Lyn Alden, a macroeconomist who is also an author, has stated that although sentiment towards Bitcoin in the last few months has been low, there have still been positive developments. “not a lot of downside catalysts” The asset is left.
Alden spoke in an interview on Thursday with CNBC said The word “that” is a phrase that means, “the one who”. “fast money” Market observers do not expect Bitcoin Treasury Strategy to be sold anymore.
Alden’s remarks come as Bitcoin has exploded in value this week. The leading cryptocurrency was recently trading for $72,660 — a more than 6% 24-hour rise — after reaching $72,890 earlier on Thursday.
“By almost every metric, Bitcoin is near the low end of its valuation and sentiment range,” Alden said.
“Even relatively small upside gains at this point can attract new types of buyers — once people see that the chart doesn’t look bad anymore, you can get technical traders coming back in; if you get further momentum, say months from now, you could get more momentum traders back in.”
Bitcoin prices rocketed after President Trump held a meeting The Clarity Act, a long-anticipated bill on crypto market structures that was introduced by the White House in 2017, has been urged to be passed.
On Wednesday, the president stated that Clarity Act was an important piece of legislation. “very, very powerful” Encourage lawmakers to adopt a piece of legislation.
Companies in the crypto-industry have been waiting long for the legislation. Clarity Act passed the House of Representatives in last year, but is largely stuck this year. Many lawmakers were expecting a vote to take place in August, but it is now scheduled for September.
Alden said that Bitcoin doesn’t have to be a currency. “out of the woods yet,” Bitcoin is a hard asset. “under-owned” You will win in the end.
Bitcoin hit a high of $126.080 in October but it has fallen in price since then. Traders have shifted their focus to tech companies that are related to artificial intelligence, while the Federal Reserve has indicated interest rates won’t be coming down soon.
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Source: bitcoinmagazine.com
