The craze for “Bitcoin” is still in its infancy … and its price will not be lower than this level!

The cryptocurrency topped $ 53,000 on Thursday for the first time in its history, adding to its 49% gain over the past month.

The founder of TradingAnalysis.com, Todd Gordon, one of the bulls of Bitcoin, sees the continuation of the rise, carried by the successive entry of companies and institutions in the market, believing that the clouds will be their limit, according to his expression.

He told “CNBC”, with simple technical analysis, that the first resistance will be encountered by the cryptocurrency at the $ 170 thousand level, according to what “Al-Arabiya.net” saw.

Gordon compared the market value of Bitcoin, which is currently $ 1 trillion, and gold, which has a market value of $ 10.5 trillion, believing there is much more room for improvement.

He linked Bitcoin’s rise over the past month to a 3% drop in gold, while Gul Financial chairman Quintatroo opposed it, who remains loyal to gold despite recent weakness. .

Tatro said in the same interview: “Gold has gone from $ 1,100 an ounce to $ 1,900 between 2019 and 2020, and it is only natural that it is facing some profit taking, which is a huge opportunity. ‘buy in light of the long-term uptrend. “

Bitcoin million dollars

Bitcoin could reach $ 1 million in the long run as a global reserve currency, according to an asset manager.

Morgan Creek Digital Assets co-founder Anthony Pompigliano said Bitcoin could reach $ 500,000 by the end of the decade. He added that he could possibly reach $ 1 million per coin without giving a timeline.

It is believed that Bitcoin will eventually increase in importance as a global reserve currency and ultimately be much larger than the market value of gold.

Pompigliano believes that the reason for the recent cryptocurrency rises is due to the trillions of dollars that were printed and pumped into the economy, and everyone from individuals to financial institutions and businesses was running around the world to looking for the best way to protect their purchasing power and they finally decided it was Bitcoin.

In January, JPMorgan issued a note to clients setting a “theoretical” long-term price target for Bitcoin of $ 146,000 as Bitcoin begins to compete with gold.

Gold is widely accepted as a “safe haven” asset, as investors flock to it during times of political conflict or financial market crisis. BitcoinV is now starting to develop such a reputation.

Nikolaos Banegertzoglu, analyst at JP Morgan Global Markets, said the value of gold held by the private sector for investment purposes only is around $ 2.7 trillion and that for the market value of Bitcoin achieves that, it must fetch a price of around $ 146,000. .