Bitcoin Needs to Make a New 2020 High to Attract the Millennial Frenzy

Bitcoin’s next step remains unclear but market experts bet on bored millennials, the Robinhood-ers can generate another frenzy but only if get past $10,400 first.

Bitcoin is flat for some time now, although yesterday, the world’s leading digital currency did make a move of just over 1% to make it to $9,250, we haven't gone anywhere.

For the past two months now, Bitcoin has been trading in a narrow range between $8,500 and $10,000, the longest BTC has gone without any substantial movement this year.

“It's still unclear if it's headed toward support around the 200-day moving average or if it's gonna look for a fresh breakout above $10,000,” wrote analyst Mati Greenspan in his daily newsletter.

The 14-day Relative Strength Index (RSI), which measures the persistence and magnitude of price movement, is currently at 48.5, a neutral point.

“If it breaks above its trend line, it’s going to get some nice momentum,” said Matt Maley, chief market strategist at Miller Tabak + Co.

Millennials to Pull Bitcoin Out of the Rut

Market analysts are betting on bored millennials who are stuck at home with the internet and monetary stimulus at their disposal. These retail traders who use Robinhood have been investing in the stock market, pumping the stock prices of bankrupt companies.

Now, according to Maley, the same cohort can generate frenzy if bitcoin climbs past to 2020 high of $10,400.

“They’re playing in another sandbox right now, but they’re keeping their eyes on all the other sandboxes because they know that something like Bitcoin can make them a big profit very quickly,” Maley told Bloomberg. If BTC reaches a new high of the year, “interest in that is going to pick right back up, and all those momentum players are going to say, ‘I’m in.’”

As we reported despite the lackluster June, bitcoin printed 42% gains in this quarter and is still up 25.70% YTD.

Benn Eifert, the managing partner of QVR Advisors, actually sees a lot of overlap between these small-time Robinhood players piling into shares of bankrupt companies, and those who were involved in crypto in 2017.

“It’s a social media-like dynamic,” he said. “Someone points out a stock that’s moving and posts some charts; an influencer says, ‘Ok we’re buying it, buy the calls’ and then many people pile in.”

As per a recent report, millennials (Gen-X) and Boomers have been doubling their bitcoin investments since February.

Another study reported that “there is a true intrinsic belief in retail holding Bitcoin for the long-haul,” and retail could potentially account for eating up more than 50% of physical supply in 2024.

Bitcoin (BTC) Live Price

1 BTC/USD =$11,249.0902 change ~ -0.38%

Coin Market Cap

$207.57 Billion

24 Hour Volume

$5.42 Billion

24 Hour VWAP

$11.21 K

24 Hour Change

$-42.4935

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,466FansLike
2,795FollowersFollow
4,237FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex Offers $400M Reward For Info on 120k BTC Stolen in 2016; Hackers Can Collect Too

On August 2, 2016, Bitfinex experienced one of the biggest crypto heists of all time, as hackers exploited the system, running off with approximately...

Crypto Trading Platform, 2gether, Unable To Refund $1.4M Hack; Offers Its Native Tokens

Spanish cryptocurrency trading app, 2gether announced on Sunday the platform faced a hack on July 31 on its investment coffers losing €1.183 million ($1.4...

Venture Fund to Invest Majority of $100 Million Raised Fund in DeFi Protocols

San Francisco-based venture fund Electric Capital has raised $100 million from university endowments and other non-profits and it will be using this to invest...

Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month

Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to...

Ethereum 2.0 Final Testnet, Medalla, Rolls Out; Is A 2020 Launch Now In Sight?

The Ethereum 2.0 Phase 0 Medalla public testnet finally went live on August 4, 2020 at around 1AM GMT giving hope of a possible...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today