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Bitcoin Price Analysis and Crypto Market Update

  • Bitcoin price may jack back to $33,000.
  • Miami set to invest in Bitcoin.
  • BIS’ General Manager Condemns Bitcoin.
Bitcoin price analysis and crypto market update

As per the information supplied by trading view, on cryptocurrency exchange, BTC traded within the region of $29K to $32K on the 27th of January. As at today Bitcoin is currently trading within the $31 region according to the data supplied by CryptoCompare.

High hopes for Bitcoin

Michael Van de Poppe, a popular cryptocurrency expert spoke about Bitcoin’s recent value yesterday. He said that bitcoin price may jack back to $33K to $34K. He explained that the trend is currently down and yet to give any signal of bottoming. He noted that February is usually corrective and that bitcoin price may rise by then.

Another digital currency expert, Josh Rager asked traders and investors to be patient. Rager has high hopes for Bitcoin. He recalled back to 2016/2017 when Bitcoin reached an all-time which was followed by a drawback. He said it took few months before the price went high. He said investors should be patient because of such development.

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The Mayor of Miami, Francis Suarez,  stated that his city is planning to have and hold a certain percent of its financial reserve in Bitcoin. He stated this in a recent interview with Stuart Varney on the 14th of January. 

Varney started the dialogue by demanding to know why Miami is planning to invest in digital currency. The Mayor replied that he would have made at least 200% return on investment if he had done it in 2020. He stated that he would have seemed to be a genius. He pointed out the fact that he wants Miami to be numbered among the leading crypto-forward and technological cities in the U.S.

Popular investor Bill Miller has stated that not having Bitcoin is a big mistake. He stated this in a letter on financial plans people can take advantage of. He directed his audience to purchase BTC. He recalled that the best digital currency in the last few years has been Bitcoin. He furthered that interest has grown for the world’s largest cryptocurrency since the last decade. Miller stated that everyone who has held BTC for a long period of time have acquired a huge ROI.

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BIS’ GM Condemns Bitcoin

Despite the increasing interest in Bitcoin especially from institutional investors, Agustin Carstens,  the Head of Bank of International Settlement condemned Bitcoin yesterday. He said Satoshi Nakamoto’s procedure features a consensus that has no need for an intermediary. But Bitcoin is a theoretical financial asset than fiat currency. He stated that BTC is like Tesla without any automobile. He said it attracts bystanders but no value is backing it. He likened the cryptocurrency network to a community of cyber game players who exchange fiat currency for commodities existing online.

Carstens cautioned that the uncertainty in the worth of Bitcoin means it is impractical to set Bitcoin price. He furthered that, the price oscillation also frustrates the applicability of Bitcoin as a channel of transaction . He claimed to have proof of Bitcoin price manipulation. He later predicted that Bitcoin may collapse soon and investors should be careful.

Bentley Kapoor (India)

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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