How Will Falling to $ 9000 Affect the Bitcoin Rate? Analyst Opinion
Kataryna Kovtun June 16, 2020
The head of CryptoQuant explained why the recent fall in cryptocurrency prices below $ 9000 is a bad signal. CEO of Blockware Solutions, who predicted an increase in the price of an asset to $ 100,000, did not agree with this.
Bitcoin’s price drop below $ 9000, which happened yesterday, June 15, was provoked by large players by selling their BTC stocks, said CryptoQuant analytics head Ki Young Ju in his Twitter account. According to him, this may indicate the beginning of a long-term depreciation of the cryptocurrency.
The whales got rid of coins on the Gemini exchange, said Ju. A few days ago, the BTC balance on the trading floor was at the level of an annual maximum and then began to decline. The same situation occurred on the platform in late February — early March. Then the price of bitcoin reached a maximum of 2020 at around $ 10,500, and then, within a month, fell to a minimum of $ 3,800.
However, Matt D’Souza, Blockchain Opportunity fund manager, and Blockware Solutions CEO are optimistic. The entrepreneur believes that it does not matter at what price to invest in bitcoin — at $ 8500 or $ 9000. One way or another, the cryptocurrency exchange rate will move to the next growth cycle within 18–36 months and rise to $ 20 thousand, $ 50 thousand, possibly $ 100 thousand.
D’Souza emphasized that no one can predict exactly when the cryptocurrency will rise in price many times over. But it also does not matter. An understanding of what phase the market is currently in is more important. This is currently the accumulation phase, as institutional investors and funds accumulate bitcoins.
I continue to receive DMs & ?s of “when is #bitcoin going to take off.” No one knows a date nor should focus on that. Understanding what phase were in, in the entire market cycle is what matters. We’re in an accumulation phase & the institutions/funds/disciplined are accumulating
Buying at $8500 vs $9300 has 0 relevance when the objective should be capturing a market cycle over the next 18–36 months that could print $20,000, $50,000 or $100,000+. Short term scalping is a distraction, itll lead to missing the big move. The real money is made in the sitting
Yesterday, June 15, analysts at JPMorgan said Bitcoin would only survive as a speculative asset. Cryptocurrency is unlikely to be a single unit of account or a defensive asset that can preserve capital, but it has begun to show a greater relationship with traditional assets such as gold and securities.
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