- Analyst points to what made Bitcoin fail to hit an incredible height
- Mark W. Yusko Says BTC has Exposed His investment Portfolio Lower Risk
Bitcoin continues to change hands above $10,700. Some crypto pundits expect BTC to correct a bit before another parabolic price movement, while others believe it would pause a bit without glaring price correction, after which it will continue its parabolic run. However, a cryptocurrency analyst has recently pointed to the reason Bitcoin isn’t close to hitting an unimaginable price height.
Bitcoin reached $11,400 yesterday night, and after that, it dipped a bit, staying around $10,700. The parabolic movement it exhibited some hours ago gave many crypto pundits weighty assurance of BTC testing $13,000, then $15,000 resistance level sooner than later.
Bitcoin’s mode of surging in the market has followed the same trend lately. After a swift price uptrend, it usually makes little stop without major drop for 2 or 3 days, before embarking on fresh upward trend.
Some analysts claimed that there is the possibility of Bitcoin (BTC) not seeing 4-digit price again, as it recently broke above $10,000. The most important support level for BTC survival now is $10,500. There are chances of surging farther above if it could sustain the support level.
There have been lots of positive predictions about the future of Bitcoin, that’s why some maximalists believe it is risky to hold zero BTC. The path of the digital currency in surpassing resistance levels has been excellent lately. Both retail and capital investors expect price surge consistency, which will take BTC beyond its record high.
However, it is believed that Bitcoin price should have surged as far as hitting $1 Million, but there are barriers on its path to incredible height. At press time, Bitcoin (BTC) is trading at $10,815.
Analyst Points to Barrier That Resists Bitcoin from Attaining Unimaginable Height
A crypto analyst has recently pointed to a particular barrier that has been resisting Bitcoin from attaining $1 Million.
According to his tweet, BTC has actually reached out to a vast number of people, but lack of proper education on how it works has deterred majority of them from accepting its utilities and the profits its consistent growth could garner for them.
“The reason why bitcoin isn’t already worth $1,000,000, is lack of education. Everyone wants bitcoin, they just don’t know it yet.”
Sincerely, lack of understanding the functionalities of cryptocurrency is holding some people back. They believe is another tool invented by scammers to cart their hard earned money away, not knowing that it’s another form of currency.
Mark W. Yusko Says Bitcoin has Exposed His Portfolio Lower Risk and Higher Investment Return
Mark W. Yusko, Co-founder & partner of Morgan Creek Digital, itemised the great open doors he has experienced since he started investing in Bitcoin.
Yusko stressed that his exposure to Bitcoin has added lower risk and higher return to his investment portfolio, coupled with liquidity benefit.
“Since I added Bitcoin exposure to my portfolio: Overall risk of portfolio is lower (correlation benefit). Overall portfolio value is higher (return benefit). Portfolio illiquidity has dropped as swapped out a little private asset exposure (liquidity benefit).”
In Conclusion, the diehard members of cryptocurrency community are out there with determination to instill the usability of Bitcoin and cryptocurrency into the mind of the populace, via various media, in order to fast-track its global adoption.
Pundits see cryptocurrency as the future of money, and it is already challenging the global economy. Its potency has been noted in almost all the continents of the world. The price growth of Bitcoin (BTC) has been continuously seen as threat to a host of highly valued national currencies. The official launch of Facebook’s Libra could then set BTC on a swift pace to the top.