Analysts, experts, and investors are finding more and more reasons for the rise of BTC. However, Bitcoin first dropped from a level above $11,100 to almost $10,800, and then, after a small rebound, to almost $10,500. Will there be a panic sell-off and trend reversal?
The famous crypto billionaire, the head of the Galaxy Digital fund, the legendary Mike Novogratz is confident that this is a correction that happened in the market. There is no reason to sell bitcoin. On the contrary, bitcoin should be bought now at all price levels, because its upcoming surge will make the difference in the purchase price non-visible against the background of the asset’s price in the future. Mike tweeted about the situation to user Anasatsia:
“If everyone already understood BTC and believed in it, the price would be way higher. Your opportunity to buy at these prices is because we are early in the adoption cycle.”
Anasatsia previously noted that when she told her relatives about bitcoin, her mother thought she is in a sect; her stepfather thought that she is wasting the money she had earned; best friend decided that she was taken into multilevel marketing (MLM), and only a friend of my mother is proud of her.
Mike Novogratz predicts that Bitcoin will hit its all-time high by the end of the year. The reason is that the Fed is pumping unsecured money into the economy amid the second wave of the coronavirus pandemic. Therefore, a large number of retail investors will transfer their money to BTC, and this will raise its price.
Several other sources share Mike’s opinion that the excess dollars will drive BTC up. Analysts at Pantera Capital said that the crypto market is at the very beginning of rising. Now is the time to buy bitcoin because the crypto industry is constantly evolving. And the actions of the US government lead to the depreciation of the US dollar as the leading fiat currency and all other fiat currencies in line.
Luke Gromen, the founder of research firm Forest for the Trees (FFTT), said that bitcoin is now definitely becoming the digital equivalent of gold. Both assets have a similar nature, which makes them blood brothers. Gold is simply energy that can be stored, moved, and used. Bitcoin is a more convenient form of energy. This situation has been created by the exponential renewal of technology. Plus “financial promises that were made are no longer able to be kept”. Therefore, cryptocurrencies are becoming attractive to both individuals and market players with big money.