Bitcoin to continue its Status as the Best Token one can Bet onSeptember 5, 2019
The cryptocurrency market seems to have settled down. Twitter has stated that they do not have any plan to come up with their cryptocurrency. They are likely to continue supporting the Bitcoin.
Jack Dorsey, the founder of Twitter, stated that they do not have any interest when it comes to creating a token. However, Mr. Dorsey assured that they would continue to support Bitcoin!
Mr. Dorsey has been a vocal supporter of Bitcoin; he stated that Bitcoin, as the cryptocurrency pioneer, continues to be the “best bet” and that it qualifies as a native internet currency. When talking about market forecasters, he further stated: “We’re always heading into a recession, and we’re always heading out of one, and anyone who offers an opinion on this is fooling themselves.”
Dorsey has a clear insight and has his perception of what will happen with the Bitcoin in the future. He clarified that rather than creating newer tokens, he would use the “existing, open standards” like the Bitcoin.
He further reinstated the resilience of Bitcoin and about how it has survived several tests by stating, “I think [Bitcoin’s] the best bet because it’s been the most resilient, it’s around for ten years, it has a great brand, and it’s been tested a bunch.” He feels that Bitcoin has the highest probability when compared to all other coins when it comes to functioning as a native cryptocurrency.
He feels that several other companies might not be as lucky as Bitcoin in the current market position in terms of positioning themselves. He further added, “A lot of other business models might be affected; however, ours is pretty robust, as people need to eat always, and there will always be something valuable.”
Bitcoin is expected to confirm a short-term bullish revival which will move above the key resistance near $11,000.
If there will be a high volume close above $10,956, the next major resistance level will be somewhere near $12,000.
When it comes to the Altseason, there likely might not be one until the Bitcoin would break the $20,000 mark. The scenario will be that when the price of the Bitcoin consolidates, investors will be taking their profits and they will start paying their larger-cap Altcoins. However, if there will be a significant decline in the price of the Bitcoin, the ball will be transferred to the court of the Altcoins.