Market analyst and CEO of the global finance tracker ADVFN, Clem Chambers, says he believes Bitcoin has already hit a bottom. In a new article for Forbes, Chambers says Bitcoin is “the new gold” and declares the long crypto winter over.
“All last year I was saying, ‘It’s going down, hopefully to about $2,500.’ It hit the low $3,000s. Now Bitcoin is going up and I will be saying ‘It’s going up.’ I think it will hit $6,000 soon and go on to $10,000.”
Chambers cites Bitcoin speculation in China and BTC’s rise as a store of value as two key factors.
“There is apparently a lot of China interest in crypto right now, with Tether selling at a premium. This makes sense if the market considers a yuan dollar depreciation on the cards. Tether has been shown to be resilient, even if it is still a controversial coin. It remains a good place to stash capital from short-term moves, be that from Bitcoin volatility or ‘fiat’ privations…
Gold is the global asset to hedge against risk and investors are incredibly interested in it. It is a mainstream asset dwarfing equities and other assets in the mind of the man in the street as an ‘investment.’
When you drill down into mindshare, when you look at interest in the financial news, you can see what looks like Bitcoin eating into the interest in gold, at least in the U.S.”
Meanwhile, crypto trader and analyst Tone Vays is far less optimistic on the price of BTC in the short term. According to Vays, Bitcoin could still fall to $3K or lower this year.
Right now, the crypto markets are mixed. Bitcoin is up 0.88% at $5,220. Ethereum is down 0.08% at $166.05, and XRP is up 3.1% at $0.3341.
Technical analysts are divided on the short-term outlook for Bitcoin and are tracking key resistance levels for Ethereum, XRP and Litecoin.
Blockonomi – Short term breakout to the downside likely
Live Bitcoin News – Bitcoin targets fresh highs above $5,500
CryptoGlobe – Ethereum in bullish trend, resistance expected at $170
NewsBTC – XRP price approaching key resistance
FXStreet – XRP pushing to pass resistance at $0.3400
Crypto Daily – LTC/USD will face technical resistance around $83.71