Clem Chambers made his forecast for the course of Bitcoin for Forbes magazine. Chambers is the general director of the private equity investors' website ADVFN.com and the author of the book Be Rich, Wall Street and Cryptocurrency Trading: A Beginner's Guide. In November 2018, Chambers won the “Journalist of the Year” award in the “Comments on the business market” category according to the State Street Institutional Press Awards.
According to Chambers, the winter in the cryptocurrency market is over and in the very near future Bitcoin (BTC) can reach $ 6,000, and by the end of the year grow to $ 10,000.
In an interview with Forbes, Chambers explained his forecast with heightened interest from investors from China, where a possible depreciation of the yuan is expected. The current growth of Tether is a clear confirmation of how demand can raise prices even for steylcocoins .
“The money coming into the steblecoin will spur bitcoin, since the influx of funds has a positive effect on the entire ecosystem of cryptocurrencies,” the expert added.
Continuing the theme of infusions into cryptoactives , he noted that as new blocks were being mined, in order to maintain the growing supply, “more than $ 3.3 billion must be spent” to raise the price of Bitcoin.
Then he made a comparison with the gold market, whose market capitalization is estimated at $ 5 trillion. Similar indicators of Bitcoin are equal to only $ 0.09 trillion, or 0.18%. Gold is a global standard asset to hedge risks, and investors are very interested in it. Using Google Trends for keywords and financial news, Chambers said that Bitcoin outweighs interest in gold.
If Bitcoin takes at least part of this market, it may soon surpass its previous historical maximum. The market already shows bullish trends and maintains an optimistic mood.
“The winter on the crypto market has ended, the price of Bitcoin is growing, the only question is how high. At the moment, $ 6,000 is an easy goal and $ 10,000 per coin this year is also an achievable goal. I am still accumulating an asset. ”
The likelihood that the bottom was reached in December last year, when Bitcoin fell to $ 3,200, is quite high. However, the upward movement will not be smooth, we are expected and correction. Some cryptanalysts expect the nearest pullback to around $ 4,600, which will provide a much better entry point than current levels and steady growth in the future.
If Bitcoin continues to grow and will be able to overcome resistance at the level of $ 5,600, it will very quickly grow to $ 6,000.
Currently, BTC has reached its highest level in five days, having reached $ 5245 during the morning Asian trading session. Chambers is sure that the long-term picture is very good and prices continue to allow savings.
Publication date 17/04/2019
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