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Clem Chambers, market analyst and managing director of global financial monitoring ADVFN, believes that Bitcoin has already reached a floor. Chambers explains in a new Forbes article that Bitcoin is "the new gold" and states that the long winter crypto is over.
"Throughout last year, I said," It's down, at about $ 2,500, with a bit of luck. The $ 3,000 has been reached. Now, Bitcoin is up and I will say, "It's up." I think it will soon cost $ 6,000 and go up to $ 10,000.
Chambers cites Bitcoin speculation in China and the increase in value of BTC as a store of value as two key factors.
"It seems that China is very interested in cryptography at the moment, Tether selling very dearly. This makes sense if the market is considering a depreciation of the dollar in yuan. Tether 's is shown to be resilient even though it' s still a controversial piece. It's always a good place to protect capital from short-term movements, be it bitcoin volatility or fiat deprivation …
Gold is the global asset to hedge against risk and investors are extremely interested in it. This is a main asset that the man in the street considers an "investment".
When you examine your interest in financial news, you can see what Bitcoin looks like that seems to be interested in gold, at least in the United States. "
Meanwhile, the analyst and analyst Tone Vays of Crypto Trader is much less optimistic about the price of BTC in the short term. According to Vays, Bitcoin could still fall to $ 3,000 or less this year.
At present, crypto markets are mixed. Bitcoin is up 0.88% to $ 5,220. Ethereum is down 0.08% to $ 166.05 and XRP is up 3.1% to $ 0.3341.
Technical analysts are divided on short-term prospects for Bitcoin and follow key resistance levels for Ethereum, XRP and Litecoin.
Bitcoin
Blockonomi – likely short-term downside escape
Coinspeaker – BTC continues lateral move on medium-term outlook
Live Bitcoin News – Bitcoin targets new heights above $ 5,500
Ethereum
FXStreet – EPFs below $ 170, supported at EMA 200
CryptoGlobe – Ethereum uptrend, resistance expected at $ 170
XRP
NewsBTC – XRP price close to the key resistance
FXStreet – XRP pushing to exceed resistance at $ 0.3400
litecoin
Crypto Daily – LTC / USD will face a technical resistance of about $ 83.71
FXStreet – LTC / USD bulls breakout expected since flag formation
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