The cryptocurrency market has been in a rough state since the start of 2018, but the sentiment held by industry leaders, analysts, and experts indicate that Bitcoin is ready to move upwards.
Resolute Bitcoin Bear Says Bitcoin Could Move To $8,000
Over the past week, Bitcoin has seen a stellar week, moving from a low of $6,200 to a high of $7,500 all within a matter of a few days. This surge in price and volume has resulted in a paradigm shift with many analysts, with some finally believing that the tough times are over for the cryptocurrency industry.
Speaking on CNBC’s ‘Trading Nation’ on Wednesday, Boris Schlossberg, a foreign exchange strategist and longtime Bitcoin bear at BK Asset Management, stated that Bitcoin could see further upside.
Schlossberg reasoned that due to the fact that Bitcoin had surpassed key resistance and technical levels at ~$6,800 and ~$7,000, that this will not be the end of this mini run-up. He stated:
The asset is trading much more on technical rather than fundamental considerations. And the shortcoming rally has scope to go even further, perhaps all the way up to the $8,000 level where this is a lot more resistance.
The analyst also signaled that this call is based more off technicals, rather than fundamental news, somewhat putting aside news like the involvement of Steven Cohen and BlackRock in the crypto space.
Tom Lee and Barry Silbert: Bitcoin has Bottomed
The Bitcoin bulls are feeling as bullish as ever with this most recent move, with Tom Lee and Barry Silbert both calling that the flagship cryptocurrency is ready to head upwards very shortly.
Silbert Sees Influx of Institutional Interest
As reported by Ethereum World News earlier, Barry Silbert, the founder of the venture capital-centric Digital Currency Group and longtime Bitcoin holder, has announced that the Bitcoin bottom is in and that it is only upwards from here.
He attributed his positive sentiment to the influx of institutional investment he saw with his firm, stating that over $125 million had been contributed to his crypto fund by institutional clients, signaling that these investors see these prices as a good entry point.
Additionally, Silbert stated that the bears are “running out of energy,” pointing out that they probably have run out of Bitcoin to sell, indicating that the selling pressure is starting to alleviate from the market.
Lee Says Fundamentals And Technicals Look Positive
Tom Lee, the head of research at Fundstrat, has also stated that Bitcoin’s chart is beginning to show bullish signs. On CNBC’s ‘Fast Money’ segment, Lee first drew attention to the fact that Bitcoin is trading 30% below its 200-day moving average.
While this would normally be a negative sign in legacy markets, the Fundstrat analyst noted that this is a positive signal, stating that Bitcoin does well in the six months following reaching this specific technical level.
Moreover, staying in line with what Schlossberg had to say, Lee pointed out that other technicals are starting to turn positive, stating:
Over the weekend, there were quite a lot of folks who were talking about TA and the potential formation of either an inverse head and shoulders or a Wyckoff buy off. So it sounds like the technicals were really starting to become more favorable.
Last but not least, the Bitcoin bull brought attention to the recent Mastercard news, which saw the payment processor obtain a patent that will link crypto assets and the digital fiat world. He noted:
I think something like the Mastercard news is positive because it’s really validating the idea that digital money or blockchain-based money is a valid form of transactions.
Lee has long been held as the face and representative of Bitcoin bulls, as he has continually called for Bitcoin to hit $25,000 come January 2019. And with these most recent statements, it has become clear that his stance on the cryptocurrency market remains bullish, despite the trials and tribulations that were seen as Bitcoin fell by over 60% since January 2018.
Price Predictions Are Still Rampant
As Ethereum World News recently covered, Marc Lasry, the co-founder of investment giant Avenue Capital Group, recently stated that Bitcoin could reach upwards of $40,000 in the next three to five years as adoption rates reach higher levels.
This prediction doesn’t come unbacked, as Lasry also pointed out that he had invested some of his personal funds into the crypto space, noting that it was approximately 1% of his “family fortune” or net worth. According to Forbes, Lasry is currently valued at $1.7 billion, which would mean that his cryptocurrency investment is valued at nearly $20 million.
Title Image Courtesy Of Sam Valadi