Co-founder of Kenetic Capital Jehan Chu named three reasons why the cost of the main digital coin will increase in the near future. A future increase in the asset rate is also indicated by a technical analysis of its schedule.
The Bitcoin exchange rate will rise to $ 15,000 by mid-2020, said Jehan Chu, co-founder of Kenetic Capital Venture Fund, in an interview with CNBC. In his opinion, the upcoming halving, panic due to the outbreak of coronavirus and global economic instability create ideal conditions for the price increase of the first cryptocurrency.
“Bitcoin halving, stock market fluctuations and the recent rise caused by fear of a pandemic are another reminder that the first cryptocurrency is a significantly less risky asset and offers potentially huge profits. Bitcoin is ready to dash up to $ 15,000, it will happen by mid-2020, ”explained Jehan Chu.
In the long-term rise in price of Bitcoin, Omkar Godbow, an analyst at Coindesk, is also confident. However, he noted that the value of cryptocurrencies could soon decline to the support level of $ 8867, expressed by a 200-day moving average.
If it fails, it could trigger even greater sales of Bitcoin, which is why its price is likely to fall to $ 8500, the expert suggested. But even in this case, the rate of the first cryptocurrency will adhere to an upward trend as long as it remains above $ 8000, Godbow believes.
The likelihood of a rise in price of Bitcoin was also emphasized by the analyst of the Cryptopotato portal Yuval Gov. In addition to the 200-day moving average, the value of the coin will be hindered by a 38.2% Fibonacci correction level, which is located at $ 9075. If he does, the asset is likely to rise to $ 9300-9450, and then to $ 9600, Gov is sure.
He noted that a decrease in the value of Bitcoin is also possible, a low volume of coin trading indicates this. However, in recent days it has grown, which is supposedly due to the end of the Chinese New Year.
At the moment, Bitcoin is trading at around $ 9,130; in 24 hours it has fallen in price by 2%. The daily trading volume of the asset has not changed and now stands at $ 30.3 billion.
Yesterday, February 3, macroeconomist Henrik Zeberg predicted a 80% drop in Bitcoin price according to the Elliott Wave Analysis. At the same time, trader Peter Brandt said that the coin rate has entered a phase of parabolic growth and will rise above $ 100,000 over several years.
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