Bitcoin is still the most popular cryptocurrency, and single tokens are worth thousands of pounds. According to trading platforms, the latest estimates place Bitcoin at PS33174 (46,005) per coin, an approximate one percent gain over 24 hours. The coin has lost nearly 20% of its value over the past week. This raises questions about whether the currency is headed “to the Moon”.
Is Bitcoin able to “go to the Moon?”
The most bullish prediction market watchers could make is that a cryptocurrency might “go to the Moon”.
People who declare their token as such are confident that it will be of astronomical value.
However, this trust is frequently misplaced especially when it comes to cryptocurrency.
Tokens are based on interrelated factors like market movements and popular culture through celebrities and social media.
They are inherently volatile and subject to unexpected surges or collapses regardless of their declarations.
Bitcoin is the most valued coin, and it can be extremely expensive to invest in. Each market decline could potentially reduce its value by thousands of pounds.
Experts believe that the currency could ride the wave of the Moon’s eclipse and reach the Moon in 2021.
It reached a new record of $62,223 in April (PS44.868). In April, cryptocurrency analyst PlanB expressed their optimism that the currency could go far beyond these records to their 652,200 followers on Twitter.
They posted on the platform that, according to the Stock to-Flow model, the coin could hit dizzying heights between $100,000 (PS72.108) and $500,000 (PS360.542).
At the opposite end, CryptoWhale (another prominent analyst) predicted that the coin would crash. He has 262,800 followers on Twitter.
According to their calculations, Bitcoin is in a Bull Trap. This means that Bitcoin will experience temporary highs and then plunge into severing lows.
This is your second chance to make profits high, before the bear markets continue!
Despite recent sector movements, cryptocurrencies continue to rise despite these developments.
The US Senate passed a cross-party resolution regarding a Democrat’s budget. It rejected a crypto tax provision, but did not cave in prices.
Mark Cuban, a billionaire, seemed to believe that cryptocurrency will bring steady growth. He told the Washington Post that shutting down its engine would mean “stopping electronic commerce in 1995 due to people being afraid of credit card fraud.”
Publiated at Wed. 11 August 2021 23.26:07 +0000