Bitcoin’s costs are well placed to continue their uptrend despite the setback they have noticed in recent days, according to several analysts.
The virtual currency surpassed $14,000 on October 31, achieving a new cap for the year on CoinDesk.
However, the cryptocurrency temporarily fell to $13221. 55 before the day, according to other CoinDesk figures.
[Editor’s Note: Making an investment in cryptocurrencies or tokens is highly speculative and the market is largely unregulated. Anyone who contemplates this will be willing to lose all their investment].
Profit-taking
Several investors noted that making a profit was this setback, and Constantin Kogan, Managing Director of Wave Financial Group, stated that:
“While value is rising to safe levels, in this case to $14,000, there is a great BTC withdrawal from trading platforms. “
He described this as “fixing benefits” or taking benefits.
Joe DiPasquale, executive director of cryptocurrency hedge fund manager BitBull Capital, was involved in development.
“Bitcoin’s movement between $12,000 and $14,000 was not sustainable because the market had not tested the $13,000 before attempting the next resistance,” he said.
“What followed the expected profit and Bitcoin returned to levels of around $13,000. “
Despite the decline, he called the sentiment around bitcoin “bullish. “
Consolidation of the value of Bitcoin
DiPasquale also referred to the consolidation bitcoin has experienced between value grades of $13,000 and $14,000, stating that it is “healthy for long-term value growth. “
Denis Vinokourov, head of studies at London-based virtual asset company Bequant, took a position and stated that:
“Consolidation at this level will be noticed as a healthy progression for the market. “
Bullish perspective
Several analysts expressed a positive outlook for long-term bitcoin value movements, underlining their long-term profit expectations.
“BTCUSD lately is suffering to break the $14,000 mark,” said Nicholas Pelecanos, director of NEM Ventures.
“At first glance, this would possibly seem like a setback from the mental level, but historically, a break in the final resistance before the historic summit leads to the start of a more competitive bull market.
Tim Enneking, managing director of Digital Capital Management, spoke.
“In fact, $14,000 was rejected, but it’s not wonderful or bad news for BTC,” he said.
“The fact that BTC crossed $14,000 after so long and that the next drop was only about 7% is a real sign of strength,” Enneking said.
“If $ 13k is left, especially in an environment with so much uncertainty due to the US elections and its aftermath, it is clear that $ 14k will fall (up) in the short term and that the (unprecedented) ATH will not be far behind. ” , he predicted.
Disclosure: I bitcoin, bitcoin cash, Litecoin, ether and EOS.
I am a money editor and an editor with a wisdom forged in asset markets and investment concepts. I am currently vice president of content at Quantum Financial Services.
I am a monetary editor and an editor with a forged wisdom of asset markets and investment concepts. Currently, I am vice president of content for Monetary Corporate Quantum Economics. I have worked for money establishments such as State Street, Moody’s Analytics and Citizens Commercial Banking. Author of more than 500 publications, my paintings have left their mark on media such as the New York Post, the Washington Post, Fortune, CoinDesk and Investopedia. Previously, I created all business finance education courses for a company of more than three hundred people. I have spoken to industry occasions around the world and gave speeches on monetary literacy for Mensa and Boston Rotaract. Lately I own Bitcoin, Bitcoin Cash, Litecoin, Ether and EOS.