Expert: BTC will only benefit from the “new head of the economy.”
Recognition and demand for the main crypto-coin are becoming more and more large-scale. This opinion was expressed by Mike McGlone, the Senior Commodity Analyst at Bloomberg.
According to him, every market signal is evidence that the value of BTC is growing. The analyst drew a parallel between today’s fall in digital asset prices and the decline of the NASDAQ index 20 years ago, after which there was a steady increase over an extended period of time.
McGlone believes the first digital coin will benefit from a “new chapter in the economy” in which speculation is driven by more than just how much currency the Fed issues.
“The days when unsustainable companies could exist are over. Now, if a business doesn’t work, it goes under. And this is good because now when the market has cleared up after a wave of bankruptcies, it is open to solid business,” the analyst said.
Earlier, Kraken CEO Jesse Powell expressed a similar point of view. He noted that he is still positive about the first cryptocurrency. The CEO of the crypto exchange hopes to buy a Bugatti brand car for 1 BTC in the future.
Over the past 24 hours, Bitcoin has fallen by almost 8%, according to data from Coinmarketcap. The price of the crypto asset fell below $18,500.
Leading analyst at 8848 Invest Viktor Pershikov believes that during the current week, the downtrend will continue. Members of the crypto community are waiting for the announcement of information on the US rate, which should take place on September 21.
The rate increase by 75 bp is already included in the price; however, in the event of a “surprise” and an increase in the rate by 1% at once, asset prices in the stock and cryptocurrency markets may be under pressure amid sales.
Viktor Pershikov named the level of $17,500 as the nearest target for the movement of the bitcoin rate.
“The annual low for bitcoin is highly likely to be updated, but I expect that by the end of the coming weeks, the market will generally remain at current levels and continue to create conditions for the formation of a bottom,” the analyst summed up.
