Simon Peters has shown great optimism about the future of Bitcoin
Here’s what market analyst Simon Peters said about Bitcoin and the cryptocurrency markets when talking to CoinJournal in early November, ahead of the US election:
How do you think the US election will impact the cryptocurrency market? Will a Biden win be good or bad for crypto markets?
“I don’t think you can say it’s black and white if Biden is going to be good or bad for cryptocurrencies. We saw some comments and tweets from Trump saying he is not a fan of Bitcoin and other cryptocurrencies. However, some of Trump’s top officials made positive comments about crypto, while some Democrats in the House did some negative things about crypto.
However, what is happening with Covid may have a greater impact, as we are seeing record cases in the USA. Much focus on the crypto community will be in a proposed stimulus package, that is, the fiscal stimulus package. There has been much speculation about how much and how much will be financed. If more liquidity is injected into the economy by the Fed, it could have a beneficial impact on Bitcoin.
Recently, there have also been companies like Micro Strategy and Square that bought Bitcoin as a protection against inflation and we can see more companies following this trend.
The coronavirus also highlighted the need for a digital dollar or CBDC, as we saw with the stimulus that has already left, it was sent by check in the mail, which meant that people had to get in line to cash them, which is very expensive and time consuming. A digital currency could avoid these problems, as distribution would be much easier and avoid these huge inefficiencies, which could have an indirect effect that is good for the broader cryptocurrency market. ”
Bitcoin shows no signs of slowing down anytime soon. How do you see the price evolution in the coming weeks?
“Since the beginning of Bitcoin, we have continuously made higher tops and bottoms, which is, by definition, an upward trend. Even with the price drop we saw at the beginning of March this year, the $ 3,850 fund was still higher than the previous one set in December 2018 at the end of the most recent bear market.
The $ 14,000 mark, which was the biggest increase we saw in 2019, was a key resistance level for me. Now that the price has comfortably broken through that resistance level and the current price trajectory looks strong, there is now a real possibility that we may see a new all-time high before the end of the year.
Although I think we will see a price correction in the $ 17,200 – $ 17,500 range, I think this bull looks different.
Since the last major price hike in 2017, there are a number of factors contributing to the current rise in Bitcoin’s price, including a massive influx of investors from large-scale institutions, such as listed investment funds, pension schemes and investment funds. university donations, which shows how far Bitcoin has come. Datasets that analyze the health of Bitcoin by looking at data from blockchain, the technology that underpins crypto, are also reporting strong signals that justify recent price increases.
The $ 20,000 level is clearly the next target for Bitcoin. If we overcome this year, which I believe is possible, we will be in unknown territory, as the feeling remains positive. Bitcoin’s maturity, evidenced by the diversity of its investors and extensive and comprehensive data sets, means that we can say with some apprehension, ‘this time is different’. ”
You can check the full interview by clicking on this link.