Bitcoin plunged below $9000 briefly on 18th June 2019; this can be attributed to the extension of consolidation above $9000 as Bitcoin was unable to break above $9400. According to analysts, the $10k mark is expected to attract a flurry of investors due to FOMO.
Facebook announced its plans for cryptocurrency launch in 2020 yesterday which sounded highly ambitious. Facebook plans to implement a plethora of features and utility on its Blockchain with an aim to obliterate the entire cryptocurrency markets. Jason Brown, the CEO of Tally, said that it is “an ambitious project” that challenges banks throughout the world.
Tom Lee, the Head of Research and Partner at Fundstrat told the media,
“The Facebook announcement is a complete validation that the mainstream is now focused on cryptocurrencies… I think it a bullish development for Bitcoin.”
Not a Single Bank Included in Facebook’s Crypto-Consortium
According to Lee, Facebook’s stablecoin will help in creating a new banking system around the world. Moreover, it will complement Bitcoin’s case. CNBC reporter also Seema Mody pointed out the while the list of member of the Libra Association included big companies, it did not include even a single bank.
“An Average bank generates close to a thousand dollars per user. So Facebook has a 20x upside to their customer model if they start doing banking services. So I can think why banks are not really enthusiastic about it”
Hence, according to him, Bitcoin will continue to be the leading reserve cryptocurrency, and the bull market is deep and robust. He said,
“I think Bitcoin is easily going to take down its All-time high ($19750).”
Bitcoin Futures Traders Bullish As Well
Bitcoin futures trader, Brian Stutland also suggested similar market conditions. Facebook’s Libra creates a lot of opportunity for developing and under-developed countries like Argentina, Venezuela, and Brazil, where their native currency is highly volatile. However, the purpose of Bitcoin as a new age haven remains intact. He said,
“If you want to move away from the central banking FIAT then you’re talking Bitcoin. If you’re against true capitalism, then Bitcoin becomes the medium of Exchange.”
Anthony Grisanti was also bullish on Bitcoin. However, he confirmed that below $9500 is a no-trade zone for Bitcoin. The target, according to him, if it breaks $9500 is $10,200.
Leading crypt0-analysts and influencers, Mati Greenspan, Andreas Antonopolous, Anthony Pompliano, Meltem Demirors, Eric Voorhees and many others reiterated the same thought that Facebook’s cryptocurrency is a threat to the banks, not Bitcoin. The five pillars on which Bitcoin continues to the most authentic cryptocurrency are,
Bitcoin is open, borderless, permissionless, censorship-resistant, publicly verifiable and immutable.
Do you think that Bitcoin will break its All-Time Highs soon? Please share your analysis with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com