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Bitcoin’s price is about to break out in what commentators expect will be a “big move.” This according to CoinTelegraph.com.
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Recently trading between $2,400 and $2,800, there is much talk of the anonymous digital currency breaking out of its current triangle with some investors believing a price increase is “imminent”.
From CoinTelegraph:
Short-term investors have been largely focused on altcoins such as Litecoin in recent weeks, with Ethereum having dropped and remained below $300 due to a turbulent bout of volatility at the end of June.
Bitcoin is being viewed as the “new gold” by some analysts, one of whom sees a 21-fold surge.
“One of the drivers is crypto-currencies are cannibalizing demand for gold GCQ7, +0.21% ” Fundstrat’s Tom Lee wrote in a report. “Based on our model, we estimate that Bitcoin’s value per unit could be $20,000 to $55,000 by 2022 — hence, investors need to identify strategies to leverage this potential rise in crypto-currencies.”
Lee predicts investors will look to bitcoin as a gold substitute.
“This is a game changer, enhancing the legitimacy of the currency and likely accelerating the substitution for gold,” Lee wrote.
Bitcoin now accounts for over a quarter of online gambling transactions at some Web betting firms, especially those in more “high risk” markets.
- Aaron Goldstein, Gambling911.com
