Crypto experts talking to Reuters announce price expectations in Bitcoin

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Bitcoin continues to be traded in a very narrow area after seeing the 3rd prize halve in its system. Due to the reduced supply as ‘Halving’ reduced the rewards from 12.5 to 6.25, many experts and investors were expecting a new price increase in the biggest cryptocurrency, as after the first 2 ‘halving’. After the prize split, there was an 11 percent increase in BTC, but analysts say that the days that are negative are more than the positive ones, and that the technical momentum is going downwards. On the other hand, from January to ‘halving’ …

Bitcoin continues to be traded in a very narrow area after seeing the 3rd prize halve in its system. Due to the reduced supply as ‘Halving’ reduced the rewards from 12.5 to 6.25, many experts and investors were expecting a new price increase in the biggest cryptocurrency, as after the first 2 ‘halving’.

After the prize split, there was an 11 percent increase in BTC, but analysts say that the days that are negative are more than the positive ones, and that the technical momentum is going downwards. On the other hand, Bitcoin saw a 40 percent rise in the period from January to ‘halving’.

BTC, which was at $ 9783 on Thursday, passed $ 10K twice after the prize split, but later the major resistance in that region led to the withdrawal of the largest cryptocurrency.

“Bitcoin’s network data points to a decline”

Speaking to Reuters, NEM Ventures manager Nicholas Pelecanos said, “Bitcoin is cycling between bears and bulls. On the one hand, there is a correlation with network data and techniques, on the other hand, with strong foundations and US stocks. ” Pelecanos also said that Bitcoin’s network data is giving bear signals rather than bullish signal and expects a short-term sales response, ie a decrease.

Looking beyond the short term, investors expect a serious increase in price. The first prize halfway in November 2012 led to an amazing rally and the price jumped from $ 10 to $ 1160 in 12 months. In the second prize split in July 2016, Bitcoin had increased more than 300 percent and rose from $ 650 to $ 2800.

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6 to 12 months for the fruits of Halving

Lennard Neo, who is the director of the research department at Stack Funds, said, “Investors may have to wait 6 to 12 months to get what ‘Halving’ will win. Indeed, there is an important time frame between the halfway and the establishment of a renewed market balance based on general supply and demand. ”

Since miners ‘block rewards have decreased by 50 percent, the supply of Bitcoin has also been affected, and miners’ time to find the point where their costs and revenues are equal. Lennard Neo said that with the discovery of this point, he thinks that the halving halving will start to affect the price.

Investors are banking on higher corporate demand to increase Bitcoin price. Currently, the funds are flowing into the largest cryptocurrency that has managed to stay firm in the heart of the coronavirus outbreak.

Significant increase in corporate purchases

“When we look at the incoming corporate money input for our products and asset management, we see a serious increase in purchases,” said CoinShares President Danny Masters. said. Michael Sonnenshein, a manager at Grayscale, which manages $ 4 billion of crypto assets, said that his firm’s investment fund has increased from $ 2 billion to $ 3.5 billion at the end of the first quarter. “In an environment of uncertainty with epidemic, political tensions, and serious currency printing, Sonnenshein said, there are serious investments in digital currency. ” said.

James Wo, head of Digital Finance Group, a 500 million dollar cryptocurrency and blockchain fund, likens Bitcoin to digital gold and emphasizes that BTC does not deteriorate, saying, “There is a great potential for Bitcoin to grow. Gold has a value of $ 8 trillion, but in BTC this figure is less than $ 200 billion. Only time is needed for mainstream adoption. “People need time to believe it and fully understand it.”

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