Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Shahinaz on March 21, 2019, 11:31:52 AM
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The valuation of the crypto market rose by $1.5 billion overnight as the bitcoin price closed on $4,100 and a handful of tokens recorded gains in the range of 10 percent to 25 percent.
Based on the global average price of bitcoin as shown on Coinmarketcap.com, the bitcoin price has remained above the $4,000 resistance level for more than seven days.
(https://www.ccn.com/wp-content/uploads/2019/03/chart-30.jpeg)
Throughout the past several months, many traders expressed their concerns over the inability of bitcoin to break out of crucial resistance levels and if the dominant cryptocurrency can continue to move past $4,000, the sentiment around the market is expected to improve.
IS THE BITCOIN BOTTOM IN? TOO EARLY TO TELL BUT INDUSTRY EXECS BELIEVE SO
Earlier this week, reports suggested that some analysts still foresee the bitcoin price testing its previous low in the $3,122 to $3,500 range before initiating a proper accumulation phase in the upcoming months.
The cautious optimism towards the price trend of bitcoin comes from its performance since September 2018. Since mid last year, bitcoin has shown a pattern of experiencing several months of stability and becoming vulnerable to a large drop thereafter.
Bitcoin could avoid a large retrace to the $3,500 region if it can continue to climb up in the $4,000 and $5,000 range and a growing number of traders have begun to forecast a gradual climb to key resistance levels.
https://twitter.com/__BTC3P0__/status/1108418673734238208
Anthony Pompliano, the co-founder and general partner at Morgan Creek Digital, said that institutional investors and asset managers are likely to buy cryptocurrency funds in the long run, committing to the asset class.
Pompliano, better known to the community as Pomp, wrote:
In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry.
If asset managers begin to set up strategies to become increasingly involved in the cryptocurrency market, it could lead to an inflow of capital into the market.
source: https://www.ccn.com/bitcoin-nears-4100-as-tokens-gain-20-bottoms-in