Bitcoin could be ‘off to the races’ and hit $90,000 if…

bitcoin new concept virtual money graphics digital background gold coin with image letter b mining blockchain technology close up scaled

At press time, both of these asset classes were trading in the red. Bitcoin, the world’s largest cryptocurrency by market cap, was trading under the $42k-mark whereas the yellow metal stood at $1,730. Both registered corrections of about 4% and 1%, respectively, yesterday.

Needless to say, this is doing little to alleviate concerns among some investors. In fact, just recently, best-selling author of Rich Dad Poor Dad Robert Kiyosaki warned investors about the same.

“Giant stock market crash coming October. Why? Treasury and Fed are short of T-bills. Gold, Silver, and Bitcoin may crash too,” he said.

What does the future look like for Gold and Bitcoin?

Chris Vermeulen, Chief Market Strategist at investment advisory firm TheTechnicalTraders.com, discussed the same during a recent interview.

According to the exec, Bitcoin and gold will undergo further price consolidation before hitting new all-time highs on their respective charts.

Talking about gold first, Vermeulen asserted that it seemed to be presenting a very strong bullish pattern – A ‘‘V-shaped recovery’ pattern.

“I don’t think it’s going to break out to new highs this year, but I think gold is trying to put in a base. I think it’s going to try to range here before $1,700 and $2,000 until the end of the year, and next could be a very big year for gold.”

Meanwhile, he opined that “gold will have a good 2022 since it’s working towards the $2,600-mark.” Vermeulen also noted that the precious metal is suitable for investment, but not for trading at the moment.

What about Bitcoin then? The exec believes Bitcoin, popularly known as ‘digital gold,’ is bound to “undergo a series of rallies and consolidation in the coming months before hitting a new high.”

“The reality is that it is currently stuck in a massive range that is acting as a driver for the next high….undergo a series of sideways trading for a long time, potentially running into several months.”

Moreover, Bitcoin in 2017 (v. now) retraced a similar path. Post hitting an all-time high of close to $20,000 in 2017, it dipped significantly.

Ergo, a further correction might be in place for the flagship token. Amid such uncertainty, Vermeulen projected a downside of $21,000 0 $16,000. Needless to say, Bitcoin needs to record another significant bounceback soon.

“If it breaks to the upside we could be off to the races, maybe it’s gonna hit $90,000. But, if its stays in the range or breaks below, (then) it’s kinda like dead money.”

Nevertheless, some others have been even more critical of the cryptocurrency. Economist and crypto-skeptic Steve Hanke, for instance, recently took to Twitter to criticize its extreme volatility and susceptibility to fraud.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 67,227.01
ethereum
Ethereum (ETH) $ 3,232.36
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 584.83
solana
Solana (SOL) $ 152.08
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,222.06
xrp
XRP (XRP) $ 0.543774
dogecoin
Dogecoin (DOGE) $ 0.172257
the-open-network
Toncoin (TON) $ 6.72
cardano
Cardano (ADA) $ 0.502901
avalanche-2
Avalanche (AVAX) $ 38.19
shiba-inu
Shiba Inu (SHIB) $ 0.000024
bitcoin-cash
Bitcoin Cash (BCH) $ 539.79
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,090.98
tron
TRON (TRX) $ 0.114334
polkadot
Polkadot (DOT) $ 7.14
chainlink
Chainlink (LINK) $ 15.11
matic-network
Polygon (MATIC) $ 0.758047
litecoin
Litecoin (LTC) $ 85.63
internet-computer
Internet Computer (ICP) $ 13.46
near
NEAR Protocol (NEAR) $ 5.69
uniswap
Uniswap (UNI) $ 7.76
leo-token
LEO Token (LEO) $ 5.76
dai
Dai (DAI) $ 0.999434
ethereum-classic
Ethereum Classic (ETC) $ 29.38
aptos
Aptos (APT) $ 9.60
first-digital-usd
First Digital USD (FDUSD) $ 1.00
blockstack
Stacks (STX) $ 2.62
mantle
Mantle (MNT) $ 1.13
crypto-com-chain
Cronos (CRO) $ 0.139004
bittensor
Bittensor (TAO) $ 544.11
cosmos
Cosmos Hub (ATOM) $ 9.16
filecoin
Filecoin (FIL) $ 6.54
stellar
Stellar (XLM) $ 0.113296
okb
OKB (OKB) $ 53.59
vechain
VeChain (VET) $ 0.043761
arbitrum
Arbitrum (ARB) $ 1.16
render-token
Render (RNDR) $ 8.06
immutable-x
Immutable (IMX) $ 2.13
hedera-hashgraph
Hedera (HBAR) $ 0.084324
kaspa
Kaspa (KAS) $ 0.126167
maker
Maker (MKR) $ 2,930.83
dogwifcoin
dogwifhat (WIF) $ 2.58
pepe
Pepe (PEPE) $ 0.000006
the-graph
The Graph (GRT) $ 0.259604
optimism
Optimism (OP) $ 2.41
ethena-usde
Ethena USDe (USDE) $ 1.00
theta-token
Theta Network (THETA) $ 2.37
injective-protocol
Injective (INJ) $ 26.02