Bitcoin’s [BTC] price has experienced unforeseen fluctuations, as the giant that once sat at a value of USD$20,000, lost its momentum to the point where it fell by about 69 percent. Despite this unlikely trend, many investors and experts believe that bitcoin is surely to succeed due to four key reasons: most recent positive trends, introducing institutionalized investors to the crypto market, its potential for growth, and the coin perhaps becoming the next store of value.
To see where these reasons come from and the arguments behind them, here is a breakdown of each expert along with their viewpoints made, according to a post shared by Bitcoinist:
Tom Lee: Possible Bull Signal In Place
The Chief Analyst of Fundstrat Global Advisors, Tom Lee is one of several individuals who is taking in all the positive signs of bitcoin that was recently achieved. With the giant experiencing drastic drops in the month of June, Lee believes that its ability to trade at approximately 30 percent under its 200-day moving average is motivating.
As per his quotes, he views it as a “pretty positive signal”. He also projects investors will make gains “within six months”, that is, “over 90 percent”. It is important to note that such profits are only possible given that consumers invest in bitcoin when it still sits under the moving average.
Digital Currency Group’s Barry Silbert Emphasizes On Institutional Investors
Silbert, who has been supporting bitcoin like many other experts, strongly claims that 2019 will be the year to watch bitcoin prosper. He further argued that the money coming from institutional investors will make a whole lot of difference. An example given here is that of Grayscale Investments’ funds, which supposedly consists of over 50% of institutional investors.
An interesting point was made by Silbert, which is definitely one that many would have not considered. In particular, he shared that “bears just kind of ran out of energy, ran out of Bitcoin to sell”. This raises a question as to whether or not one should assume that the bear markets are done.
CEO Of HashChain Technology, Patrick Gray Sees A lot Of Potential
While the growth might be small from time to time, the fact that there is growth is what appears to be Gray’s standpoint. He noted that,
“cryptocurrency adoption is currently 0.2 percent and has been doubling by 100 percent a year”.
To him, this is enough to project the potential behind bitcoin and added that there will be opportunities “over the next ten years”.
Boris Schlossberg Sees Bitcoin Having A Store of Value
Managing Director of a department at the BK Asset Management, Schlossberg went more technical with his argument addressing resistances and its potential to reaching slightly above USD$8,000. While he sees bitcoin reaching that target, he also adds that that specific market “is where much more serious resistance lies on the charts”.
Another belief that he strongly holds is that of the blockchain’s influence on helping bitcoin become “a legitimate store of value going forward”, which can only be done given that the technology gets exposed to the mass population.
Are there any other reasons as to why it’s not too late to invest in bitcoin?