At press time, bitcoin is trading for over $11,800. This is about $400 to $600 higher than where it’s been throughout most of last week.
Bitcoin Is Doing Well, but Still Struggles Here and There
Bitcoin has been on a roll since April of this year, when it first struck the $5,000 mark. However, it has been trapped in a strange state over the past two weeks and has struggled with key resistance points in the $10,000 and $11,000 ranges. While it’s come close to the $12,000 range a few times over the past several days, it has never quite moved past this mark and has struggled in the long run.
At the same time, many individuals see bitcoin as a much stronger asset; a coin that can sustain negative market trends and retain a thick skin. Among those people is Mark Mobius, a markets fund manager and the founder of Mobius Capital Partners.
In a new interview, Mobius explains that while he’s never seen bitcoin as a solid store of value, he’ll have no choice but to invest in it if it continues to grow the way it has been these past three months. He explains:
I’m not a buyer, but I realize that it is something we must account for. The reason why I’m not a buyer is that I don’t know what the real value is and unless it is so widely held and accepted, then that’s a different story. Let’s face it: all currencies are based on faith. If you have faith in the dollar or faith in the renminbi or faith in the euro, whatever it is, then you can use it.
It looks like Mobius needs to get that checkbook out and start making some crypto purchases here and there as according to new charts and market trends, bitcoin’s bullish behavior is just getting started. One source says that bitcoin is likely to continue its meteoric rise over the next several months, and experts suggest that many corporations now see a value in bitcoin they never believed possible.
Edward Moya, chief market strategist at Oanda Corporation in New York, comments:
Bitcoin looks like it could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down. The bubble-like gains this time are driven on solid institutional interest and while security is still a big risk, it appears bitcoin has overcome many of its initial growing pains.
There’s More Respect for Crypto
Christel Quek, chief commercial officer at Bold Global, echoed this sentiment, and says that many organizations, traders and institutions that once turned their backs on crypto are suddenly showing newfound respect for bitcoin and its cousins. He states:
The revival has been a natural reaction to changing crypto-friendly atmospheres in mainstream finance and pro-market forces. The support from mainstream entities will propel digital tokens forward.