Analysts Give Their Take as Bitcoin Meets $10K Mark

10 months ago 0 34

Analysts Give Their Take as Bitcoin Meets $10K Mark

Experts Weigh in on what comes next for Bitcoin

With Bitcoin breaking the $10,000 barrier again, we got in touch with some of the experts in the industry to get their take on what to expect from Bitcoin in the coming weeks.

The fact that Bitcoin is poised to go past the $10,000 mark means we are entering a promising time for cryptocurrencies.

The long-awaited Bitcoin halving means most people are expecting a tremendous price movement in the coming days. Historically, halving has been seen as a doorway for a price increase. The fact that there are a global pandemic and lots of economies have been stretched thin means bitcoin can reach the heights expected of it. A clear indication of this is that despite a forceful setback two months ago, the premium cryptocurrency has grown by 150% in that period.

Several analysts have spoken about the current market situation. Their answers range from caution to optimism.

Analysts Insight

“This Bitcoin halving might be the last in a long time,” said Ontology co-founder Andy Ji. “The entire crypto industry faces tough challenges in the form of de-globalization and COVID-19.”

Ji employs everyone to be “cautiously optimistic about the Bitcoin Halving in relation to price.” he further states that “news that the Bitcoin halving is happening is widely known, it’s less likely that it will drive price upwards as much as it did the last time.”

Also echoing the words of Ji is Nicholas Pelecanos, Head of trading, NEM Ventures. He stated that while halving has resulted in incredible bull runs for Bitcoin, it has also signaled a brief sell-off point. “The 2012 halving was followed by an immediate 10% sell-off, and the 2016 sell-off witnessed an extended 38% decline. Both halvings were followed by an approximate 50-day decline in the hashrate,” he said.

The Future Is Bright

Other analysts are hopeful for a bright future. Mati Greenspan, the founder of Quantum Economics, said that with what is happening in the world today, Bitcoin is becoming more and more attractive.

“All the attention has been on BTC lately as the halving event reminds us of this unique asset’s star quality, digital scarcity — especially during this time of mass quantitative easing in the traditional markets.”

Senior Market Analyst at IG, Joshua Mahoney, mentioned the positive growth that is expected in the crypto-assets market.

“The truth on the ground is very different, and the desperation to keep markets pushing higher means we are likely to see more and more stimulus come into force. That is good for Bitcoin and other non-fiat assets such as gold,” he said.

Come what may, the halving will change the face of Bitcoin forever.