Bitcoin is up by nearly ten percent in just the last 24 hours alone, and while there’s still a long road of improvement up ahead, several analysts are intrigued by what they see and by where they think bitcoin will go next.
Bitcoin Is Gaining Investor Confidence Again
According to some industry experts, the time to invest in crypto may be now. As we all know, bitcoin and other forms of digital currency have fallen heavily over the past few weeks, suggesting that many were the subjects of selloffs as people lost their speculative interests and sought out cold, hard cash to cope with the scary times we’re experiencing.
But according to companies like Bitwise Asset Management, the fear of speculation is beginning to disappear, and many investors are once again turning to crypto as a means of remaining diverse, and above all, safe. In a statement, the company mentions:
We are in unprecedented times, seeing anomalous and unexpected developments in financial markets, including gold, and witnessing extraordinary fiscal and monetary responses to the coronavirus pandemic. In such an environment, a small allocation to crypto in a diversified portfolio seems increasingly prudent. We are hearing this from clients and seeing it in our inflows. If considering a small allocation to crypto has been on your to-do list, now may be one of the best possible times to prioritize figuring out your stance.
The time may be now to invest in BTC considering many analysts believe it will soon strike even larger territory. Denis Vinokourov – the head of research at digital asset firm Bequant in London – explained in an interview:
Last week’s break above the $7,000 level was limited by profit taking, but today’s move above $7,000 is much more convincing because there is little evidence of stop loss selling. This, together with the further widening of spread between futures and spot pricing, and bullish options flow positioning, suggests that the market will continue to grind higher.
How High Will It Go?
Kiana Danial – CEO of Invest Diva – offered similar sentiment. She’s confident that BTC could spike as high as $7,600 in the coming weeks. She claims:
We have a solid bullish engulfing candlestick pattern that indicates the bulls have gained momentum. It is also testing the lower band of the daily Ichimoku cloud which is now a key resistance level. We could see a bit of a pullback here again but if it breaks above the cloud, then we have more certainty that it could reach above $7,600 in the medium term.
Earlier today, Live Bitcoin News reported on one analyst who believed another run to the $10K range was possible granted bitcoin could move beyond the $8,000 mark in the coming weeks, as this is the harshest point of resistance the currency is likely to face.