- 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.
Read also: Bitcoin price analysis: BTC/USD now allergic to $10,000; probable target at $9,000
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?