With Bitcoin\u2019s wild price swings subsiding over the past week, investors are now looking ahead to its next potential breakout.<\/p>\n
Bitcoin\u2019s price has stabilized above its support level of the initial gap created on May 10, potentially marking a bottom for the largest cryptocurrency around $6,500. However, the coin continues to move in the bearish pattern it formed in late June when it reached this year\u2019s high of $13,851. Bitcoin would need to break out of this downtrend in order to regain positive momentum.<\/p>\n
\u201cBreaching resistance should be a matter of time,\u201d Mike McGlone, an analyst with Bloomberg Intelligence, wrote in a note this month. Increasing adoption and its limited supply could push its price higher in 2020 and over the next decade, he said. \u201cThe maturation process should continue, notably as volatility declines.\u201d<\/p>\n
Cryptocurrencies have had a volatile year, with prices swinging wildly over news that Facebook Inc. is working on its own stablecoin. Officials from the U.S. Department of the Treasury to the Federal Reserve have spoken out against the project and digital assets in general as news of widespread fraud and hacks continues to plague the market. But many analysts see potential in cryptocurrencies to change the digital finance landscape over the next decade.<\/p>\n
Deutsche Bank AG\u2019s Marion Laboure says a number of new cryptocurrencies could unexpectedly emerge and could become \u201cthe best tools for a digital war\u201d in the decade ahead.<\/p>\n
\u201cThe question is which country will take advantage of being the first to obtain licenses and build alliances,\u201d Laboure wrote in a recent note titled \u201cCryptocurrencies: the 21st century cash.\u201d As that happens, \u201cthe line between cryptocurrencies, financial institutions, and public & private sectors may become blurred.\u201d<\/p>\n
Bitcoin rose as much as 1.7% on Monday to trade around $7,521 and is on track for its third day of gains. Peer coins, including Ether and Litecoin also rose.<\/p>\n
With Bitcoin\u2019s wild price swings subsiding over the past week, investors are now looking ahead to its next potential breakout.<\/p>\n","protected":false},"author":341034,"featured_media":248316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187],"class_list":["post-332112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/332112"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=332112"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/332112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/248316"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=332112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=332112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=332112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}