Can Bitcoin break above the last year's highest price?... Some analysts suggest optimistic view

고다솔 기자

| 기사입력 2020/08/05 [13:40]

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Can Bitcoin break above the last year's highest price?... Some analysts suggest optimistic view

고다솔 기자

| 입력 : 2020/08/05 [13:40]

US stocks climbed as investors weighed ongoing hopes of further economic stimulus package and the improvement of the Covid-19 treatment. On 4th(ET), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index traded at 26,828.47, rose 0.62%. S&P 500 Index ended at 3,306.51, advanced 0.36%. And the Nasdaq Composite Index closed Tuesday's session at 10,941.17, increased 0.35%.

“Bitcoin hit an intraday high of USD 11,480 the previous day, but it closed at USD 11,240 based on UTC (World Standard Time), and failed to secure the base above USD 11,400. If Bitcoin paid USD 11,000, the price could retreat to $10,500 (the February high), a psychological support that turned from the previous resistance to support, while Bitcoin was USD 11,400 on the time chart. If you continue to sit on top, you're likely to resume your rally to the latest high above USD 12,000." reported Coindesk.

"If Bitcoin maintains a strong support level of USD 10,500, the upward trend will continue. After succeeding in rallying, Bitcoin has the potential to test USD 12,000." said Neo, the OKEx analyst.

"If the BTC/USD pair can protect USD 10,500, it will move toward USD 14,000 the highest price in 2019." anticipated NewsBTC, quoting an analysis from an analyst of TradingShot.com.

"Bitcoin can reach the USD 20,000 without a resistance. A brief pullback can be seen at the USD 28,000, then Bitcoin will gain momentum to record USD 100,000," reported Cointelegraph, citing Max Keiser, the founder of Heisenberg Capital and presenter of Keiser Report.

Meanwhile, according to Decrypt, Tom Emmer, the congressman from the Republic party who favors cryptocurrency, has recently appeared in the podcast of Anthony Pompliano, co-founder of Morgan Creek Capital. "The centralized monetary system never ends well. Bitcoin, however, will never disappear. It will become stronger." said the Republican.

He explained that Bitcoin's decentralized nature is a weapon against fiat currencies, and that people are looking for alternatives to save value with a corona fandemic similar to the 2008 financial crisis. Regarding the recent Twitter hacking targeting at celebrities, including Barack Obama, he said, "The centralized control, not Bitcoin, is a problem. Twitter security has been compromised."