04.03.202113:40 Forex Analysis & Reviews: Bitcoin's capitalization will rise to $ 20 trillion says Kevin O'Leary

Exchange Rates 04.03.2021 analysis

As expected earlier, Bitcoin continues to decline after it broke through the 61.8% Fibonacci level. At the moment, the quotes of the "cue ball" fell again below the level of $ 50,000 per coin and will most likely continue up to the previous local low. In particular, we are expecting it to decline at least to the level of $ 43,000. However, it was previously mentioned that everything will depend on whether buyers manage to keep Bitcoin above the $ 44,000 level. If so, there is a possibility that it will rise to $ 60-70 thousand per coin in the next month or two.

Meanwhile, famous Canadian investor, Kevin O'Leary, said that Bitcoin will become much more stable and less volatile in the future than it is now. According to him, the main digital asset will be used much more often for hedging risks, and accordingly, it will become more popular among large investors, which can lead to its extreme price growth. The TV show investor also believes that Bitcoin's total capitalization will rise to $ 20 trillion. It is with noting that its current capitalization is just under one trillion dollars. Mr. O'Leary also said that the price for 1 "cue ball" of $ 100,000 does not seem very high to him. On Tuesday, the investor tweeted that he plans to invest 3% of his portfolio in Bitcoin.

In addition, the Canadian businessman believes that the issue with the "purity" of coins is greatly serious. He does not urge others to buy Bitcoins of unknown origin, but to individually mine them. Not only that, he also considers the question of what energy was used to produce bitcoin to be very important. Thus, the issue of "green" energy is very important for him, which is true. As he stated, the coins that were mined on Chinese mining farms are not good, since the electricity that is produced in China is extremely harmful to the environment due to the high level of carbon dioxide emissions into the atmosphere. Therefore, Bitcoin, which spends a huge amount of energy on mining, turns out to be very harmful to the environment.

It should be noted that there are recently no reports about new large purchases of Bitcoins in the media and on the Internet. This means that only few have followed the example of Tesla and MicroStrategy. So far, many companies are ready to provide their clients with the opportunity to operate with Bitcoin and other cryptocurrencies, but not invest in them themselves. As a result, the fundamental background for the "cue ball" is not the most positive right now. This further increases the probability of its quotes declining to the level of $ 43,000, where its future fate will be decided.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

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Analista del: Paolo Greco
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