Extremely optimistic financial analyst
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According to Clem Chambers, CEO of the stock and investment website ADVFN, the winter of encryption is over, Bitcoin may soon reach $6,000 and eventually reach $10,000. In an interview with Forbes, Chambers said that this increase is likely to be provoked by China, and the reason behind it may be the potential depreciation of the renminbi. The recent Tether premium is the best example of demand-driven growth.
“The money flowing into the stable currency will boost Bitcoin. Fundamentally, the money flowing into the encryption system is the power to support and push up the price.”
Chambers explained that with the new block mining, crypto assets need to flow in new funds to maintain increasing supply, he asserts that supply and demand have created prices, "to match the new supply at the current level, must More than $3.3 billion has flowed into Bitcoin to make it rise."
Bitcoin is a new type of gold
Next we will compare Bitcoin with gold. It is estimated that the total market value of the gold market is $5 trillion. In contrast, Bitcoin is only $0.09 trillion, only 0.18%. Gold is the standard asset for global hedging risks, and investors are not tired of it. But if you look at the financial keywords searched on Google, you will find that Bitcoin is gradually taking over the limelight of gold.
If Bitcoin only accounts for a small portion of this market, it could soon surpass previous historical highs. Chambers is very optimistic about Bitcoin and said:
"The winter of bitcoin is over and the price is rising. The only question is how high the price can rise. At present, $6,000 is relatively easy to achieve, and this year's $10,000 coin is not so difficult. I still have to currency."
The possibility of bottoming out when Bitcoin fell to $3,200 last December was great. However, the road to rising will be very rough, and a downward revision is expected. Some crypt analysts expect Bitcoin to fall back to around $4,600, which will provide a better entry point than current levels.
If Bitcoin continues to rise and breaks the resistance of $5,600, the price will soon soar to $6,000. Bitcoin has now hit its highest level in five days, hitting $5,270 during early Asian trading hours. As Chambers said, the long-term prospects are very good, and the current price is still the main factor in the currency.
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.