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Home Bitcoin

Experts Still Confident in BTC Rate Increase Despite Negative Bitcoin Movement

by Victoria Tiebienieva
February 17, 2020
in Bitcoin, Business, Cryptocurrency
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The digital asset market began the week with a fall. At the press-time, Bitcoin is trading at $ 9,779. The daily decrease in the rate of BTC was 2.20%. All cryptocurrencies from the TOP-10 of the CoinMarketCap capitalization rating also demonstrate negative dynamics.

The local maximum of the Bitcoin rate at the level of $ 10,424 was reached on February 13. Note, that the negative movement realized against the background of the decline in popularity of Bitcoin on Twitter to the minimum values ​​and registration of the largest transaction on the BTC network. But there are still reasons for optimism as the number of phrases “Buy Bitcoin” is growing steadily.

Also, the upward momentum is often not supported by sufficient trading volumes. At the same time, bearish divergences were observed on the RSI indicator. As a result of insufficient buyers pressure, the BTC/USD price fell below $ 10,000 by the end of the week.

btc/usd chart

Source: Tradingview.com

Many participants in the crypto community are still confident in the prospects for the growth in value of the asset, despite the negative movement of the most capitalized cryptocurrency.

According to the manager of the investment company Capriole, Charles Edwards, the combination of Bitcoin technical features will be able to bring the cryptocurrency rate to the level of $ 100,000 for 5 years.

“Based on a conservative estimate of Bitcoin’s Energy Value, it is likely that BTC will 10X within the next 5 years,” he posts.

My #Bitcoin Forecast

🚀Bitcoin $100K within 5 years

Based on a conservative estimate of Bitcoin’s Energy Value, it is likely that $BTC will 𝟭𝟬𝗫 within the next 5 years.

A thread forecasting Bitcoin’s long-term price using Energy Value.

1/n pic.twitter.com/oNJfLDoOaq

— Charles Edwards (@caprioleio) February 16, 2020

The specialist also notes that in the near future a new wave of investors is likely to prefer buying BTC for the long term.

At the same time, the well-known analyst in the crypto community PlanB, in turn, once again drew the attention of readers of its microblog to the prospect of BTC growth. The expert’s opinion is based on an analysis of the behavior of cryptocurrency in previous periods and data from the S2F model.

This is how I use #bitcoin S2F model. Not really for trading, but for tactical asset allocating desicions. pic.twitter.com/eMROjNCGHk

— PlanB (@100trillionUSD) February 16, 2020

Morgan Creek Digital co-founder Anthony Pompliano supported positive forecasts. The expert noted that the current Bitcoin price does not reflect the growth potential inherent in the upcoming halving.

The Bitcoin halving is not priced in.

— Pomp 🌪 (@APompliano) February 17, 2020

Recall that earlier, members of the crypto community supported the opinion that the current growth could bring Bitcoin to the level of $100,000.

Tags: 000BitcoinBitcoin $100bitcoin rateBitcoin’s Energy ValueBTC/USDPlanB
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NewsLogical Inc. is a U.S.-centric firm established in 2019 with the aim of providing resourceful and up-to-date cryptocurrency and blockchain information.

Email: info@newslogical.com

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Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

Contact financial experts for guidance before making any cryptocurrency investment decision.

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