Like most coins, there is some upward pressure for Bitcoin and what a time to capitalize on. In the past week or so, we have seen the influence of $6,000 our main support line and 2018 lows. Because of these developments, odds of further gains are high and this opens the door for Bitcoin buyers to search for loading opportunities in lower time frames.
By design, cryptocurrencies are meant to exist on their own without government interventions. To make this a reality, these coins exist digitally in an often regulated environment. Aside the regurgitation of stale crypto news by mainstream media, we have seen how useful they are for struggling economies hit by hyperinflation. Bitcoin for example is in use in Zimbabwe and in Bolivia where their government issued paper monies are worthless.
These encouraging cases give a glimpse of the future where the value of any currency is determined by the community and not by a government entity working in cohorts with rogue politicians. Talking of rules and regulation and the Chilean Court of Appeal has ordered the country’s state bank Banco Estado to reopen the deposit account of OrionX. OrionX is one of Chile’s cryptocurrency exchanges.
It’s along this value proposition that ADVFN CEO thinks Bitcoin is on the path of hitting $20,000 and later $2 million. According to their bright analysis, Clem Chambers of ADVFN noticed that prices of Bitcoin often expand at 26 percent per time period and this effectively makes Bitcoin a logarithmic asset that moves non-linearly. So, in his projection, within 10 time periods assuming Bitcoin continues to compound at 26 percent, Bitcoin valuation shall reach $2 million.
Source: https://www.newsbtc.com/2018/07/16/bitcoin-btc-technical-analysis-5/
