- Bitcoin will grow to be a safe haven in the longterm.
- Bitcoin becomes attractive when risks like monetary devaluation in the traditional market come into play.
Bitcoin has in the past three months performed exceptionally well. In fact, many believed that the asset will gain more traction from being used to hedge against the dwindling stock market. However, Bitcoin has been correcting downwards unable to find a bottom above $10,000.
The first attempt to correct towards $13,000 was a total failure with Bitcoin hitting highs slightly above $12,000 and diving fast towards $9,000. Moreover, this week’s assault at $11,000 failed miserably culminating Bitcoin drilling holes in the support at $10,000 - $10,200.
At press time, Bitcoin is trading at $9,977 following a 1.5% lower correction on the day. However, the prevailing trend is relatively bullish and a correction above $10,000 is possible. Nonetheless, the biggest question is whether BTC has the potential to sustain gains above $10,000 and reclaim $10,200 support?
According to the general partner at Blockchain Capital Spewncer Bogart Bitcoin is going to be safe have in the long-term. He adds that as adoption continues, Bitcoin value benefits. Moreover, Bitcoin becomes attractive when risks like monetary devaluation in the traditional market come into play.
“Bitcoin is going to be worth a lot more in two to five years from now than it is today. The exact price trajectory over the next six months is to be discussed. I am not fully convinced that we have a full economic crisis rising right now,” Bogart told Bloomberg in an interview on August 21.
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