Bitcoin is going through another recession, having briefly broken through the $10,000 level and is now back at $9,160 area. Still, the BTC price has risen by a thousand USD, from the $8,200 area.
While some believe that the world’s first crypto is going to keep declining, others, including the Kraken director of Business Development, believe that there are strong reasons for Bitcoin price to surge in the near future.
Dan Hedl: Bitcoin is perfectly positioned for a super cycle
The Kraken executive believes that the BTC price is bound to surge – several prerequisites will trigger it eventually. He mentions the recent QE actions of the US Fed and ECB, the global debt and structural risks of the global financial system that have not disappeared.
In his recent tweet, Dan Hedl says:
Bitcoin is perfectly positioned for a super cycle:— Dan Hedl (@danheld) October 29, 2019
- Central Banks are printing more than ever
- Global debt as a % of GDP is the highest its been in recorded history (peacetime)
- Structural risks in the financial system haven’t been resolved
I’m not fucking selling. pic.twitter.com/UFCpEprSM9
Hedl also recently expressed his view of the upcoming Bitcoin Cash halving, saying that this event is likely to greatly reduce the BCH hashrate and increase the risk of 51% attacks against the network.
A permabull on Bitcoin, @Xentagz, has also commented on the scale of the recent cash printing actions of the Fed, saying that they have injected in the financial system more than Bitcoin’s market cap.
Bitcoin is heading towards $10,000 a major crypto community member says
On his Twitter page, @MustacheTommy, “crypto warrior” and “Proud supporter of 'Freedom of Money'", says that Bitcoin is heading towards the $10,000 level, rather than towards $6,000 as some in the crypto community believe.
He reckons that the bear market is still on, however, about half a year is left before the Bitcoin price surges to $10,000 and moves higher.
There are those in crypto that believes we are heading back to $6K. I am on the other side of the fence and believe we are heading back to $10K. #bitcoin $BTC— Tommy Mustache (@MustacheTommy) October 31, 2019
We are at the 1 yr 11 months of this bear market now. Most bear market tends to last 2.5 yrs. It is almost over guys! pic.twitter.com/sb5Jp1DkQA
Which 'camp' are you in – do you believe that BTC will keep declining to $6,000 or hit $10,000 soon? Feel free to leave a comment in the section below!