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.
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