October 23, 2021

A Crypto Investor

Just another Crypto Guys Blog

Price analysis 3/19: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, BCH

A report by Deutsche Bank Research said that Bitcoin (BTC) has become “too important to ignore” and may attract regulation by the end of 2021. Deutsche Bank analysts expect Bitcoin to reach a turning point in about “two or three years” when it will be clear whether Bitcoin will evolve into an asset class or not. In the short term, the report forecast Bitcoin to “remain ultra volatile.”

A different report by Bank of America provided some insight into the possible reasons for Bitcoin’s volatility. Bank of America analysts estimated that Bitcoin price may rise by one percent when there is a $93 million inflow. Compared to that, gold needs about $2 billion worth of funds to move it by a single percentage point.

This large disparity in the price reaction to the inflow of funds is attributed to Bitcoin holders who have not parted with their coins during the current bull run.

Daily cryptocurrency market performance. Source: Coin360

While it is difficult to predict at what price the Bitcoin whales will book profits on their holdings, Kraken growth lead Dan Held said in a recent interview with Cointelegraph that Bitcoin could reach $1 million during the current supercycle.

Held believes that the confluence of events such as the coronavirus crisis, money printing by central banks and the rising lack of trust in legacy financial firms are the triggers supporting the crypto bull run.

Let’s study the charts of the top-10 cryptocurrencies to determine whether the uptrend will resume or is the bull run showing signs of exhaustion?