Bitcoin bulls and bears are waiting for a change in the market… Niall Ferguson anticipated the coin’s rally
"For last few days, both bulls and bears are waiting for a change in the market with a narrower BTC price range. If BTC, however, dips its supporting level at the USD 8,900 bears would dominate the market; If resistance line rises the USD 9,500, bulls would lead the market," reported Cointelegraph.
Analysts made various predictions on BTC price. "BTC is trading at a higher price than both 100-day SMA and 200-day SMA, and its trade volume and volatility decreased. So, BTC is likely to be rallied soon,' said Michael van de Poppe.
"With the fall of fiat money, Bitcoin may rally after ending the correction era for years, " said Rob Koyfman, the former Vice President of Goldman Sachs, suggested that the bitcoin price can rise, despite the full of economy.
"Bitcoin will show another bull run. We will have another major Bitcoin bubble. And Bitcoin will increasingly behave like 'digital gold'. Its price will not go up gradually it will go up in steps. And each step will look like a bubble," argued Niall Furguson, a renowned economist who was named in 2004 as one of TIME's 100 most influential men in the world.
"Bitcoin is likely to be dipped by the level of USD 5,000 before having a major bull run," tweeted Big Cheds, a popular cryptocurrency analyst. "Another shakeout will be happened on the bitcoin market before the next bull run," anticipated Peter Brandt, an American veteran cryptocurrency analyst.
"For recent several months, the daily trade volume of bitcoin futures across all derivatives platforms has been declining. The summer vacation in the Northern hemisphere can be a reason. In this region of the globe, the Summer season is experienced between the months of March and late October or early November and is loaded with outdoor activities despite the spread of COVID19," reported Ethereum World News.
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