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.
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.
