Although BTC did not demonstrate the long-awaited growth after halving, Weiss Crypto Ratings specialists are confident that the prospects for the first cryptocurrency “scarcely look more exciting.” In their opinion, “BTC investors should look for a weakness as entry points and hold on tight.”
Long-term #BTC investors should look for weakness in this #crypto asset for entry points and hold on tight. The long-term outlook could scarcely look more exciting.
— Weiss Crypto Ratings (@WeissCrypto) July 9, 2020
Within 12 months, the first cryptocurrency will rise to new heights. Also, the experts revealed 3 reasons that, in their opinion, allow us to give a positive forecast for the further direction of Bitcoin movement:
- Against the background of the policy of quantitative easing chosen by the government of several countries, which implies the artificial emission of freshly printed fiat money into the economy, many see BTC as an asset to save a value in times of financial instability.
- Institutional investors are paying attention to Bitcoin cryptocurrency.
- The statistics, displayed in the S2F model, indicate the prospects for BTC growth to $ 70,000 by next year.
As more institutional funds flow into the Bitcoin market, and ordinary consumers move from a weakening currency system to a more reliable investment preservation tool, the first cryptocurrency is becoming stronger and able to overtake fiat to become the world’s leading currency.
Many Investors Don’t Sell Their BTC Savings
Note, that most investors who previously purchased cryptocurrency continue to hold current savings. You can get such conclusions by reading the results of a survey of the audience conducted by the popular in crypto community analyst under nickname PlanB.
Interesting poll result:
– 84% is holding/buying/DCAing bitcoin
– buying:selling = 4:1 .. should result in higher prices, but sellers are obviously not among my followers
– sellers indicate they are trading or selling bitcoin to buy altcoins to get more bitcoin (weird logic IMO) pic.twitter.com/N1astjGHzX
— PlanB 🔴 (@100trillionUSD) July 10, 2020
The specialist conducted a survey during which he asked readers of his Twitter a question about their current actions regarding BTC. It turned out that more than 65% of its audience hold cryptocurrency for the long term, more than 18% of users are currently actively buying bitcoin, and only 3.9% are busy selling their savings.
Also, PlanB drew attention to the fact that in November 2017, cryptocurrency took only 20 days to reach a record value near the current BTC level near the height of $ 20,000.
For historical purposes only: #bitcoin is at the same price level as 27 Nov 2017 .. it took 20 DAYS to go to $19K pic.twitter.com/paSMjtvCIr
— PlanB 🔴 (@100trillionUSD) July 9, 2020
At the same time, the analyst recently shared a tweet in which he determined what circumstances are putting pressure on the BTC rate at the moment. Among them:
- the fear of investors about the possible surrender of miners,
- the concerns about the consequences of the movement of funds stolen by the PlusToken pyramid team,
- the problem of the Covid-19 pandemic.
There were many crises on the way to Bitcoin developing. Each of them needs a separate article. However, neither splits within the community, nor price collapse, nor coronavirus will prevent Bitcoin from strengthening its position.
Note, at the press time, all cryptocurrencies from the TOP 10 CoinMarketCap resource market cap rating, except Tether stablecoin, are traded in the red zone. Bitcoin is trading at $ 9,177 with a loss in value of 2.21% per day. At the same time, Cardano has suffered more than others. In 24 hours, the cryptocurrency lost 8.29% of its value.