- Bitcoin price steady above $ 5,000
- Arthur Hayes projects Bitcoin at $ 50,000
Analysts are bullish. Of the many, Arthur Hayes of BitMex believes fundamentals are aligned BTC pricing at $ 50,000. With such a valuation, BTC will outperform traditional assets. Because of that, Casares of Xapo's Wences suggests investing in the digital asset.
Bitcoin Price Analysis
Price leads feeling and right now, Bitcoin is on an uptrend. After 15 months when prices slid down from $ 20,000 to $ 3,200, there is no doubt that the market is bottoming up at last. Because of this optimism and newfound momentum, there are all sorts of analysts who are confident that the world's most valuable coin will hit six or even seven digit valuation in the next few years. Arthur Hayes, the founder of BitMex, is one of the few exchanges. After last year's projection did not come to pass, he still maintains a $ 50k price tag.
In the Venture Coinsight podcast with Luke Martin, the Hayes said "I'm gonna play out." If that's the case, then the corner is undervalued, and the next parabolic wave would, hence, lift the asset valuation by 10x of what it is presently is.
For this reason, Xapo CEO Wences Casares believes that strong returns from Bitcoin should, therefore, translate to more portfolios investing at least one of the following:
"I suggest that a $ 10 million portfolio should invest at most $ 100,000 in Bitcoin (up to 1% but not more than the risk of losing this investment is high). If Bitcoin fails, this portfolio will lose at most $ 100,000 or 1% of its value over 3 to 5 years, which is most portfolios can bear. However, if Bitcoin succeeds, it can be worth more than $ 25 million, more than twice the value of the entire initial portfolio. "
At the time of the press, Bitcoin (BTC) is up to $ 5,100. All of the hint points at the bulls, and to that end, can close above $ 5,000 at the back of light transaction volumes.
Because of the shifting sentiment and bulls flowing in, every low is technically a buying opportunity for risk-off traders at $ 6,000.
On the other hand, risk-averse or conservative traders should wait for $ 5,500 complete with high transactional volumes before taking with similar targets of $ 6,000 and even $ 8,000.
Volume-wise, trading ranges are tight. Reflecting these are low transactional levels of BTC / USD trade plan. Any bar lift prices above $ 5,500 must be with high volumes exceeding 19k of Apr-11.
Chart courtesy of Trading View.