Bitcoin space re-gaining steam
Hovering in range-bound mode for 2 mths, Bitcoin may scale to $42,000
image for illustrative purpose
After being in a range-bound for over a couple of months, Bitcoin is now hovering in the range of $30,000-38,000. Now, analysts feel that soon it will cross $42,000.
"This clearly indicates that the market has been evolving, and investors are growing increasingly mature, which has in turn put a considerable check on the overall market volatility. But having said that it has been observed that a period of low volatility is followed by a period of high volatility and vice versa. So, while Bitcoin has been range-bound for a few weeks, we might see high volatility in the markets soon, though not in the same proportion as earlier," Gaurav Dahake, founder & CEO, Bitbns, told Bizz Buzz. Besides, we saw a lot of accumulated short-term interest getting liquidated, which took the markets higher, and now we are witnessing more inflow of funds from users. If this is to continue, we might soon cross all-time highs by the end of the year, he added.
Analysts are bullish on the fundamentals of Bitcoin. Price fluctuations like this are just a sign of an early market and it'll be stabilized once the market matures.
Avinash Shekhar, Co-CEO, ZebPay, says: "We are always bullish on the fundamentals of Bitcoin. Price fluctuations like this are just a sign of an early market and it'll be stabilized once the market matures. When you look at Bitcoin, you are looking at an asset with innovative technologies like triple entry bookkeeping, decentralization, and a public ledger. The best part is that more upgrades are coming to this network to make it more efficient."
"When we say we are bullish on bitcoin, we are looking at the future potential of this asset and the strong fundamentals it holds. Also, if you look at the larger time frame, these small price fluctuations would be invisible and that's why we recommend investing in Bitcoin for the long run. For the short term, we're looking at the Bitcoin price of above $42k to confirm a bull market based on the technical analysis by our traded desk," he said.
