Understand the reasons for Bitcoin's recent rise and how far it can go
Fausto Botelho says that Bitcoin's high can go up to US $ 350 thousand
Bitcoin continues to trade at a bullish paceand was traded above $ 8,000 on Monday (13) but had a slight decline and is quoted at $ 7,850 at 9:00 p.m., Brasília time. The BTC now accumulates high above 100% only in 2019 and experts explain the reasons for the bullish move, which may still exceed $ 65K. Hélio Silva, CEO of startup Cloudbit.me and founder of the Bitcoinkids project, associates with the news that Bakkt will offer future contracts for bitcoin focusing on the institutional market. This was news that was well awaited by the market and that there was already an expectation that it would push the price of the cryptomaned upwards.
For him, this would be an incentive for large companies to inject large amounts of institutional money into crypto-economics, which would increase Bitcoin's price. "The rise was more due to the announcement that Bakkt made the update of future contracts that she will work. They are saving as much in custody as working side by side with New York State. " Silva, however, believes there may still be a correction, but that will not make Bitcoin fall more than $ 6,500. "Today is well consolidated. If there is any correction it will be between $ 7,000 and $ 6,500. You have a strong support for a fall. For this to happen you have to have more people selling, than buying. "
Bitcoin boosted
Fernando Ulrich , chief analyst at XDEX , says that this kind of high is something that the market does not expect and recommends caution with all the euphoria around this valuation of the cryptomade. "There is no way to expect any break from this. No doubt that today hit the high of the year about R $ 31 thousand. This corresponds to a 100% gain in 2019. It demands caution, because every high euphoric does not tend to sustain itself. " Ulrich agrees with Silva and also associates the high news of Bakkt to begin to operate of regulated form in New York.
"Bakkt has a very complete proposal to provide customers and institutional investors with a regulated trading platform as well as future contracts and custody of digital assets, as well as allowing ordinary users to use and pay for Crypto-derivatives." He also explains that the news of Bakkt was very important, as this proposal also involves strong names in the market such as Microsoft and Starbucks. Both Ulrich and Silva believe that this will bring major investors into the cryptomania. Ulrich, however, points out that the side that has to be seen is that the high is also tied to the better understanding of the use of Bitcoin.
Usefulness of the cryptomanes
The economist explains that although there are other points that should be considered. One is that there is a greater interest of investors to apply in crypto-currencies. "Siberity investment has conducted a survey of more than 400 investors. Almost half wanted to invest in crypto. The market is beginning to understand utility. " In Ulrich's view there may be a migration of commodity and asset investors, which is down in the international market for the crypto-coins sector. Because it is a market yet new and small any number that can make a difference. "It's still a market compared to the others," he says.
For the economist, this moment is higher than low of Bitcoin. "The market was already resonating in 2019 after 2018 with a strong correction expelling all those excesses we had for various indicators. A series of information had already shown that we were very close to the bottom of the well and that from now on we will have higher than low. " But he warns that "it may have a correction in the next few days."
For the up and away
Fausto Botelho , CEO of Enfoque and technical analyst of Securities, says that this breach of more than $ 7,000 may be the harbinger of a new rise in Bitcoin. In this, he points out that the criptomoeda can be worth $ 65,000 or even $ 350,000. For a better understanding, the analyst sent the Bitcoin Portal a graph that shows in detail the cycles of this digital asset since 2010, when Bitcoin was worth US $ 0.10. Botelho signals that in the first cycle of high Bitcoin happened to hit a mark of a little more than $ 1,000, but that later came a fund in 2015 bringing the criptomoeda to $ 200 and, from there, the market experienced a new high at the end of the year 2017, reaching US $ 20,000.
In Botelho's view, what is about to happen is a new high that can be equal to the first, which can bring an overvaluation of this digital asset in a very optimistic view, or in the more realistic view it can reach two possible highs: repeat "Wave III" in whole or only "a high that occurred between cycles 3 and 5 of wave III", which occurred in 2017. "A more modest hypothesis is if he copied the last piece of the high that he had in 2017, we will have to count from the bottom of December of the last year a discharge with Bitcoin being worth $ 65 thousand. The $ 350,000 is if there is a high repeating wave three in what looks more like a long-term bullish move. "
Default Satoshi
Botelho says that doing the Bitcoin analysis is different from studying actions. "Bitcoin has started from scratch and stocks are already entering the market with value. We are seeing something completely new. For me, everything will be tokenized in the future. " He says that Satoshi may be the new standard as the dollar is today and one day it was gold. "I understand that what we are seeing flourishes is a new world monetary standard. It will not be the Bitcoin Pattern, but it will be Satoshi's "SAT" pattern. For things will not be quoted at zero of Bitcoin if it amounts to more than $ 100,000. "
Article Produced By
Alexandre Antunes
David Http://markethive.com/david-ogden
