Bitcoin Sentiments Are Doubtfully SustainedOctober 17, 2019
Bitcoin might fall below its recent lows near $7,750. The bearish trend of the Bitcoin might weaken if the price increases beyond the 200-day average. While this does not seem likely at the moment, if it should, then it will mark a change.
Political tensions are escalating in China-US. The global economic development will decline by 3%
Julia Chatterley recently tweeted: “Value versus Utility? “Gold has a 9 trillion USD market cap, yet you can fit all mined Gold in a 25-meter cube. It’s valuable because we say it’s valuable.” @novogratz argues $BTC is the same, but other #Cryptocurrencies will need to be “used” and that will take time $BTC #XRP.”
Novogratz has been recently looking at macro-economic trends, which will favor Bitcoin like negative interest rates, lack of trust in centralized systems, geopolitical unrest, and other factors. These factors will have investors look for alternatives like Bitcoin or other Altcoins.
Previously, it was felt that institutional investment would improve the price of major cryptocurrencies. Bakkt was considered to be something that will trigger a mass influx of capital into the Bitcoin markets that were never seen before.
There is so much expectation revolving around cryptocurrencies, which exists only in the digital realm. The value and utility factor is seizing the attention of investors.
The symbol for Bitcoin’ ฿’ is widely accepted among cryptocurrency enthusiasts; however, it is not yet declared to be the universal symbol of Bitcoin.
Despite the current negative situation, several analysts project that Bitcoin would touch $20,000 by early 2021.
Are the sentiments sustained? Regardless, Mike Novogratz is sticking to his views. We need to see if the price will improve by 150% in 18-month time.
Despite all, investors are now not willing to put all their eggs in one basket. Investors are eager to spread across different Altcoins. No matter what, even the most promising trade might fail. The best that traders can do is to implement the best possible trading strategy.
Without a planned map of how you will move ahead in your trades, it can be risky than adventurous with cryptocurrencies. All the fun happens only when profits pour in.
Rumors about cryptocurrency can lead to price changes. It can be about an increase or decrease in price. Panic selling is another factor, which influences the price dips and hikes of coins.
The important of all anything can happen as the cryptocurrency market is maturing and governments interfering; it is essential to stay calm.