After a year in which both high and low-flying Bitcoin prices dominated the news, cryptocurrency supporters are optimistic about the year 2021. That isn't new, but the general consensus in the community is that "this time it's different."
When all of these factors are considered (both now and in the past- in 2011, 2013, 2017), one can look at the Bitcoin chart and compare it to today's chart. "They're doing the same thing," most BTC supporters say, highlighting, rather than supporting, BTC's current prices being "on the road to recovery."
Clem Chambers, the CEO of Europe's number one stock and share website, ADVFN, offered his thoughts on the present market condition in a recent interview. He also offered some light on what to expect in terms of short- and long-term developments. ", he explained.
“Every boom-bubble-bust cycle appears to be identical to the last one. You can look it up on the internet. It's the same wave as before. It's a four-year cycle every time. It's coming down again, and it's going to be way under $20,000, possibly even under $10,000. I'm going to start buying again when it does,” he said.
What gives rise to this optimism?
Long-term investors, according to Chambers, should not react to tiny market fluctuations. Instead, they could take advantage of the opportunity to purchase at a reduced price. Despite the CEO's belief in a long-term bullish run for the crypto market, a correction is on the way (short-term).
Furthermore, while comparing Bitcoin to its rival cryptocurrency, Ethereum, Chambers endorsed Bitcoin. He expressed his opinion as follows:
“Because there is no one to trust, you may trust Bitcoin. It's nothing more than crypto anarchy. It's anarcho-capitalism, which is supposed to be strong, useful, and entertaining. Bitcoin demonstrates that it is, but it also has flaws and limitations. “I have faith in Bitcoin.”
Chambers, on the other hand, voiced reservations about ETH's big improvements (that may or may not live up to expectations).
Finally, when asked about BTC's price estimates for the end of the year and the immediate future (3 to 5 years), he concluded:
“$13,000 and $120,000,” says the narrator (respectively). You can go to ADVFN and compare the Bitcoin chart from 2017 to the current chart. They're both doing the same thing.”
According to research, this lessens the likelihood of a major sell-off in the future and increases the likelihood of a future Bitcoin recovery.
However, Moskovski Capital's CIO, Lex Moskovski, portrayed a quite different picture.
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