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Bitcoin's upward trend since halving has been incredible. According to CoinGecko, the coin value increased from $8,878.86 of May 12 to $9876.37 just 6 days after. Numerous experts are eliciting opinions that 'bitcoin is now officially on the rise'.
1. This bitcoin's upward trend is a serious matter. It's climbing towards Bull Market's core digit $10,000!
- Aayush Jindal, author at bitcoin news service NewsBTC -
Aayush Jindal, Cryptocurrencies and Financial Market Strategist at Bitcoin news service NewsBTC, weighs in on two outlooks for the bitcoin price.
"...the $9,400 level is an initial resistance zone. The main resistance is near the $9,500 and $9,570 levels. If the bulls gain pace above the $9,570 resistance, the price could start a strong increase... The next major hurdle for the bulls is seen near the $10,000 level."
"If bitcoin fails to stay above the $9,000 support, there are chances of more losses towards the $8,800 support level...Any further losses below the $8,800 support zone could open the doors for a larger decline towards the $8,500 support in the near term."
"The one-week Relative Strength Index for Bitcoin is “getting ready to test 50,” a level that if broken through may imply dramatic upside...the cryptocurrency is still down... from its $14,000 peak from last year, but per a number of traders, an array of key technical indicators have suggested that BTC is ready to return higher once again." said the expert, backed by CryptoBird chart analysis.
2. Bitcoin is a 'great speculation', while cash a 'wasting asset'
- Paul Tudor Jones, Wall Street's hedge fund giant -
Billionaire hedge fund investor Paul Tudor Jones stated "It’s a great speculation" and later revealed that "just over 1% of my assets in bitcoin. Maybe it’s almost 2."
According to Forbes, the investor's net worth is $5.1billion, of which bitcoin covers approximately $100million.
He continued to say that cash is a "wasting asset in your hands” when bitcoin, on the other hand is the "best performer" in a portfolio.
3. Bitcoin’s volatility on low tide
- Mike McGlone, senior commodity strategist of Bloomberg intelligence -
Bloomberg analyst Mike McGlone made a statement that volatility, which has always been associated with bitcoin, is slowly decreasing.
Trading experts around the world aside from these three are also judging the current bitcoin market bullish. They also estimate its value on the crawl to hit $10,000.
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