Listen to the latest market mood for Bitcoin.
There has been a major shift in the perception of cryptocurrencies that has happened recently. PayPal’s willingness to endorse the use of cryptocurrency by its large user base put Bitcoin firmly on the map and gave it a stamp of approval from mainstream headlines. The rise in central banks looking at using digital currencies also means that PayPal is getting ready for a new, digital future.
Furthermore, renowned hedge fund manager Paul Tudor Jones said in an interview on CNBC last week that he was more bullish than ever on Bitcoin. Bloomberg’s intelligence report forecast Bitcoin at $14,000 by year end and JP Morgan’s Global Quantitative and Derivatives Strategy team sees Bitcoin having considerable upside potential. Bitcoin’s appeal is set to reach more traditional and highly capitalised investors.
Therefore, in this environment expect Bitcoin buyers on pullbacks.
Trade Risks: The main risk to this trade is if Bitcoin loses support from mainstream media.