“Bitcoin price could reach USD 100,000 / VND by the end of this year”

“Bitcoin price could reach USD 100,000 / VND by the end of this year”

Bitcoin price is returning to bullish momentum after months of gloom. Some specialists imagine that the price will proceed to rise and hit the $ 100,000 / VND threshold by the end of the yr.

Bitcoin – the largest cryptocurrency in the world – is presently trading at a price, in line with Coin Desk knowledge dated Aug. 11 45,600 USD/Copper. The market capitalization of the coin reached 856 Billion USD. Bitcoin price has risen by greater than 50% since the latest low.

Bitcoin price returned to upward momentum after falling sharply since the end of May A sequence of destructive data led many specialists to foretell that Bitcoin price could fall to low ranges. $ 20,000/Copper. In the previous few days, nevertheless, there have been repeated constructive forecasts.

Financial professional Craig Erlam (primarily based in London) advised us that Bitcoin’s upward momentum has been unleashed since mid-July: “I don’t think there’s any particular factor driving the price up. It’s just a matter of that Time.” he added.

Reaching the threshold $ 100,000/Copper

“I see no motive why the Bitcoin price can not return to close document ranges $ 65,000/Copper. The price has reached this threshold as soon as. And now there isn’t a change to stop this from taking place past that degree, “predicts Erlam.

“Bitcoin price is rising again,” commented Meltem Demirors, Chief Strategy Officer at CoinShares. “Despite the tightening of regulations by the supervisory authorities, many investors see this as positive news. Because it removes hesitation and uncertainty, ”he defined.

“People believe that cryptocurrencies are no longer a dark corner of the financial world,” added Demirors.

Cryptocurrencies rallied regardless of criticism of their environmental influence and international raids. The Chinese authorities has tightened laws on Bitcoin mining and trading actions in the land of billions of individuals.

US regulators are additionally focusing on digital property. Recently, Mr. Gary Gensler – Chairman of the US Securities and Exchange Commission – affirmed that there can be no compromise in making a regulatory framework to guard buyers.

However, merchants are nonetheless placing that concern apart. They make predictions in the sky. “Bitcoin nonetheless has loads of headroom to return to document highs. If Bitcoin catches up with the rise of Ethereum – the second largest cryptocurrency – the price will go up $ 100,000/ dong, “commented Mike McGlone of Bloomberg Intelligence.

Fundstrat Global Advisors’ Tom Lee professional additionally believes the Bitcoin price will hit the threshold $ 100,000/ dong by the end of 2021. He insists that buyers ought to observe a easy rule. Accordingly, when Bitcoin price exceeds the 200-day common, it’s time to purchase.

The coin has handed the above mark in the previous few days. “We believe Bitcoin will appreciate greatly in value,” assured Mr. Lee.

Despite the unhealthy information

“Technically, Bitcoin has strong purchasing power at the moment. The price is out of the 30,000-45,000 USD/Copper. Investors breathed a sigh of relief when some US legislators spoke up and wanted to change the rules for cryptocurrencies in the infrastructure law of US President Joe Biden, “stated monetary professional Edward Moya of the consulting agency Oanda (primarily based in the US) Zing.

Specifically, the US Senate didn’t go the cryptocurrency tax provision in the draft legislation when it voted on August 9 1,000 yen Billion USD. The invoice goals to help the system of bridges, roads, transportation, clear vitality and a spread of different improvement actions.

To make up for this help, Washington should impose new taxes, together with taxes on crypto buyers. Additional Preliminary Terms 28 Billion USD for federal income over the subsequent 10 years.

The new rule has met with heavy criticism from buyers, particularly the definition of a dealer.

“Cryptocurrencies will be the main tax source to finance infrastructure. This is really positive news,” stated Emilie Choi, President and CEO. CEO Coinbase Global Inc., commented.

“Cryptocurrency is no longer out of the game. It has gone mainstream,” she added.

For crypto advocates, the debate in the US Congress is seen as affirmation for the trade. On Twitter, some argue that the neighborhood is a power highly effective sufficient to affect regulators. Many buyers are assured that the uptrend will final for much longer.

Other destructive information has additionally been brushed apart. Recently, the Chinese regulator reiterated its name to limit bitcoin mining and trading.

However, Ethan Vera of Viridi Funds stated that this is definitely constructive information for Bitcoin. “You have issued a ban, but the network is still pretty stable,” he argued.

“That shows the resilience of the network. The network is also much bigger than a country,” added Mr Vera.

Thao Cao

ZING