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Reddit co-founder and Coinbase investor says Bitcoin recovery is imminent

May 27, 2020

Although Bitcoin’s price has recently dropped below $ 9,000, This hasn’t discouraged optimistic investors with Bitcoin.

For Reddit co-founder Alexis Ohanian, the cryptocurrency industry is entering a golden age of development.

According to Ohanian, who is also investing in Coinbase despite the crisis, Bitcoin has a bright future ahead of it.

Reddit co-founder and Coinbase investor says Bitcoin recovery is imminentReddit co-founder and Coinbase investor says Bitcoin recovery is imminent

In addition to analyzing the price tables, the amount of work behind the scenes suggests that cryptocurrency and blockchain technology is very advanced.

“What I can say is that We are really seeing spring in the cryptocurrency industry Now in terms of the best engineers, product developers, designers who build real solutions on the blockchain. “

Bitcoin will improve

For him, it is this strong infrastructure that gives Bitcoin the security that needs to be valued.

“”We see really superior talent in this infrastructure, and for me this is the best sign of long-term value creation.“said.

While traditional investors like Warren Buffett and Charlie Munger continue to avoid Bitcoin, ORAccording to Hanian, BTC is gradually gaining strength on Wall Street.

Do you think the main cryptocurrency is here to stay.

Bitcoin will reach $ 10,000

In terms of price, Ohanian says BTC is on the short-term path to $ 10,000.

Bitcoin fell below $ 4,000 in March for fear of the coronavirus pandemic, but has since recovered.

Now, The increase has been 94 percent since March 16. In comparison, the Dow Jones and S P 500 industrial averages rose 22 and 24 percent over the same period.

Ohanian says he is a cryptocurrency investor himself, though he doesn’t reveal what currencies he has or what percentage of his portfolio is made up of digital assets.

“I have had a percentage of my cryptocurrency assets for some time and I still feel very good about it. I don’t want to change much because I think it is prudent protection“he concluded.

Bitcoin in the short term

In the short term, the next bull market should take a gradual path, according to Cointelegraph analyst Rakesh Updhyay.

“This is because the derivatives market will keep the exuberance under control for some time. However, every bull market ends with a parabolic move, and the same can happen with Bitcoin.“he emphasized.

Bitcoin’s current price correction appears to be the result of sales by miners and retail investors

For Updhyay The next negative support is at $ 8,130.58, just below the 50-day SMA ($ 8,262).

“If this support continues, the BTC / USD pair could stay in the $ 8,130.58 to $ 10,000 range for a few days. However, if the bears lower the pair below $ 8,130.58, this could signal the start of a trend. Bearish” he noticed.