Bitcoin Goes Up – What Now?

Maja Mazur
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In recent days, every cryptolover’s eyes were focused on the rapidly changing Bitcoin charts. The price went up and so did the hopes of traders. But what do professionals think about Bitcoin sudden boost?

Unforeseen change

Our oldest and most popular cryptocurrency, Bitcoin (BTC) has not been doing great in recent months. After the half-a-year-long stagnation people stopped believing the cryptocurrency will ever be worth any close to 20,000 USD again. But suddenly, on Sunday, February 17, the price started to grow rapidly. In just a few days, it went up by over 300 USD and for the first time in months broke the 4,000 USD level.

Now, what was the media response and how did the cryptocurrency experts comment on this situation?

Alex Sunnarborg – Bitcoin hasn’t reached its bottom yet

Alex Sunnarborg is one of the founders of New York crypto hedge fund Tetras Capital. He’s also well-known in the cryptocurrency world for his knowledge and opinions about the digital asset market. In an interview with Forbes, he shared his predictions about Bitcoin’s future and let’s just say they weren’t very positive. He thinks that it “hasn’t bottomed yet”. It means that the current increase in price is only temporary and, according to him, it will fall again. He also mentioned that altcoins are more probable to boost up more than Bitcoin. His beliefs certainly don’t place much hope in the ten-year-old crypto veteran.

Bloomberg – it’s just a delayed reaction to JPMorgan’s news

Last week, we wrote about JPMorgan’s announcement concerning creating a new bank-based cryptocurrency. Apparently, some think that this news may have influenced the market directly, and obviously Bitcoin’s worth as well. The sudden rally of cryptocurrency prices after the prolonged stagnation got immediately linked to this announcement. But it took Bitcoin a very long time to react. That’s why we can’t be certain if it was the reason of the boost. Bloomberg tweeted its support towards this version, though.

https://twitter.com/crypto/status/1097912414106988544

Elon Musk – no for crypto

At the same time, as Bitcoin is gaining ground in the crypto world again, Elon Musk (the crypto guru and founder of PayPal, Tesla and SpaceX) admits he won’t get involved in cryptocurrency investments. He claims that digital assets ‘are brilliant’ and will eventually displace paper money, but apparently, they are not what he wants to go for. He reminds that cryptocurrencies are very energy-intensive and that’s why there should be some kind of constraints on the creation of them.

Summary

To sum up, the Bitcoin boost has not been received as positively as one might have predicted. For now, the change has not been so colossal yet but the price continues to grow. Let’s see what the future brings for Bitcoin!

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