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Bitcoin a Great Speculative Asset while Cash an Expendable Asset... Hitting $10,000 is Just a Matter of Time

4 months ago

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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.

 

Source : https://www.newsbtc.com/2020/05/14/bitcoin-btc-could-propel-to-10000/, https://www.newsbtc.com/2020/01/13/bitcoin-indicator-called-rally-14000-flashes-again/

 

 

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.

 

Source : https://www.cnbc.com/2020/05/11/paul-tudor-jones-calls-bitcoin-a-great-speculation-says-he-has-almost-2percent-of-his-assets-in-it.html

 

 

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.

 

Source : https://cryptodaily.co.uk/2020/05/bloomberg-mike-btc-low

 

   

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.

 

Climb on our back and experience everyone's much-anticipated bitcoin bull market with our MCS derivatives trading platform.

 

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Published 4 months ago