Bitcoin is set for long-term growth
Formation of the legal framework supports positive dynamics in the market
Halving will help strengthen BTC in the long term
International consortium of news organizations developing transparency standards.
At the end of July 2020, after a long movement in the $ 8-10 thousand corridor, Bitcoin (BTC) entered the long-awaited growth. The positive movement of the most capitalized cryptocurrency made potential investors and users who have already invested in the coin to think about the future prospects of the asset. BeInCrypto editors decided to find out how experts see the near future of bitcoin.
He shared with us his opinion on the future prospects of BTC EXANTE analyst Viktor Argonov. The expert drew attention to the fact that the other day bitcoin reached $ 12 thousand, but rolled back below $ 11 thousand. Despite a slight drop, as the analyst noted, the coin went up again, and it is unlikely to be replaced by a prolonged collapse.
“Most market participants expect an upturn, since after the halving, any deep collapse will be used by institutional investors as a convenient moment to enter the market. Bitcoin hesitated for a long time “in thought” in the $ 9-10 thousand corridor, but after reaching the $ 12 thousand level, the market is clearly waiting for new records “, – this is how the expert commented on the current situation and prospects for further movement of the BTC rate.
Bitcoin chart. Data: CoinMarketCap
Founder and CEO of Listing.Help Sergey Khitrov, as well as Viktor Argonov, he he believes that bitcoin is an attractive investment. To clarify his point of view, the expert gave several reasons that reveal the potential for a positive movement in the digital asset market..
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First, Sergey Khitrov drew attention to a large amount of positive news about the digital yuan. The successful launch of this project, in his opinion, will not only provide an influx of large capital to the cryptocurrency market as a whole (and bitcoin always reacts quickly to this), but will also force other countries to work hard in the indicated direction..
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“For example, recently there was news about a hearing in the US Senate, the topic of which was the threat of the digital yuan to the dominance of the US dollar. Other countries may also start launching their digital currencies, which will push the first cryptocurrency [bitcoin] up. Here we should also mention the recent news that Sberbank may issue a stablecoin pegged to the Russian ruble. Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More for settlements for other digital financial assets “, – noted CEО Listing.Help.
Secondly, the expert noted the attention of the PayPal team to the digital asset market. Recently, information appeared on the network that the company will add support for bitcoin. The expert clarified that the payment system has 325 million users who can easily and quickly buy BTC. At the same time, Sergey Khitrov drew attention to the fact that PayPal will be able to solve one of the main problems that hinders the spread of cryptocurrencies – the complexity of the process of their acquisition.
“Unfortunately, until now, many people do not know how to do this (buy cryptocurrency), or abandon this idea, when faced with a complex user experience (user experience) when interacting with cryptocurrency (for example, irreversible transactions or the need to work with seed- phrase). In case of successful launch of PayPal solutions, such problems will no longer exist. And now, in the event of a noticeable increase, a very large number of FOMO (loss of profit syndrome) people will buy bitcoin. Even purchases will not be for large sums, but this kind of excitement has always had a positive effect on the price of bitcoin, ”the expert explained his point of view.
The number of bitcoins in circulation. Data: blockchain.com
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As the third reason that can contribute to the positive movement of the digital assets market, the expert named the formation of a regulatory framework for a new financial instrument in different countries. In particular, he drew attention to the fact that the Federal Court in the United States recognized bitcoin as money. The expert also recalled the signing by Vladimir Putin of the law on the regulation of cryptocurrencies from 2021.
“The world of cryptocurrencies is becoming more and more regulated. Thus, more and more people and institutional players are turning their attention to it, ”said Sergey Khitrov.
The issue of stablecoins by Russian commodity companies, which, according to the Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov, may appear as early as 2021, according to the expert, will also have a positive effect on the situation in the cryogenic industry. With the launch of such projects, according to CEO Listing.Help, a very large capital will come to the market. The changes, in his opinion, will increase the level of confidence in the cryptocurrency industry.
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“As a result, the rapid growth of bitcoin, which began on July 21 from the $ 9200 mark, may continue. Now bitcoin is trading in the region of $ 11 thousand, but globally, nothing has changed for continued growth: there are volumes on the market, plus it is constantly fueled by positive news and the growth of other cryptocurrencies. As a result, the previous resistance level for bitcoin in the region of $ 14 thousand can be tested already in the second half of this year, “the expert concluded..
The level to which, according to Sergei Khitrov, bitcoin will be able to grow in the near future. Chart: TradingView
What other members of the crypto community think about the prospects of bitcoin
Many representatives of the crypto industry and experts interested in the development of the digital asset market also presented their vision of the future of bitcoin. Here are some points of view:
- American Congressman Tom Emmer believes that BTC has received the energy boost necessary for further spread amid the coronavirus pandemic. The expert shared this point of view during his interview with the co-founder of Morgan Creek Digital, an active member of the crypto community, Anthony Pompliano. According to Tom Emmer, many consider Bitcoin as an alternative asset for saving value during a pandemic and financial crisis. Earlier, JPMorgan analysts came to a similar conclusion. At the same time, the researchers found that representatives of the younger generation are more interested in cryptocurrencies..
- Crypto enthusiast and active member of the crypto community Max Kaiser is confident that Bitcoin will reach the $ 28 thousand level in the near future. At the same time, the expert believes that there will be no serious resistance levels on the way of BTC growth. In particular, Max Kaiser does not see obstacles near $ 20 thousand (at the indicated height in December 2017, the maximum value of bitcoin was registered).
- Fidelity Investments analysts believe BTC will continue to evolve as a savings asset and insurance. With the help of bitcoin, in their opinion, investors will be able to fight the problems of the traditional financial system..
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Earlier, the editorial staff of BeInCrypto collected expert opinions on the long-term prospects of the BTC movement.
Many experts see the prospects for the positive movement of bitcoin in the near future. At the same time, their opinions on the height that BTC may reach in the future differ. For example, CEО Listing.Help Sergey Khitrov believes that in the second half of 2020 the coin is able to reach the level of $ 14 thousand. Crypto enthusiast Max Kaiser, in turn, sees short-term prospects for bitcoin growth to $ 28 thousand. Whose forecast is more accurate – time will tell. To other conclusions:
- Bitcoin realized growth amid the release of positive news. In the future, the information background can also support the movement of the BTC rate up.
- Country regulators continue to work on the formation of legal regulations for the crypto space. Such changes also have a positive effect on the position of bitcoin..
- The rise in BTC may be due to halving. Earlier, many members of the crypto community predicted a positive movement in the cryptocurrency rate against the background of a halving of the level of remuneration for its production.
Despite the fact that many experts see the prospects for the growth of the value of bitcoin, decisions on investing in a coin must be made independently. Even the most famous analysts can be wrong in their predictions.
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
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