Ark Invest Analyst Believes Bitcoin Could Reach $1 Million, But How?
2023年4月14日 - 11:00PM
NEWSBTC
Bitcoin has soared tremendously in the past week as it approaches
the $31,000 mark. Several analysts have predicted Bitcoin to rise
in 2023 and beyond. Likewise, Yassine Elmandjra, an Ark Invest
analyst believes Bitcoin will hit the $1 million mark in the next
10 years. These bullish views on Bitcoin are not new, and it has
retained its status as the apex cryptocurrency since its inception.
Yassine Elmadjra Shares His Thoughts On Bitcoin In an interview,
the Ark Invest Analyst stated that Bitcoin has been the
best-performing asset in the last decade. He believes that
depending on risk adjustments, BTC can yield between 2.5% to 6.6%,
which could translate to above $1 million in the next 10 years.
Related Reading: Solana Sparkles With Highest 24-Hour Gain Among
Top 10 Cryptos He highlighted Bitcoin’s resilience despite market
uncertainty and financial chaos, pointing to the fact that Bitcoin
is in the same breath as gold as a store of value. Elmandjra notes
that although a 20-fold increase might sound too optimistic, it is
achievable based on Bitcoin’s origin. The analyst believes
the digital asset sector is growing rapidly and will be more
relevant in the coming years since Bitcoin and other
cryptocurrencies are already enjoying increased institutional
adoption. However, regulatory issues and restrictions are a
challenge to the advancement of the digital economy. Balaji
Srinivasan, the former CTO of Coinbase, also placed a bet on
Bitcoin with James Medlock last month of 1 BTC and $1 million USDC.
The terms are if Bitcoin fails to hit $1 million by June 17, 2023,
Medlock wins the bet. However, if it does, Srinivasan will
hold onto his 1 BTC and $1 million USDC. This bet reflects the
tremendous belief that BTC enjoys from investors worldwide. Where
is BTC Headed? Bitcoin is in an uptrend on the daily chart today,
consolidating on its gains from yesterday’s closing price of
$30,399. It is trading at the $30,824 price level, forming higher
highs on the daily chart. BTC is above its 50-day and 200-day
Simple Moving Averages (SMA), with bullish sentiment in the short
and long term. Also, the Relative Strength Index (RSI) is at 72.04,
firmly in the overbought region and highly bullish. Its trading
volume is up by over 6.5% in the last 24 hours, indicating interest
from traders. Related Reading: Dogecoin Sheds Over 10%; Biggest
Loser In Top 10 Crypto Roster Today BTC’s Moving Average
Convergence/Divergence (MACD) is above its signal line and still
rising, reflecting the bullish trend. Bitcoin has broken the
$30,000 psychological resistance level leading to its current
rally. If the bulls persist, it will likely break above
$31,000 in the coming days. However, a slight pullback for
consolidation is also possible for the asset. Featured image from
Pixabay and chart from Tradingview
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