New York Stock Exchange and Bitcoin gains strengthAnalyst anticipated that BTC price would rise by $28000 by the end of 2020
On June 16(ET), Dow Jones Industrial Average 30 Index was traded at 26,289.98, increased by 2,04% compared to the previous session. Standard&Poor's(S&P) 500 Index was traded at 3,124.74, increased by 1.9%; Nasdaq tech stocks at 9,895.87, increased by 1.75% before the end of the trading session.
For last 24 hours, Bitcoin(BTC), the world's biggest digital asset(cryptocurrency), managed to maintain the level of USD 9,500. Thanks to the booming stock market, it bodes well for BTC price.
Larry Cermak, an analyst of The Block, a media specialized in cryptocurrency, said "We now see the correlation between BTC and stock market for the first time in a couple of months. After the fall of BTC price by 6% last week, the cryptocurrency and stock market rebounded. It would be confused for those who've been pessimistic about the stock market while optimizing BTC price."
CoinDesk, a news website specialized in cryptocurrency, speculated BTC price: On June 16(local time), BTC may reach the level of USD 10,000, the psychological resistance line, as the stock market rally is continued with the stock market boom.
Citing Vijay Ayyar, head of business development with crypto exchange Luno, the news website added that “We tapped liquidity at the $10,000 level and are now coming back down. I expect $8,500 to hold, but if not we’re looking at $7,700 and then $7,100.”
“Buying at $8500 vs $9300 has 0 relevance when the objective should be capturing a market cycle over the next 18-36 months that could print $20,000, $50,000 or $100,000+.” said Matt D'Souza, the CEO of Blockware Mining on the interview with NewsBTC.
In the interview with Bloomberg in earlier June, Adam Back, the CEO of Blockstream, shared his view on BTC. "I think BTC can go to USD 300,000 in the next 5 years," he said. And, Mike McGlone, an analyst of Bloomberg, also anticipated that BTC can continue to soar by USD 20,000 to USD 28,000 this year.
"BTC may benefit from the US Dollar's weakness. The pressure on the currency's decline may grow due to the policy to reduce fiscal deficit and burden of the national debt. It would result in encouraging cash inflow for risk hedges, including BTC," said Steven Roach, the professor of Yale School of Management and the former chairman of Morgan Stanley Asia, to Bitcoinist, a news portal that provides news about cryptocurrency.
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