- Morgan Stanley’s CEO doubts whether Bitcoin deserves the attention it’s getting
- Bitcoin (BTCUSD on xStation5) seems to be en route to its all-time highs
- Bitcoin could reach almost $200,000 according the newest survey carried out in the US
- Indian Supreme Court urges the government to regulate Bitcoin
Cryptocurrency traders seem to be not worried about the latest debacle of a launch of SegWit2x and therefore they’ve rushed to buy Bitcoin anew which has lifted the price much higher. Notice that the most famous digital currency has already increased $1700 from its low reached during the past weekend. Along with the rising price of Bitcoin there are another remarks and opinions from the most prominent people in the business world. Today we got such kind of expression from Morgan Stanley’s CEO James Gorman who said during his interview with CNBC that Bitcoin is getting more attention than it might deserve, however he added that the phenomenon is not going away overnight. He continued saying that something that goes up 700% in a year – it’s by definition speculative, so anybody who thinks they’re buying something that it’s a stable investment is deluding themselves. Thus Gorman followed his peers on Wall Street such as JP Morgan’s Jamie Dimon or BlackRock’s Larry Fink who did not bode well for the virtual currency.
Technically the Bitcoin price managed to break its local resistance we pointed out yesterday, hence a move to the upside seems to be probable in the nearest future irrespective of the above-cited comments. If so, buyers could try to set a new peak possibly at or above $8000. As for now a broken 23.6% retracement appears to constitute the nearest support for bulls.
Seeking subsequent targets for Bitcoin it needs to write something about the newest survey conducted by LendEDU Research. The company carried out the poll among 564 Americans who invested in the cryptocurrency and therefore the survey findings ought to be interpreted with extreme cautions. Either way, the average price they are looking for is… $196,165 per a coin implying approximately a 30-fold increase compared to the spot price. Their guesswork was based on assumptions that Bitcoin will be gradually replacing national currencies in everyday transactions.
While Bitcoin (BTCUSD) has been marching higher of late Litecoin has been on the sidelines as the price is constantly hanging around its key resistance line at $65. Until this line is broken, the more substantial upside should be limited. As a result, there is a possibility that sellers will prevail in the upcoming days trying to bring the price down toward an ascending trend line. Source: xStation5
At last let’s refer to the Indian story where the Local Supreme Court has called on the government to regulate Bitcoin. The petition expressed concerns that Bitcoin could be used to conduct transactions across borders without a trace, making it an attractive tool for ransomware attackers and tax cheaters. There are calculations that ca. 500 000 residents in India now hold Bitcoin while cryptocurrency exchanges add about 2500 users per day.