David Puelle, a well-known Bitcoin analyst, believes that Bitcoin is in a situation where overcoming the level of $14,000 will be a decisive moment to reach a stable growth trajectory. Last week, the oldest cryptocurrency was below $12,000 for most of the time, and never updated its annual high, which was around $12,100.
Puelle analyzed and concluded that the majority of Bitcoin purchases have been made in the last two months, when the price of the cryptocurrency fluctuated in the corridor with the boundaries of $9,000 and $12,000. We are talking about a game of “whales”, that is, large buyers of Bitcoin.
If you want to find more details about the course of Bitcoin and how the main cryptocurrency could reach the $14,000 mark, download for free our companion app, Born2Invest. Read the most important financial headlines in the crypto sector and not only with the best online aggregator.
Investors who bought Bitcoin at the level of $9,000 are already on the winners side
Those investors, who bought Bitcoin at the level of about $9,000, see already now a high return on their investment. Those who buy it at current prices find themselves in a situation where they do not see any income yet. As the volume of purchases grows, both categories of buyers will be interested in “bullish” market movement, as a result of which the price of Bitcoin will go to the level of $14,000. As a result, profit taking will start, and Bitcoin may go to the level of $10,000 on this background.
However, if Bitcoin overcomes $14,000, then the market will again enter the large buyers who want to see an update of the historical maximum price of this asset this year.
Famous Bitcoin billionaire Mike Novograts also sees the potential of Bitcoin to go beyond the level of $20,085, which the cryptocurrency took last time in December 2017. Novograts noted:
“I like Bitcoin more than gold, simply because the cryptocurrency is a rarer asset than the precious metal, which means that cryptocurrencies are harder to buy. So, the total estimate of all Bitcoins is currently $220 billion. Gold has a similar figure exceeding $10 trillion. And although it will take time for the cryptocurrency to reach that estimate, sooner or later it will happen.”
Bitcoin is constantly gaining popularity among investors
The cryptocurrency’s flagship asset, Bitcoin, has bounced significantly from its year high, which was fixed at $ 12,118 in the week that ended on Sunday, August 9th. Together with the fall in the price of a troy ounce of gold from $2,070 to $1,920, Bitcoin tested the level of $ 11,210 at the beginning of August 12th, following the dynamics of the world’s key precious metal.
Meanwhile, if gold has yet to find the strength to resume its growth, Bitcoin added $200, demonstrating that it is fundamentally gaining popularity among investors. Raoul Pal, founder of Global Macro Investor and Real Vision Group, is confident that Bitcoin is still at the beginning of its new bullish cycle.
He noted that “a very strong rise in the price of cryptocurrency is expected, and this will happen as classical companies begin to act like ordinary investors-individuals in Bitcoin, realizing that the cryptocurrency looks undervalued, and therefore interesting to invest.”
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CLICK CHAIN, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Nine Ways to Make Your Blog More Engaging
Knowing how to make your blog engaging is one of the most important elements of any smart digital marketing strategy....
UrbanFisio Launches Virtual Assistant to Surpass €1 Million by 2021
The company UrbanFisio had a turnover of $1.03 million (€878,000) in 2020 and expects to reach $1.53 million (€1.3 million)...
How Rating Discrepancies Undermine ESG
According to some experts, companies with higher sustainability scores have better risk management and compliance standards, leading to fewer extreme...
Elon Musk Said Tesla Will Accept Bitcoin Again
After Tesla accepted Bitcoin as a means of payment in March 2021, the company revised the decision again just two...
Trusters’s Real Estate Crowdfunding Fund Raised €7.3 Million in Six Months
In the first half of the year, the real estate lending crowdfunding platform Trusters raised $8.6 million (€7.3 million), almost...
Featured6 days ago
Markets May Have Hit a Temporary Top that Could Continue into September
Business6 days ago
Extended Reality Investment Alert: XRApplied (XRA) Conditionally Approved to List on CSE
Crypto5 days ago
Canada Continues to Embrace Cryptocurrencies
Business6 days ago
Why T-Bond Yields Increased in the Past Three Decades