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Crypto Industry News:
The latest Bloomberg report reveals that the company expects Bitcoin to re-test its 2017 record results, and that it could even reach $ 28,000.
The report suggests that COVID-19 has accelerated Bitcoin's maturation as an asset, showing its strength among declining stocks. In addition, it indicates the ever-growing appetite of institutional investors, in particular Grayscale or GBTC, which consumes about 25% of new supply. The constantly falling premium in GBTC despite strong influences indicates that supply is removed from the market and maturing. Based on an average 30-day premium of 20% on the holding fund relative to the underlying net asset value, it is comparable to a historical average of 39%.
The report says that "something must go really bad" so that Bitcoin does not grow. He then states that he will reach the highest level of $ 20,000 in 2017, and that he may even reach the new highest level of $ 28,000.
According to the report, another important reason is the rapid growth of Tether. In May, its market capitalization amounted to USD 4 billion. A year later it increased to 10 billion dollars. The increase in the circulation of stablecoins indicates a greater acceptance of cryptographic assets.
After halving and almost half of 2020, we should not wait long to see if the forecasts will come true.
Technical Market Outlook:
The BTC/USD pair has been consolidating the recent gains around the level of $9,700 after the bounce form the trend line dynamic support. The momentum is now neutral, so any clear violation of the level of $9,249 will accelerate the drop towards the next technical support located at the level of $8,565. The daily time frame trend remains up.
Weekly Pivot Points:
WR3 - $11,128
WR2 - $10,392
WR1 - $9,960
Weekly Pivot - $9,277
WS1 - $8,866
WS2 - $8,158
WS3 - $7,756
Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
