- May 25, 2022
- Posted by: AliensFaith
- Category: OBJECTIVE PRESS
The Bitcoin exchange rate (BTCUSD) continues to hold at support at around $30,000, despite considerable downward pressure from sellers in panic. The primary driver of negative sentiment and pressure on the top cryptocurrency by market cap is due to the hawkish monetary positioning the Federal Reserve is preparing, as well as the conflict in Ukraine. The crypto market was further sent into panic following the collapse of the stablecoin UST and related altcoin LUNA. Prices of LUNA fell to zero, and this further crushed any chance of bullish sentiment in the crypto market among the crowd. Even with all the negativity, experts from the business world, trading, finance, and more, have all come to the defense of Bitcoin, reiterating its undeniable promise and their commitment to seeing the cryptocurrency through to the end. This hope keeps overall positive market sentiment alive just enough with influential figures who command the attention and respect of large followings, companies, and capital. As such, PrimeXBT analysts have compared the expectations of some of the most prominent investors and public-facing personalities regarding the future prospects of Bitcoin price appreciation. Big Names In Business And Expert Traders Bullish On BTC MicroStrategy CEO Michael Saylor is typically an outspoken Bitcoin bull who almost always has something to say. Interestingly, during this survey, Saylor was brief, stating, “I buy BTC when there are free dollars.” Twitter founder Jack Dorsey, who is a long-time Bitcoin advocate, doesn’t “pay attention to the BTC price,” adding that he is “bullish in the long term as more and more people will use BTC in the future.” Legendary career commodities trader Peter Brandt expects the $27,000 level to become the local bottom for BTC. “I have noticed the huge trading volumes in BTC in the last few days. In my opinion, this is a sign of surrender and an opportunity to start growing,” Brandt revealed. PayPal founder and early Facebook investor Peter Thiel claims that the “spread of cryptocurrencies will inevitably lead to the fall of the paper money regime.” Thiel then called out those opposed to Bitcoin, such as BlackRock CEO Larry Fink, JP Morgan CEO Jamie Dimon, and Berkshire Hathaway billionaire Warren Buffett. Even Ray Dalio, who was previously against Bitcoin, has since come around and taken some exposure to cryptocurrencies. “Bitcoin is a good insurance against inflation, but so far, it is losing to gold. I would recommend keeping both gold and bitcoins in your portfolios. Over the next year, the crypto market is waiting for active development,” Dalio told the Economic Times. PrimeXBT Trading Academy Expert Dirk Hartig Neural on Bitcoin For Now PrimeXBT’s in-house trading expert and market analyst, Dirk Hartig, is primarily neutral on Bitcoin for the time being. Hartig expects the sideways trend to persist until November, when he sees continued global growth for the asset class. “I think at this point, it is safe to assume that we are probably not inbound for a new all-time high in Bitcoin for a more extended time period. Analyzing how long the bear market lasted the last time Bitcoin switched from bull to bear mode (2017 to 2018), we can assume that the length of the worst parts of a crypto bear market usually lasts around 365 days,” Hartig explained. “This would mean that the current bear market will probably last until mid-November 2022 before we see a significant upswing again to $45,000-55,000 USD per BTC. However, since the realized price of Bitcoin is at the moment around $24,000 – 25,000 USD, I do not see that much potential to the downside anymore,” Hartig elaborated. “The realized price is historically a good area to buy Bitcoin again (this happened the last time in March 2020, and you would have bought Bitcoin for $4,000 USD). Thus I would not be surprised to see Bitcoin going into an extended sideways range between $25,000 and 35,000 USD until November 2022,” he concluded. Other Side of the Coin: More Big Names Bearish On Crypto There are two sides to every coin, and not everyone is bullish (or even neutral) on Bitcoin. The cryptocurrency has plenty of bears to contend with, who believe a bear market will destroy the cryptocurrency further. Well-known gold bug and Euro Pacific Capital CEO Peter Schiff despises Bitcoin and is confident that the coin will collapse toward $8,000. “Bitcoin’s support line at $30,000 was broken down, so now its price is heading towards $8,000. There is a “double top” and a “head and shoulders” on the chart. A menacing combination. We’ve got a long way down,” Schiff said in a tweet. Mark Mobius, billionaire fund manager and founder of Mobius Capital Partners LLP, thinks that Bitcoin could come close to Schiff’s targets at about a price of around $10,000 per BTC. Rich Dad, Poor Dad author Robert Kiyosaki is pleased with the fall of Bitcoin, but only because he can buy more at lower prices. Kiyosaki is “waiting for the $17,000-20,000 levels to buy more Bitcoin.” It is hard to consider him a bear, but the target is bearish nonetheless. Cardano founder Charles Hoskinson didn’t give a target for Bitcoin but is bearish on crypto as a whole. “The new crypto winter has arrived. It will take the markets several months to find the bottom,” he said. Conclusion: Bulls Versus Bears On Bitcoin – Who Wins? As you can plainly see, there are significantly fewer supporters of a further collapse in Bitcoin than the celebrity experts and business leaders who favor the top cryptocurrency by market cap rising back into a bull market. These influential thought leaders have the ability to energize the crypto community and trigger new growth. Whether it is a further collapse or a shocking rebound, the volatile crypto market always presents an opportunity for earning. Using the award-winning margin trading platform PrimeXBT, traders of any skill or capital level can access stock indices, oil, gold, Bitcoin, and more all from the same account. Long and short positions keep traders profitable and capital protected at all times, making “buy and HODL” a thing of the past. PrimeXBT also provides users with unique ways to earn money with their crypto assets, such as Covesting copy trading, yield accounts, and more. Expert trader Dirk Hartig mentioned above, also leads the company’s Trading Academy, where traders can get a better read on price action in more assets. Don’t miss the opportunity to trade, earn passively, or learn with PrimeXBT today.
