Tanya Abrosimova
Independent Analyst
- Bitcoin's technical picture looks gloomy.
- Experts retain optimistic long-term forecasts.
Bitcoin has lost over one-third of its value since last Monday, extending this year's decline. The first digital coin is changing hands at $4,340 with clear bearish bias visible on the long-term charts.
BTC/USD stays under SMA100 (weekly), which brings SMA200 at $3,142 in focus. On the upside, the critical resistance lies with $5,800-$5,900 area. It involves SMA5 and SMA100 (weekly) and the lower border of the previous range.
Meanwhile, some experts believe that in the longer-term perspective - like in 10-20 years from now - Bitcoin will be much more expensive. Thus, Adam Back, Co-Founder and CEO of Blockstream says that the coin might cost up to $500,000 in years to come.
"That's the real flipping @bobbyclee! personally, I consider $250k-$500k/BTC plausible in the years ahead, from the digital gold, a censor-resistant competitor to physical gold, and internet-native digital money," he tweeted replying to Co-founder of BTCChina Bobby Lee.
Mr. Lee was wondering whether Bitcoin's market value may exceed the market value of gold.
"In this bear market for #Bitcoin, it's worth reminding everyone that $BTC is still only one-hundredth of the value of #Gold: $80 billion vs $8 trillion. Gold is worth 100 times more than Bitcoin today! What will the ratio be in 10-20 years? Will it flip, with Bitcoin worth more?"
Tom Lee from Fundsrats sticks to his $15,000 by the end of the year forecast, despite the recent market collapse. Speaking in the interview with CNBC on Tuesday, he said that institutional investments and clear regulatory guidelines from the US will boost the prices.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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?