The cryptocurrency market is seeing a moderate increase. The most liquid instruments have grown in price against the average trading volume since Monday. The market capitalization indicator has grown by 3% and its value is now $ 254 billion.
Most of the coins from the top-10 rating demonstrate growth. The maximum rate was recorded in Bitcoin SV (+5.97% per day).
Meanwhile, the crypto community urges people who are still not owners of digital assets to pay attention to this new financial instrument.
According to some users, the disregard of Bitcoin stimulates short positions in the asset.
Not owning bitcoin is being short bitcoin.
To those waiting on the sidelines, are you so sure bitcoin won't succeed that you're willing to bet 0% of your chips on the hardest money in human history just over 10 years into its existence?
— Dr. Bitcoin, M.D. (@DrBitcoinMD) November 5, 2019
The confidence that investment in BTC is profitable was demonstrated by a well-known cryptocurrency analyst by the name PlanB. According to a chart that compares the value of cryptocurrency to ounces of gold, Bitcoin has risen by 6 ounces and is predicted to soon reach 60.
— PlanB (@100trillionUSD) November 5, 2019
Morgan Creek Digital co-founder Anthony Pompliano did not miss the opportunity to draw the attention of the famous Bitcoin critic, president of Euro Pacific Capital Inc. Peter Schiff. Note that the latter is confident in the negative impact of the release of Chinese cryptocurrency on the movement of the BTC rate.
According to @maxkeiser I'm an idiot because I think #gold is better money than #Bitcoin. He also claims China is about to launch a crypto currency backed by gold. This is bullish for gold and bearish for Bitcoin. A crypto backed by gold is much better than one backed by nothing!
— Peter Schiff (@PeterSchiff) November 1, 2019
Recall that China’s cryptocurrency, presumably, will be a stablecoin tied to the yuan exchange rate. The national currency of China, in turn, is backed by gold.
Bitcoin Price Analysis
In the meantime, an attempt to break through the upper boundary of the consolidation at the level of $9400 was unsuccessful. Within just a few hours, BTC/USD turned back to the trading range. The volatility has decreased to its average values, and over the past week there has been a slight upward trend. Therefore, from a technical point of view, the strategy has not change.
If BTC/USD can confidently move above the $9400 level in the coming hours, it will be possible to consider a share of the coin as in the speculative portfolio.
At the same time, in the current situation, progressive upward movement is more likely, hence an open position may be opened even now, with some lead before the move occurs.
Against the backdrop of discussions about the future of BTC, the Bloomberg team gave another forecast for the future movement of the digital asset. Recall, NewsLogical recently published an article that argues in favor of the fact that in 2017 a single “whale” manipulated the cryptocurrency rate. Participants in the crypto community criticized the material.
Thanks for the analysis Bloomberg 🙄 https://t.co/kX7n6xk8ud
— Bitcoin (@Bitcoin) November 5, 2019
The new Bloomberg post also did not go unnoticed. Commentators noted that the position of the indicator, which is presented to the media as a signal to reduce prices, in fact, according to the rules of technical analysis, indicates an approximation of BTC growth.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.