Bitcoin Plummets, but Maintains a Bullish Attitude

Bitcoin can go to $50,000

Bitcoin continued its longest monthly win streak in more than a year on Monday. Subsequently, it touched a new all-time above the $28,000 mark on Sunday.

On Saturday, it was trading near the $27,000 mark, according to CoinMarketCap. This aggregator compiles data from more than 20 brokers. The dominant cryptocurrency has gained more than 8% over 24 hours. With these gains, the largest cryptocurrency in the world has increased by 271% year to date.

The world’s largest cryptocurrency broke through $20,000 for the first time on December 16, its highest ever. In 2010 it was worth less than $1 back when it was a currency for purchases. BTC is now gathering proponents who argue that it is a strictly regulated supply. A broader investor base reveals that it has become a store of value. However, experts say this year’s rally is a bubble. Claims that Bitcoin should diversify portfolios and take flows from gold cannot help it.

According to Sumit Gupta, CEO, and co-founder of CoinDCX, in 2021, with even greater retail demand, institutions will lead BTC to be one of the primary investment assets. Gupta adds that the price of 1 Bitcoin can hit millions in the next 5 to 10 years.

People can make money at 10, 15, 20% a day

Mark Newton, founder and president of Newton Advisors announced based on the charts that Bitcoin is still quite bullish on an intermediate-term basis. He added that near term, his cycle composite shows us peaking out in early January.

Newton also says that Bitcoin’s weekly chart and relative strength index exhibit increasing interest in the world’s largest digital currency, mostly institutional investors. He also added that with SPACs, people could make money at 10, 15, 20% a day. Newton’s other chart indicates an upcoming turn in BTC’s direction.

According to the FX strategy Managing Director at BK Asset Management, Boris Schlossberg, Bitcoin can go to $50,000. It is going to have a tremendous amount of volatility.

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