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Bitcoin rose to $100,000. Bitcoin landed on the moon. Bitcoin is unlimited.
The world’s largest cryptocurrency is making a comeback. It has risen by more than 50% from recent lows, reinvigorated animal spirits and coaxed sky-high price goals. Although it is a source of comedy for some people, it will be when assets rebound. appear.
In a series of negative news reports, the digital currency is ready to retest $20,000, and many people believe that these negative news will push its price down. The renewed popularity is the call for the tokens to continue to rebound to record highs or even higher.
There are many high-level moments worth remembering: Bitcoin has risen for four consecutive weeks, and it is expected to usher in the second month of rise. Overall, this is the fastest 21-day rise since February, and this is the last time it has made a record jump.
“It’s ranting,” Meltem Demirors, chief strategy officer of crypto fund provider CoinShares, said on the phone. Despite the new regulatory review, “Many investors consider this to be positive news and a positive catalyst because it eliminates a lot of confusion or some uncertainty. And I think it also proves that the crypto community is no longer a certain esoteric aspect of finance. corner of.”
Cryptocurrency ignores criticism of its environmental impact and is still progressing despite the promise of tougher crackdowns by regulators around the world. On the one hand, China has taken a series of measures to crack down on cryptocurrency mining and so on. In the United States, policymakers are focusing on digital assets in a new way, and the chairman of the US Securities and Exchange Commission Gary Gensler called the field the “Wild West” last week. He stated that he will not compromise on protecting investors when formulating the regulatory framework.
Strategists temporarily put these concerns aside and replaced them with soaring price targets, which have long been part of the investment theme behind entering cryptocurrencies.
“It still has enough room to reach the old high,” Bloomberg Information’s Mike McGron said in a TV interview. “Guess what? If it just follows Ethereum, it will reach $100,000,” he said, referring to Bitcoin’s percentage of catching up with the second coin’s performance.
Tom Lee of Fundstrat Global Advisors also expects it to reach US$100,000 by the end of 2021. The company’s co-founder and head of research advises investors to follow a simple rule: If Bitcoin exceeds its average price in the past 200 days-a long-term momentum indicator-then it’s time to buy. In recent days, tokens have crossed this barrier. “As Bitcoin breaks through 200D, we believe that Bitcoin will rebound strongly at the end of the year,” Lee wrote in a report.
Despite potential tax reporting requirements, there will still be a rebound to over US$46,000. Changes to the cryptocurrency reporting rules in the Congressional Infrastructure Act were blocked in the Senate on Monday, leaving the language of extensive oversight of virtual currencies in legislation that is about to pass the Senate.
Bitcoin gave up gains on Tuesday after hitting its highest point since mid-May. Nonetheless, Christine Smith of the Blockchain Association stated that she was surprised by the tokens withdrawn during the infrastructure bill debate-she thinks the opposite will happen.
“I don’t understand the price. I think the price will fall because of the bad language that some people put forward,” she said on Bloomberg’s “QuickTake Stock” streaming program on Monday, after the clause was blocked. “People have seen the effectiveness of the crypto community and the crypto industry in Washington. And I think we are confident that we will eventually be able to make the right policies.”
David Donabedian, chief investment officer of CIBC Private Wealth Management, said that it is certain that it would be a “mistake” to link the development of fundamentals to any move in Bitcoin.
“It is driven by momentum and capital flows, as well as a little bit of overall risk appetite and risk aversion sentiment in the market,” he said. “Anything you say or write about Bitcoin, you can do a big percentage-it has risen by 50%, yes, but it has fallen by 50% from April to June,” he said. And added that “there is no reliable way to evaluate it.”
This is inevitable. #Bitcoin pic.twitter.com/Rs4yOgA1Hs
— Samuel|⛏️₿⚡|∞/21M (@samusalo) August 9, 2021
But fans who watched the Congress showdown began to see it as an endorsement of the industry. On Twitter, some people infer that the community is a powerful enough force to control the senators, while others are domineering at their rallies, reiterating that it will continue to grow indefinitely.
Other negative news has also been put aside for the time being. China has recently again called for a reduction in Bitcoin mining and trading, but Ethan Vera of Viridi Funds said that this is a positive development for Bitcoin.
“They banned it, but the network is still fairly stable,” said the company’s co-founder and chief financial officer. “This shows the resilience of the entire network and how it is greater than a country.”
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