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Bitcoin: Two Good Reasons for a Bullish Forecast

Bitcoin has been declining all week and is testing the support of the 44,807.24 - 48,178.13 corridor between the two red dotted lines for the third day. But the level of 44,807.24 is still quite solid. This technical picture is still relevant for all short-term technical forecasts: recovery in the specified sideways or a deeper correction to the level of 41,980.24 in case of going down from the specified corridor.

Although the daily candle has not yet closed, a bullish engulfing reversal pattern is emerging near the support level of 44,807.24. This means that a sideways reversal looks more likely. But let's not get ahead of ourselves.

While everything is clear locally, let's look above - at the long-term picture and fundamental factors on which the dynamics of the main cryptocurrency will depend. And after bitcoin, altcoins will catch up.

One of the main factors behind most long-term bullish forecasts is widespread adoption and exponential growth. Numerous opinions that Bitcoin will reach $100,000 by the end of 2021 are no longer surprising, and this figure ceases to seem transcendental. But analyst Scott Melker believes that in the longer term, the main cryptocurrency will become a "seven-figure asset".

Melker calls the SEC permission to create cryptocurrency ETFs a key condition for this. Now the Commission is awaiting a decision on applications from many well-known companies. Once the green light goes on for these funds, Bitcoin could outperform gold in terms of market capitalization.

The conclusion seems logical, as the emergence of numerous crypto ETFs will open up opportunities for institutional and retail investors to simply invest in the main cryptocurrency.

Melker believes that the approval of funds will create an inflow of investments from various funds, and if they invest only 1-2 percent of their funds in bitcoin, this will lead to a significant increase in the capitalization of the cryptocurrency market.

Another fundamental reason for Bitcoin's growth is its advantage over gold in many ways, including its characteristics and value.

"The deflationary asset mathematically proves its superiority over gold in all respects. With halving, the supply of bitcoins is halved every four years. In the future 10-20 years, I think bitcoin will easily become a seven-figure asset," the analyst said.

What about gold? Gold is "pretty much dead and Bitcoin will replace it as the best option," Melker said.

Another analyst, nicknamed Pentoshi on Twitter, echoed Melker's predictions. But he went even further and stated that in the current market he would choose Bitcoin over Ethereum. And the main cryptocurrency "will remind everyone who is king here."

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The material has been provided by InstaForex Company - www.instaforex.com