In light of yesterday’s warning from the IMF about potential vulnerabilities from Bitcoin analysts today are still bullish about a breakout above the current levels to somewhere around $7,400.
A Forbes piece this morning by Naeem Aslam first cites the IMF’s downgrade, then suggests that any breakout will have “healthy volume behind it.”
“Bitcoin needs some sort of a blessing to revitalise the rally. This could come in the form of an ETF approval from the U.S. Securities Exchange Commission (SEC),” Aslam writes. “To date, the SEC has rejected nearly nine applications in this space. But there is still hope.”
The SEC’s move on a deadline for ETF approvals continues to be big news as traders look at today’s Bitcoin prices to try to read the tea leaves on where they will go throughout the market day.
Of course, there are some who suggest that a breakout in today’s market has been blessed by the Rothschilds and the Bilderberg Group, but there are also other reasons like the SEC’s approval deadline that will bring more practical-minded investors to be enthusiastic and hopeful about Bitcoin and other derivative cryptocurrencies.
Within the last 48 hours, an analyst at Cryptoground has suggested a “next level watch” up to $7,400, although analysis shows the value staying much lower for up to six months. Vivek Sancheti provides neutral indicators based on stochastic analysis and moving averages.
If you look at the long-term projection in the same analysis, you’re looking at nearly $25,000 per Bitcoin in five years. That’s an indicator of where some of these long-term holders think that Bitcoin is going over time. And there’s support for that, too.
Many who are long-term bullish on Bitcoin and blockchain-related stocks point to the eventuality of government and business buy-in for currencies that are versatile and easy to track, against the old-fashioned national currencies we have always used to power our national economies.
Just look at reporting on analysis by Boris Schlossberg, Managing Director of FX strategy at BK Asset Management, a “bear-turned-bull” according to Georgi Georgiev at Bitcoinist. Who chronicles some of the past statements that Schlossberg and others have made as Bitcoin has matured and become more of a part of the market.
If blockchain technology becomes increasingly entrenched in the mainstream financial industry, and shows a clear business-use case, bitcoin could be seen as a legitimate store of value going forward,” Schlossberg reportedly says in describing the realities that led him to turn toward the positive outlooks of other top experts in the sector.
Nor is this an isolated idea: around the world, we are seeing both public and private offices exploring what can be done with crypto around public planning, effective global finance, and much more. Short-term positions are harder to predict, but there’s a coalescing consensus on long-term gains.
As of the market bell, Bitcoin is holding steady around that $6,500 mark.