Categories: Bitcoin Business

Bitcoin Still ‘Wildly Bullish’ Despite Sharp Recent Retreat, Experts Say

Click here to view original web page at www.ccn.com
Bitcoin's recent retreat is merely a bump in the road for a long-term bull rally, analysts have claimed. | Source: Shutterstock

Despite the recent fall of Bitcoin, experts have not yet abandoned their bullish sentiment. In fact, it seems that current events have only served to reinforce this perception.

While it is true that bitcoin experienced a sharp drop, breaking essential supports for swing and day traders, in a long term vision it is possible that this is only an exception or even a shadow in long-term candles, which could serve to provide further stability to trends.

Tom Lee Remains as The Eternal Bullish Expert of the Crypto-verse

One of the analysts who doesn’t give up on his bullish point of view is Tom Lee. In a recent tweet, he explained that the bullish sentiment in the bitcoin markets has strengthened despite comments by Donald Trump and Steve Mnuchin.

Bitcoin seems comfortable with statements made by #Mnuchin regarding Crypto and KYC/AML.

– White House wants fair ground rules but does not seem intent on further action at this time.

$BTC rise shows market comfortable with this

— Thomas Lee (@fundstrat) July 15, 2019

Lee bases his reasons on the fact that the White House gave Bitcoin some notoriety even though it showed no interest in taking immediate action that could really damage trading. Mr. Lee also explains that the recent pullback served to control a bit the overhype of some traders, demonstrating that the rise is a product of the natural behavior of the market – which is more important and stable than a trend driven by FOMO.

Travis Kling: It is “Wildly Bullish” That Governments Make a Difference Between Bitcoin and Libra

Another expert who shares Mr. Lee’s opinion is Ikigai Fund’s CIO Travis Kling. The well-known financial analyst considers as very positive the fact that the Fed and the Treasury Department recognize Bitcoin as a store of value.

As institutions begin to talk about Bitcoin, public interest in these technologies is likely to increase, which may stimulate trading.

Kling also considers as “wildly bullish” that these institutions — and President Trump himself — recognized the importance of Bitcoin and its differences against Libra; a controversial project endorsed by Facebook that, although using blockchain technology, has caused a lot of discussion about its nature; being labeled under categories that range from a cryptocurrency to an ETF or even digital fiat money.

The Chairman of the Fed and the Treasury Security both agree that Bitcoin is a speculative store of value.

Both of them, along with the President, agree that Libra and Bitcoin are two very different things.

Wildly bullish.

— Travis Kling (@Travis_Kling) July 15, 2019

BTC is currently recovering from a drop that started at $13,000 and broke the support of $10,000. Its price at the time of this note gravitates around $11000.

Click here for a real-time bitcoin price chart.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

G7 To Investigate Bitcoin{BTC} And Other CryptoCurrencies

Source: Wikimedia The G7 meets next week to investigate regulations for Bitcoin and other cryptocurrencies. G7 To Discuss Bitcoin Next… Read More

50 mins ago

US Treasury Blackballs Bitcoin Addresses of Chinese Drug Kingpins

The US Treasury is blacklisting specific bitcoin addresses related to Chinese druglords. | Source: Shutterstock By CCN Markets : The… Read More

51 mins ago

Modex: How blockchain can solve the fake news problem

LONDON, UK - Media OutReach - 22 August 2019 -When Satoshi Nakamoto solved the Byzantine General's problem in 2008 by… Read More

51 mins ago

Unlocking the future of blockchain innovation with privacy-preserving technologies

The origins of blockchain as many are familiar with it today can be traced back to the Bitcoin whitepaper ,… Read More

51 mins ago

Maerki Baumann Why a Swiss private bank is embracing blockchain

Maerki Baumann decided it could not sit still and hope for the best. At a time of increasing pressure on… Read More

51 mins ago

World Bank picks up millions in latest blockchain bond move

In August of last year, the World Bank and the Commonwealth Bank of Australia (CBA) announced a new bond alternative… Read More

51 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More