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28.07.202012:38 Forex Analysis & Reviews: What's happening with Bitcoin?

On Sunday, July 26, the price of bitcoin for the first time in eight weeks overcame the $ On Sunday, July 26, the price of Bitcoin overcame the $10 thousand mark for the first time in eight weeks. The price rose by 3.9% in a day, and about 7.5% over the entire past week. The information field was filled with quotes from analysts trying to explain the growth of the most popular cryptocurrency, as well as to predict the course of events. Thus, we have collected the most common opinions.

Demand pressure

The reason was the dominance of demand over supply. So, it was said that against the background of an increase in the number of people wishing to invest in an asset, Minecraft is reducing sales. Experts say that since all this is happening amid increasing interest in Bitcoin and the confidence of traders in its prospects, today's indicators are not extreme.

Digital gold

Some traders are haunted by the synchronicity (albeit somewhat conditional) in the movement of Bitcoin and gold. In their opinion, in each of these assets, the market saw a protective instrument against the period of instability of key world currencies and increased geopolitical risks. The media are already openly talking about the transformation of bitcoin into a digital analogue of gold. And the fact that investments began to flow simultaneously into both the most controversial and one of the most conservative assets, smoothly leads to the following theory.

Must have

Another version speaks of the gradual recognition of cryptocurrencies by traders as an obligatory component of a high-quality and diversified investment portfolio. This has been aided by Bitcoin-related events and news over the past few days.

So, last Wednesday, the US Treasury (represented by the OCC) allowed the country's national banks to keep the keys to cryptocurrency wallets. And two days later, Beryl Howell, a District Court judge for the District of Columbia, effectively recognized Bitcoin as money. And although accused of money laundering Larry Harmon (Larry Harmon) this fact is unlikely to be happy, for the market it was an additional positive signal.

Role of banks

It should be noted that it was the news about the national banks that provoked the first wave of favorable forecasts. The very next day, many online platforms replicated a tweet from an American analyst, who suggested: if US banks invest at least one percent of their assets in bitcoin, the price of this cryptocurrency will double. This idea was supported by other experts who recommended observing the dynamics of similar processes in Germany. It is possible that such forecasts also influenced the market.

What's next?

In search of an answer to the question "Take profit or buy?" experts have traditionally divided into two camps. The most cautious chose the first option. And there were many of them. "The influx of bitcoins to centralized exchanges has started to increase significantly. We are seeing the biggest hourly spike in net flow (24h MA) in the last three months," wrote analyst service Glassnode on Monday, July 27th.

The second part of analysts is confident that we are only seeing the beginning of the growth of bitcoin. And the recognition from institutional investors will only strengthen the demand for this cryptocurrency (for others, by the way, too; in particular, for Ethereum, for which a number of experts already see the future price at around $ 400). The most daring forecasts insist on the price increase by 20-40% to the existing values. Moreover, some analysts expect the maximum to be updated by the end of this year.

Due to the fact that the opinions of the market are divided, experts recommend beginners to diversify risks: for example, to partially fix the profit now, and then at the level of $ 12,250. So now, we continue to follow the development of events.

Tatiana Kravchenko,
Analytical expert of InstaSpot
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