Cryptocurrency Users See Prospects for Positive BTC Movement
The weakness of the US dollar may be one of the reasons for the growth of bitcoin
Investors noted the stability of the behavior of the BTC rate
International consortium of news organizations developing transparency standards.
Bitcoin (BTC) on Monday showed growth – the cryptocurrency again approached the level of $ 11 thousand. As of the time of writing the news, the coin is trading at $ 10,888 (+ 2.08% to the cost in 24 hours). The best result of a positive movement per day was recorded by Cardano (+8.35) and Polkadot (+7.23).
Against the background of the growth of the bitcoin rate, the participants of the crypto community drew attention to the prospects for the further movement of the coin. Many noted that the cryptocurrency, for the first time in its history, spent 63 days above the $ 10 thousand level. The record, according to a number of investors, indicates the prospects for further positive movement of the asset rate.
#bitcoin has now closed above $ 10,000 for 63 days in a row, the longest run its history. Any dips under 10k were aggressively bought. Halving effects starting to be felt.
– Lark Davis (@TheCryptoLark) September 28, 2020
Max Kaiser, a famous TV presenter, trader and author of the theory of the relationship between the bitcoin rate and the hash rate, also spoke in favor of the growth of bitcoin. He drew attention to the weakness of the US dollar index (DXY), which, in his opinion, has a positive effect on Bitcoin and gold. Recall that both assets are often chosen to protect funds during periods of destabilization of the financial market..
DXY weakness boosting #Bitcoin and Gold this AM pic.twitter.com/YiCHiG2FvN
– Max Keiser (@maxkeiser) September 28, 2020
Some traders believe that cryptocurrency is currently moving in a contracting triangle. According to the rules of technical analysis, the boundaries of a figure can serve as bounce points for a digital asset. According to this logic, in case of further growth, BTC may fall again near the height of $ 11,200.
Many investors prefer not to pay attention to the short-term prospects, investing in a coin for a long-term. It is noteworthy that a significant part of BTC was bought by the investment company Grayscale Investments. Jameson Lopp, CTO of startup Casa, estimates that the organization owns 2.4% of all mined bitcoins.
The @Grayscale Bitcoin Trust is now holding 450,000 BTC – 2.4% of the current supply.
– Jameson Lopp (@lopp) September 28, 2020
Morgan Creek Digital Co-Founder Jason Williams Confirms Grayscale Investments’ Choice of BTC Is the Right Decision.
“Only idiots bet against bitcoin,” – this is how he described his attitude towards market participants who do not believe in the prospects for further growth of the cryptocurrency rate.
Why Blockchain Matters More Than You Think – Jack Ma, Bill Gates, Elon Musk, Vitalik|Simplilearn
Only idiots bet against #Bitcoin.
– Jason A Williams (@GoingParabolic) September 27, 2020
Read also: Almost 88% of all existing bitcoins were mined
As a reminder, researchers recently concluded that BTC is not suitable for money laundering..
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