Bitcoin investors have long been attracted to round numbers.Step 1 $ BTC.$ 100 BTC – be sure to keep an eye on this level.1000 $ BTC: now everyone on deck.According to a prominent crypto investor, these round numbers are actually of great importance – especially in this still young market.
Simply put, when Bitcoin again reaches a round price of $ 10,000 or $ 20,000, on macro price scales, it means Bitcoin has the fuel to go even higher – maybe until 39; it reaches another important round number.
pin up Why round numbers are so important for prices
In a podcast with Luke Martin, Su Zhu of “Three Arrows Capital” recently highlighted the importance of these round figures in the cryptocurrency market.According to Zhu, “the round numbers in crypto (like forex) are even more important because that’s what everyone thinks.”
Basically, that means: Zhu thinks that $ 10,000 will be an important moment for the main cryptocurrency when it comes to price promotion analysis.
Su Zhu is not the only one with this opinion.
Others also believe that $ 10,000 is of utmost importance for Bitcoin to increase more.
Earlier this year, Fundstrat’s global advisers, cryptanalyst Tom Lee, released an analysis that $ 10,000 is the level to watch at the moment.
Fundstrat writes in the analysis that as soon as the BTC exceeds the $ 10,000 mark, the “Level 10” FOMO will hit the market.
This was more recently the case when the BTC exceeded $ 4,500 in late 2017.If the past is a guide, the cryptocurrency market will grow even more once $ 10,000 is recovered at the macro level.
As Lee wrote on Twitter earlier this year, “($ 10,000) FOMO will see those who were satisfied with the 90% crash at BTC … and those who declared Bitcoin dead as always …”
Bloomberg also wrote in November about the apparent meaning of the four to five digit barrier:
“Bitcoin is facing solid resistance at the $ 10,000 level, and investors are struggling to value it as there is a constant debate as to whether or not it is about or not of an asset or currency.For many investors, BTC will have to cross this barrier to confirm that significant gains could continue.” Can Bitcoin reach $ 10,000?
Speaking of Bloomberg and Bitcoin at $ 10,000, an analyst at the famous market research and press company believes that it is “only a matter of time” before the main crypto -currency does not reach the key position.
Bloomberg’s chief commodity strategist Mike McGlone revealed in his monthly crypto market update last week that he expects Bitcoin to exceed key resistance of $ 10,000 .
First of all, he points out that Bitcoin should also participate in the gold rally.While the precious metal is currently trending down and peaking last summer, the macro picture could begin to favor gold (and therefore Bitcoin) on the way to 2020.
According to McGlone, cryptocurrency is brewing a perfect storm in terms of “basic premises”– massive adoption and a fixed delivery limit.
McGlone:
“Bitcoin wins the race for adoption among investments in cryptography and is becoming more and more rare, which favors the increase in prices.
A lot can go wrong with an emerging asset, but unless the basic premise is reversed, there is a higher probability of a price increase than losses.” Proof of text: newsbtc.
