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The "Bitcoin" craze is still in its infancy ... its price is at least this level!

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 The "Bitcoin" craze is still in its infancy ... its price is at least this level!

The cryptocurrency topped $ 53,000 on Thursday for the first time ever, adding to its 49% rise over the past month.

TradingAnalysis.com founder Todd Gordon, one of the Bitcoin bulls, sees the continuation of the rise, driven by the successive entry of companies and institutions into the market, believing that the clouds will be their limit, according to his expression.

The "Bitcoin" craze is still in its infancy ... its price is at least this level!



He told "CNBC", simple technical analysis:
The first resistance the cryptocurrency will meet is at $ 170,000
 
Gordon compared the market value of Bitcoin, which is currently $ 1 trillion, and gold, which has a market value of $ 10.5 trillion, believing that there is much more room to rise.

He linked the rise of Bitcoin over the past month to the 3% decline in gold, while the head of Goal Financial, Quintat Tatro, opposed it, who is still sticking to gold despite the recent weakness.

Tatro said during the same interview:
"Gold rose from $ 1100 an ounce to $ 1900 between 2019 and 2020, so it is natural that it faces some profit-taking, which is considered an opportunity to buy in light of the long-term bullish trend."


 Bitcoin million dollars

Bitcoin could rise to $ 1 million in the long run to become the world's reserve currency, according to an asset manager.

Morgan Creek Digital Asset Co-founder Anthony Pompigliano said Bitcoin could reach $ 500,000 by the end of the decade. He added that it could eventually reach $ 1 million per coin without giving a timeline.

It is believed that Bitcoin will eventually increase in importance as the global reserve currency, and will ultimately be much larger than the market value of gold.

Pompigliano believes that the reason behind the recent highs of the cryptocurrency is due to the trillions of dollars that have been printed and pumped into the economy, and everyone from individuals to financial institutions and companies were running around the world in search of the best way to protect their purchasing power, and they finally decided it was Bitcoin.

In January, JPMorgan issued a note to clients setting a long-term "theoretical" price target for Bitcoin of $ 146,000 as Bitcoin begins to compete with gold.

Gold is widely accepted as a "safe haven" asset, as investors flock to it in times of political conflict or financial market turmoil. BitcoinV is now beginning to develop such a reputation.

"Global Markets Analyst at JP Morgan" Nikolaos Banegertzoglu said:

 The value of gold held by the private sector for the purpose of investment only is about $ 2.7 trillion, and for the market value of Bitcoin to reach that, it must reach a price of around $ 146,000.
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