A major bullish trend has set in the market and almost all the coins are gaining momentum. The signals look green and the market seems to be ready for a major gain. The total market capital is also on the move as it has had a gain of $2 billion at 10:53 AM UTC from yesterday’s close at $270 billion. The bulls are apparently running the market. This has widened the range and scope of cryptocurrencies and its world is reaching newer heights day by day as more people and countries are involving themselves by being a part of the cryptocurrency universe.
The sentiment analysis segment is created by taking into consideration numerous sentiments and opinions from experts all around the world. This segment analyses the current market trends of the major cryptocurrencies and gives you a wholesome picture of the coins. A group of investors, miners, skeptics, influencers, were interviewed and the latest sentiments and opinions are included in this segment in a concise manner. This analysis will be on the cryptocurrency giant, Bitcoin [BTC].
Bitcoin broke the $7000 level and a bullish trend has kicked in. With a gain of 9.64% in the last 24 hours, the coin has a huge upside momentum. At 11:26 AM UTC, Bitcoin was priced at $7461.69 with a market capital of $ 127.55 billion. A major bullish trend kicked in at 11:05 AM UTC where the coin hiked from $6970.8 to $7683 within a matter of 23 minutes and the trend was still going on. The price went on a linear move and then another hike kicked in which took it up and above $8000. This hike of $493 happened within a matter of 8 minutes. At 11:43 AM UTC, the price of bitcoin was at $7,737.12. There was a total bullish breakout where the coin gained $1109. The coin peaked at $8080.5 before coming down a little.
Frank Bell, an altcoin expert from New York says:
“Bitcoin did not break the horizontal support level at $6510. It also broke the 20 and 50 moving averages and as a result the price of Bitcoin hiked over $1000 and crossed the $8000 mark. There is a buying pressure for the coin right now on major exchanges and the community feels that the coin will maintain this price range if not go further up.”
Jacob Wright, a Bitcoin investor from Oklahoma says:
“The price may fall down temporarily but another hike like this is expected on the 15th of April which will be taken it to $7737 again. This hike will not be of a dramatic kind as it will be slower than what we saw today. There was a chance of an upside break and a downside fall. But the coin broke its resistance level which was strong and hiked.”
David Meyer, a journalist from Dallas says:
“This is a tremendous, one of a kind bullish breakout which was exhibited by the coin in the last 2 hours. Reports say that Bitcoin is currently attracting a lot of investors and if this is maintained, the prices will go up further and we might see Bitcoin even breaking $10000.”
To conclude, 77% of Bitcoin respondents feel that the blocks ahead for the coin are cleared and the FUD that was spread earlier about the coin losing its importance and place is now invalid. A minor 33% of the Bitcoin respondents feel that the hike in the price will not sustain and the coin will not progress further in the short term. However, almost all of the Bitcoin respondents have a unanimous opinion that the coin will retain its spot at number one.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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