{"id":219336,"date":"2021-04-05T16:04:00","date_gmt":"2021-04-05T13:04:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/the-next-big-bitcoin-price-move-optimism-is-high-but-is-it-justified\/"},"modified":"2021-04-05T16:04:00","modified_gmt":"2021-04-05T13:04:00","slug":"the-next-big-bitcoin-price-move-optimism-is-high-but-is-it-justified","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/the-next-big-bitcoin-price-move-optimism-is-high-but-is-it-justified\/","title":{"rendered":"# The next big Bitcoin price move: Optimism is high, but is it justified?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dccf7d226a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dccf7d226a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/the-next-big-bitcoin-price-move-optimism-is-high-but-is-it-justified\/#So_where_is_the_market_heading_then\" >So, where is the market heading then?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/the-next-big-bitcoin-price-move-optimism-is-high-but-is-it-justified\/#Is_Bitcoin_at_a_point_of_no_return\" >Is Bitcoin at a point of no return?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/the-next-big-bitcoin-price-move-optimism-is-high-but-is-it-justified\/#Confidence_seems_to_be_locked_in\" >Confidence seems to be locked in<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># The next big Bitcoin price move: Optimism is high, but is it justified? <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvZTliMWU3NzUtN2JhZC00ODNhLTg2ZmMtYTYxMThlNDM5NjlmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>The crypto market seems to be once again heating up, with Bitcoin (BTC) flirting with the $60,000 mark for almost a week now. However, despite its bullish outlook, the flagship crypto has failed to steer clear of the aforementioned price range with any sort of conviction, even though it did break through once, albeit for a brief period of time.<\/p>\n<p>Regardless, analysts, such as Filbfilb, co-founder of trading suite DecenTrader, and Willy Woo believe that with the Coinbase IPO looming large on the horizon, Bitcoin seems primed for big things in the near term, especially as the premier crypto continues to exhibit seven-day gains of over 13%. <\/p>\n<p>On the subject, Filbfilb recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decentrader.com\/market_updates\/market-update-coinbase-ipo-bitcoin-at-60k-alt-season-what-happens-next-alt-season\/\">stated<\/a>: \u201cWe may see increased volatility around this time period of the 14th April. I do think that we are on the brink of a strong breakout.\u201d He also later <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1378687896895561729\">pointed<\/a> out that the bears are still in play, hence the volatility may not just be to the upside.<\/p>\n<p>Similarly, Woo is of the opinion that Bitcoin will continue to rise for at least some time before the old hodlers offload their assets to pocket some decent gains. Not only that, regardless of what may h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en in the future, Woo believes that Bitcoin will not be closing below the $46,400 mark anytime soon.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"So_where_is_the_market_heading_then\"><\/span>So, where is the market heading then?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Recently, payments giant Visa announced that it will allow its users to settle their transactions in crypto, using the USD Coin (USDC) stablecoin, which is an ERC-20 token that runs atop the Ethereum blockchain. The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> has been seen by many as being yet another indicator that crypto is now firmly in the crosshairs of many mainstream players.<\/p>\n<p>Furthermore, just a few days ago, PayPal, too, announced that it was going to allow its customers to facilitate shopping transactions across its 30-million-strong merchant network using a host of different crypto assets including BTC, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).<\/p>\n<p>Regarding whether the market seems to be heading price action-wise and where BTC may find support next, independent analyst CryptoYoda told Cointelegraph that he believes there will likely be a further acceleration and a more steep parabolic advance, which will most likely become visible in the near term, adding:<\/p>\n<blockquote><p>\u201cI do not think that the 65K\u201373K mark will be of any meaningful significance. I am looking at the 100K\u2013120K zone as the next interesting price area. It is a point of no return indeed. I don\u2019t think crypto can be stopped from here \u2014 especially alts will appreciate a lot in the coming weeks and months, which will create lots of interest and awareness for this space.\u201d<\/p><\/blockquote>\n<p>Similarly, providing his take on the matter, Antoni Trenchev, CEO of crypto financial platform Nexo, believes that Bitcoin is entering the growth-side of its four-year economic cycle, especially as the global economy starts to recover from the pandemic. <\/p>\n<p>He added that the announcements of Visa and PayPal\u2019s crypto integrations indicate that more upswings are incoming. Trehnchev opined: \u201cAny bumps in the road in 2021 won\u2019t send BTC down significantly \u2014 it will keep boomeranging its way back up to the next price stop, and I\u2019d put that at about $75K.\u201d He also anticipated to enter the six-figure range soon after that.<\/p>\n<p>Lastly, Ben Zhou, CEO of cryptocurrency exchange Bybit, told Cointelegraph that $73,000 is the Fibonacci level to watch if BTC cleanly vaults above $60,000. That said, he believes just a few more announcements in the vein of the Visa, PayPal, Goldman Sachs and Teletubbies news could be the impetus that the market needs to make a clean transition above the aforementioned price threshold.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Bitcoin_at_a_point_of_no_return\"><\/span>Is Bitcoin at a point of no return?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>With so much institutional activity now happening within the space, many believe that the industry has matured so much that it has reached a point of no return, such that most people have now started to realize the technological proposition put forth by crypto rather than only recognizing its short-term profit potential. <\/p>\n<p>For example, Todd Crossland, CEO of cryptocurrency exchange CoinZoom, believes that mass adoption of Bitcoin and other digital assets is only just starting, adding: \u201cEvery corporation in the world is either already embracing Bitcoin, or they are researching strategies for how they can join the movement.\u201d<\/p>\n<p>In his view, as more of the world\u2019s largest companies purchase Bitcoin, as part of their treasuries, and also accept Bitcoin as part of their e-commerce solutions, there will be an increasing trend in the upward direction. \u201cWe see a very clear path for Bitcoin reaching $100,000 by the end of 2021,\u201d Crossland opined.<\/p>\n<p>On the subject of whether BTC can ever scale down to extremely low price levels ever again, Cointelegraph spoke with Luuk Strijers, chief commercial officer for futures and options trading platform Deribit, who pointed out that according to the options data available to him at the moment, the market seems to suggest sub-10K levels scenarios have a very slim probability of materializing. \u201cA year-end expiry USD 12K is currently priced at a 6% probability,\u201d he added, to further cement his point.<\/p>\n<p>Also, after the above-stated options expiry, as well as the Visa, PayPal and Goldman Sachs announcements, Strijers believes that the market will gradually move upward again. On a more technical note, he pointed out that according to Deribit\u2019s implied volatility index, the amount of demand for crypto assets is rising at the moment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Confidence_seems_to_be_locked_in\"><\/span>Confidence seems to be locked in<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to Zhou, market participants all over the world have spoken and loudly affirmed that they view Bitcoin as a tangible long-term store of value. In fact, he believes that even when there will be an eventual downturn in the current supercycle, BTC\u2019s price is unlikely to drop below the height of its 2017 bull run of $20,000. <\/p>\n<p>This, in his opinion, is simply due to the fact that an increasing amount of institutional money is flowing into this space on a regular basis but also because fiat dilution has been happening all too rapidly. As a result, most currencies can no longer claim their prior values that they were able to hold back in 2017, or early 2020. <\/p>\n<p>To put things into perspective, since the start of the coronavirus pandemic back in March 2020, the United States Federal Reserve has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.usatoday.com\/in-depth\/money\/2020\/05\/12\/coronavirushow-u-s-printing-dollars-save-economy-during-crisis-fed\/3038117001\/\">printed<\/a> over $3.5 trillion, issuing the money in the form of stimulus packages to families as well as in an effort to pump capital into the economy. <\/p>\n<p>That being said, even though the market looks to be in great shape right now, it is still anyone\u2019s best guess as to what the future has in store for Bitcoin and other prominent altcoins. This is because this fledgling sector is still full of inherent risks \u2014 despite what the Winklevoss twins would like everyone to believe \u2014 with there still being little to no scope of accurately assessing the pitfalls involved with this space. Thus, it\u2019s of utmost importance that users do their personal research before investing big in any project.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/the-next-big-bitcoin-price-move-optimism-is-high-but-is-it-justified\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# The next big Bitcoin price move: Optimism is high, but is it justified? &#8221; The crypto market seems to be once again heating up, with Bitcoin (BTC) flirting with the $60,000 mark for almost a week now. However, despite its bullish outlook, the flagship crypto has failed to steer clear of the aforementioned price&#8230;<\/p>\n","protected":false},"author":1,"featured_media":219337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvZTliMWU3NzUtN2JhZC00ODNhLTg2ZmMtYTYxMThlNDM5NjlmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73711,71407],"class_list":["post-219336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-investments","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/219336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=219336"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/219336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/219337"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=219336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=219336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=219336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}