Analysts: Bitcoin Is Now in a Much Better Place

Saturday 17 October 2020, 3:23 AM AEST - 4 days ago

It looks like the bitcoin price is at its highest point since early September, and the bearish markings left over by that month are finally starting to dissipate.

Bitcoin Has Beaten Its Present Resistance

The currency saw its price fall into the low $10,000 range roughly 45 days ago, but now things are beginning to pick up speed. Naturally, many analysts and industry experts are beginning to go back and forth regarding what could potentially be bringing life back to bitcoin. Joe DiPasquale – the CEO of Bit Bull Capital – commented in a recent interview:

So, what we are seeing here is that bitcoin first dropped following the BitMEX news and Trumps COVID announcement but managed to hold the support at $10K. This, then coupled with the Square SQ -2.2 percent news, indicated that current valuations are attractive and helped push the price above $11K.

Guy Hirsch – the managing director of cryptocurrency exchange e-Toro – also offered his two cents, explaining:

Bitcoin has received a number of major boosts over the past week including Squares announcement that it purchased $50 million worth of BTC to hold in its corporate treasury. Additionally, a resurgence of COVID in Europe and the US, plus uncertainty around US elections has led to a perfect storm of conditions for bitcoin to move upward, and so it did over the weekend. Another boost to bitcoins trajectory came from a competing coin, with Grayscale announcing that its Ethereum Trust is now an SEC reporting company. This move brings it in line with the Bitcoin Trust (GBTC) and offers yet another on-ramp into the crypto ecosystem. Given the relatively small size of the digital asset market (when compared against traditional assets), there tends to be a correlation between the top coins, with spillover effects often resulting in them moving together during huge price swings. These developments set up BTC for what could be a prolonged bull run that could see BTC surge past $12,000 and beyond.

Denis Vinokourov – head of research for Bequant in London – was also quick t ...

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