The Price Ceiling of Bitcoin Is Yet to be identified per Analyst

Mati Greenspan, Founder of Quantum Economics, opines that Bitcoin is the scarce currency on the whole planet. In the long-term, the Bitcoin will rise according to him.

Bitcoin is dealing with a massive monthly price drop.  The giant trendsetter will be ending November in the negative.

The trend charts call to a price range of $7,800–$8,200.  The November 01, 2019 opening price was $9,586; however, it is currently trending at $7,530 provides for a 17.6% loss.

Willy Woo, the crypto analyst, stated that BTC should go some more distance along the price chart to identify the price ceiling.  He said, “Anything between a [market capitalization] of $10 trillion to $100 trillion is fair game.”

Volatility is one of the most attractive aspects of cryptocurrency trading.

Nic Carter, Partner at a Venture Capital firm, stated, “The lack of supply response to a demand shock all but ensures it is likely to remain volatile for the foreseeable future.”

Oliver von Landsberg-Sadie, CEO of BCB Group, stated “I can tell you with great confidence that global adoption at established brands is growing steadily and purposefully,”

The BTC’s market cycle continues to stay undetermined; however, seasoned analysts believe that if traditional economics should prove right, then BTC should be valued very high soon.  Irrespective of the price, the market continues to progress in its path.

Scarcity in macroeconomics increases the price of the asset type.  The May 14, 2020 halving might trigger the scarcity element in BTC.

Other analysts are proposing that the price of the Bitcoin is all set to bounce.  Velvet, an analyst, suggests that the Bitcoin has completed a five-phase wave pattern and therefore had bounced off at the golden Fibonacci Retracement level in the 50-day moving average.  The price pattern he stated was in the middle of a giant falling wedge.  Thus, the telltale being that the cryptocurrency is all set to bounce higher. A concrete target has not yet been proposed.  However, the move might be towards $8,600, which is 15% higher than the current prices.

Despite all these trends, several investors opine that it is good to be long-term bullish on the Bitcoin.  The sudden retracement they state is an excellent buying opportunity for the long-term HODLers.  After the 53% retracement, the traders are bearish on the Bitcoin.  While there will be some pain, investors opine that HODLers should not feel shaken out. Hardcore HODLers should not worry regardless of whether it is going down to $7,000 or $5,000.

Marjory Lewis

Marjory is a science graduate with interest in new technological innovations. She has been attracted to blockchain from the very beginning and covers bitcoin and blockchain news for Bitcoin Journal.

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