2023-08-11 23:13:55
The cryptocurrency market seems paralyzed, since the most dominant currency, that is, Bitcoin, has not been able to exceed $30,000 for a long time. For this reason, Channel E spoke with the crypto specialist Joaquin Balvowho referred to the movements that are expected in the cryptoactive market and whether or not it is convenient to invest in this segment.
Doubts in the long term to invest in Bitcoin
With the dollar in check by US inflation, BTC became “digital gold and there is a worldwide interest in what Bitcoin would be as a future investment that would be 2024 or 2025,” explained the interviewee.
However, Balvo asserted that, “in the short term there is a variant that we have to solve and that is that Bitcoin necessarily trades above $32,500to consider that it will continue to rise in the long term”. While, “In the short term, do not exceed that number, in the long term we are not going to consider a bullish period, therefore the question is whether the price that is currently going to fall further“, if so, the asset will fall to 25 thousand dollars, commented the interviewee.
For the specialist: “From a technical point of view, if it reaches 25 thousand it is to take an upward impulse“, that is to say that “the short-term outlook may be downward but not by much, because if we see the movement that is expected it is a viable investment for next year and 2025.”
In addition, among the fundamentals that can boost the value of BTC in the long term is the fact that “the Bank for International Settlements recommends that world banks have a small percentage of Bitcoin in their portfolios,” Balvo detailed.
The dominance of Bitcoin in the crypto world
“That Bitcoin falls will have an impact on the other cryptocurrencies, which will fall more strongly, while if Bitcoin rises, the alternative currencies will also do so more strongly”, for this reason “it is viable not only to invest in Bitcoin but in all crypto assets that have fundamentals behind them”, concluded Joaquín Balvo.
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