The crypto market took its foot off the accelerator for a moment after this week’s surge, and profit-taking was clearly the order of the day.
While financial magazines and newspapers in Europe and the US yesterday all talked about the fact that the Nasdaq was almost positive for the year, Tesla and SpaceX CEO Elon Musk decided to smash that by tweeting that he found his own stock price ‘too high’. The stock ended seriously lower, while Amazon also saw profit taking.
The sharp rise in Bitcoin this week has been noticed by everyone in the meantime. For example, Billy Bambrough, the regular crypto writer for business magazine Forbes, said he was now almost certain that Bitcoin would rise to $ 10,000 dollars for the halving, which normally takes place within ten days.
Since Bitcoin has risen by an average of 7% per day since the crash of mid-March, that doesn’t seem too difficult to us personally, but you of course never know.
Short and long term forecast
Billy quotes Simon Peters, cryptocurrency analyst from trading platform eToro. After all, in his last financial analysis for customers, he had made a prediction for the short and long term of Bitcoin and it looks incredibly good. Peters said:
“We think it is likely the bitcoin price will go above $10,000 before the halving actually takes place, due to a frenzy of activity among bullish investors. While the halving itself was always likely to drive the price up, the bitcoin bulls have decided not to wait around and are positioning themselves well ahead of time.”
“As for how high it can go longer term, amid the deteriorating economic outlook for the U.S. economy and the likelihood of an ever increasing monetary supply, which weakens the U.S. dollar and stokes inflation fears, we believe it could easily test previous highs above $19,000 as investors look for safe-havens away from traditional assets.”