and there will be a breakthrough busting the psychological barriers and the crypto markets will be happy for a couple of years.
Simon Peters, a crypto asset analyst at eToro, a multi asset investment platform commented that there is a level of maturity in the bitcoin sphere that has not been seen yet in 2017. This is evidenced by the diversity of interested investors and the extensive data collection formulas being created today to give more scientific basis for the movement of bitcoin.
Other cryptocurrencies traditionally follow the lead of bitcoin. Ethereum (ETH) took a hit too but also recovered in time like the price of bitcoin.
An overwhelming majority of bitcoin investors are already in a state of profit, and are willing to take a temporary hit before testing the waters again, for the next rampage into $20,000 territory. IntoTheLock, actually estimates 99 percent of Bitcoin addresses have regained their capital and are in the blue zone comfortably.
There are always unbelievers, as with anything that’s innovative and capable of toppling the establishment. Kathy Jones, the chief fixed income strategist for Schwab Center for Financial Research, declared that 2017 was the last hurrah for the phenomenal rise of bitcoin price. Regulations and security barriers have not yet been put into place even when bitcoin has already been traded for nearly a decade.
But even traditional banks, wherein their main services have been heavily challenged by bitcoin liberation in recent years, have joined the fray with crypto investors and have forecasted ceiling busting price targets for bitcoin. The most optimistic prediction is that of Citibank which nominates a $318,000 price for bitcoin by the end of 2021.