Bitcoin is hovering above $9,300 with a minimum change in 24-hours. To show a big run, it must have to cross the figure of $10,000 but the current position is lower than this. If the price remains for a long period of time in the consolidation phase, it leads to only one conclusion that digital gold is accumulating momentum. The potential momentum then hit the value to another big figure.
Today’s performance was not very fast but a steady movement is observed. Bitcoin is swinging around the one value with 1-2% ups and downs. The altcoins are also following the digital gold but Bitcoin Cash has shown a sharp move with a 10% change.
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Bitcoin to $1 million
As per the predictions that BTC will go to $1 million after the halving event, it is preparing itself to take the big start. But currently, the position of bitcoin as compared to $1 million is very weak and it will need the support of big whales to achieve the ultimate goal.
The speculation to $1 million is not the product of layman traders but the recognized crypto enthusiasts are claiming this.
China’s Entry into Blockchain
China’s claim to enter the blockchain and revolutionizing it by investing in it got viral in the crypto community. When the price value was hiked to $10,000 last week, it was the topic of the discussion that what are the reasons which contributed to the sudden rise. The first reason was the announcement of China’s entry into blockchain as claimed by the Chinese President. The crypto community is hopeful to listen to some more good news from big states and this will automatically urge the big whales to invest in BTC.
Some crypto analysts are submitting the breakout of BTC as Crypto Rand, a crypto fellow said: “Bitcoin keeps pushing for a breakout.” The long-term perspective seems to be good for digital gold and a satisfactory recovery is expected. A bitcoin lover said:
After the last few months of events, I’d feel more comfortable with only bitcoin in my portfolio than none at all.