Reportedly, the month of June was an uneventful month for Bitcoin (BTC) trading. Market participants are now paying closer attention to the 30-day volatility index for S&P 500 (VIX). If BTC should break its multiyear macro down trend it should climb above $10,500 and trigger an upward trend.
There is no hot reason for Bitcoin to go up now!
Peter Schiff, expressed that Bitcoin owners continue to be bullish and the price being range bound despite all the optimism. He opines that the fundamentals are now amazing and that if it does not climb now, he feels it might not climb later.
However, it is hard and uncertain times we live in now. There is no competition. There is just survival instinct and therefore not right to say that the fundamentals are amazing now. Those who move the coins in the market are apprehensive and are caught in fears of the pandemic. Stores are closing and international trade has not resumed to be as normal as before. There are a lot of hiccups.
Being a Gold enthusiast, looking at how the price of Gold has increased by 70% beyond the gain in S&P 500 by nearly 40%, Schiff is wondering how investors are behind stocks. He also opines that the bull market for Bitcoin ended over 2.5 years ago. He feels that Gold has a long way to go.
Enthusiasts have to counter stating that since 2015, Bitcoin (BTC) has risen more than 4000% and that Gold has increased by an awe 70% just to clarify that Bitcoin not having moved since the halving is not going to put the miners out of the game.
Sydney Ifergan, the crypto expert tweeted: “Max Keiser, Novogratz, Elon Musk, Mark Cuban, Jim Jefferies, Jim rogers, Peter Schiff and many others have their own way about Bitcoin (BTC); however, we do have our brains we are seeing what is happening with BTC. Positive.”
Mark Cuban, stated he preferred bananas over Bitcoin. He had difficulty understanding the BTC and probably he did not find a good tutor.
Jim Rogers, stated that the price of Bitcoin will ultimately go to Zero. So, let us wait for it to go to zero.
It looks like those who naysay Bitcoin simply do not understand the structure of the network and they do not get to understand the actual purpose of why it come in to being in the first place.
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