11.02.202000:53 Principle: bitcoin rose above $10,000 and fell again

Exchange Rates 11.02.2020 analysis

Sharp ups and downs are a common thing in the cryptocurrency sphere, so many traders took for granted the sharp increase in the MTC this Sunday, February 9. However, the joy was short-lived, and the no. 1 cryptocurrency was again beginning to lose ground.

According to experts, the leading digital asset exceeded the $10,000 mark for the first time in 2020. The no. 1 cryptocurrency last traded at this level more than three months ago in October 2019.

Nevertheless, the beginning of a new week did not bring the expected positive to Bitcoin. On Monday, February 10, the leading virtual asset was unable to maintain its position and collapsed. It dropped to $9988 in the BTC/USD pair, demonstrating a tendency to a steady decline. Experts believe that the downward trend will continue in the near future.

Exchange Rates 11.02.2020 analysis

Hopes of most market participants after overcoming the BTC mark of $10,000 were in vain. Many in the crypto community hoped that Bitcoin would continue to grow. However, this did not happen, and the market was gripped by disappointment.

However, some crypto enthusiasts are confident that the leading digital asset will reach lost heights and even exceed them in the medium term. According to Anthony Pompliano, a partner at Morgan Creek Digital, an investment company, by the end of 2021 MTC will skyrocket to a whopping $100,000. The key factors behind this growth will be limited emissions and increased demand.

Other forecasts look more realistic. For example, Robert Slammer, an analyst with Fundstrat, claims that in the near future Bitcoin will be trading in the range from $10,000 to $11,000. Institutional and retail investors are also confident in the rise of the first cryptocurrency.

A positive note was also made by the leading rating agency Weiss Ratings, which assigned Bitcoin with an A- rating (excellent). The reasons for the rating increase were the improvement of fundamental indicators of BTC and the optimistic price dynamics of bitcoin before the upcoming halving.

However, not all market participants are positive about the leading virtual asset. According to Joe DiPasquale, CEO of Bitbull Capital, in the event of a lull in the global market, bitcoin could drop to $6,800. The expert is certain that bitcoin will increase in price only if the situation with the Chinese coronavirus worsens and if gold prices rise.

Performed by Larisa Kolesnikova,
Analytical expert
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