Bitcoin has had a bumpy ride over the past month, but recent price movements have allowed a short recovery to current figures of $7500. Potentially the start of a bull run, we will analyze the bitcoin markets here to provide a insight into the future of bitcoin as a investment.
As seen on the graph below, markets have remained stable over the past 3 months. Despite a steady decline in value, bitcoin markets have experienced significantly less volatility. The past week has seen upturn as markets swivel signaling the start of a potential bull run to retest the $8k range.
“When the chair of the Fed says negative things about bitcoin, and Howard Marks says negative things about bitcoin, and Ken Griffin says negative things about bitcoin, and bitcoin doesn’t move, I think that’s a bullish sign,” Silbert (Digital currency group founder) said.
To conclude the future of bitcoin in the long run looks promising with a number of optimistic predictions having been made. With the likes of Marc Lasry, a multi billion dollar investment firm founder, predicting bitcoin to be worth an upwards of $40000, things are looking up for crypto holders after a extended bearish period.
In the short term market indicators are also suggesting a breakdown of bearish conditions. Bitcoin prices remain considerably higher compared to the majority of the current month, with the current volume support has firmly cemented the $7400 position. Analysts predict the current market conditions to allow a significant price movement to the $8000 price point with trading volumes increasing over $3 billion in under a week, it seems that faith in bitcoin remains strong despite criticism regarding the adoption and use of crypto coming from the likes of the chairman of the US federal reserve.
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