Bitcoin and the major altcoins remain bullish and are likely to move up in the next few days. The Bitcoin price is increasing slowing as it recovers from last weeks major news dump, with the Ethereum price fees dramatically plummet. United States Commodity Futures Trading Commission framed charges against five entities and three individuals for allegedly operating an unregistered trading platform BitMEX. That was followed by news that U.S. President Donald Trump had tested positive for coronavirus. However, the crypto markets did not show any knee-jerk reaction, which suggests the investors are focused on the long-term fundamentals.
BITCOIN HUGE MOVE SOON
ARK Investment Management LLC is popular for projecting a $1 trillion valuation for Tesla much before anyone else, and the firm has a history of identifying disruptors and big ideas much in advance to others. In its report, the asset manager has projected a $1–5 trillion capitalization for Bitcoin in the next five to ten years and has said that “Bitcoin could be the most compelling monetary asset since gold.”
However, Blockstream CEO Adam Back was not impressed as he termed this projection as conservative. Back said that Bitcoin could rally to “$1 trillion market cap within 2 years, probably sooner.” If this prediction plays out, each Bitcoin will be worth $50,000.
Bloomberg analyst Mike McGlone was not one to be left behind. In his latest crypto newsletter, McGlone points out that Bitcoin has a tendency to “add zeros to its price” and it went from $1,000 to $10,000 in four years, and if history repeats itself, then the largest cryptocurrency may reach $100,000 by 2025.
The long-term remains bullish but does the short-term also suggest further upside? Let’s analyse the charts of the top cryptocurrencies to find out.