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Bitcoin firmly entered the bullish trend – Bill Miller

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Bond Legend, Bill Miller “…Bitcoin Could Be Rat Poison, and the Rat Could be Cash.” – Jan 8th 2021

Bitcoin firmly entered the bullish trend - Bill Miller

Bitcoin firmly entered the bullish trend – Bill Miller
CONTENT

  • Bitcoin market remains bullish

  • Investor Bill Miller believes the cryptocurrency market has huge potential

  • Bitcoin hits record highs this year

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Renowned investor Bill Miller believes the cryptocurrency market remains bullish. Over the past month, the cryptocurrency has grown by 43%, and over the year by 112%.

Bitcoin firmly entered the bullish trend - Bill Miller

The cryptocurrency market entered a bullish trend

Legendary investor Bill Miller told CNBC on Friday that the bull market is gaining momentum amid solid gains in Bitcoin and most of the key cryptocurrencies. Bitcoin is up about 43% this month, and the digital coin has appreciated more than 112% since the beginning of the year. Miller, founder of Miller Value Partners, said cryptocurrency has been “the most efficient asset class” over the past year, five and ten years.

“The story with bitcoins is very simple, supply and demand decide everything. The supply of bitcoins is growing at about 2.5% per year, while demand is growing faster. In addition, it is known that the number of bitcoins in circulation will not grow indefinitely, “Miller said..

The price dynamics of Bitcoin and cryptocurrencies in general cannot be called smooth. The value of coins rises sharply and also drops sharply, which makes investors noticeably nervous. At the end of 2017, BTC peaked at $ 19,700, and just a year later fell to below $ 4,000. It is now up more than 300% from the 2018 low..

Bitcoin firmly entered the bullish trend - Bill Miller

“The market was extremely volatile, but I think that now it is becoming more stable every day. The likelihood that the value of bitcoin will zero is very low, “said Miller..

Several events in the past month have pushed the price of bitcoin to its highs, Miller said. For example, PayPal announced that it will allow users to buy, sell and exchange assets from their accounts on the platform. Square acquired $ 50 million worth of bitcoin earlier in October, betting its popularity will grow in the future. JPMorgan also said bitcoin has significant growth potential as a long-term investment and could replace gold.

“I think every big bank, every big investment company, every high-income company will end up investing in bitcoins and similar defensive assets like gold,” Miller explained..

 Bitcoin prepares to take off

The main cryptocurrency is showing stable growth in the market. In just a day, the asset rose in price by 10%, reaching an important resistance level. The day before, the bitcoin rate (BTC) aggressively attacked the $ 15,000 mark and successfully consolidated above it, which may be due to the continuing political uncertainty in the United States. Google Trends data suggest Bitcoin is back in the spotlight of the general public.

Spencer Noon of DTC Capital, commenting on the Bitcoin rally above $ 15,000, called it the best advertisement for the crypto market. He noted that more and more new participants are coming to the crypto space. Meanwhile, the head of Binance Changpeng Zhao, amid recent events, raised his forecast for BTC, setting the next target in the region of $ 20,000. Thus, he suggests that the cryptocurrency may break its own historical record set at the end of 2017. However, Zhao prudently added that his forecast is not financial advice..

Overall, October was the best month of the year for Bitcoin. Since October, the bitcoin price has risen by more than 20%, showing the highest result since the March crisis. Recall that then the price of the largest cryptocurrency in terms of capitalization fell to an annual minimum of $ 4400.

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Bitcoin firmly entered the bullish trend - Bill Miller

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