Bitcoin entered the year with a bang as investors put loads of pressure on the digital asset on its way to hit a record price of $40,000. Even though the digital asset has traded the way of the bulls in recent days, that has not come without its challenges.
Bitcoin hit close to $28,000 some weeks back as the bears looked like they were already in control. However, the digital asset has taken up some momentum, which moved close to its previous $40,000. After this latest surge, a host of analysts and experts claimed that the digital asset could use this new found momentum to go all the way to the top.
Denier says Wall Street investors are the major triggers
One such person is the CEO of Webull, Anthony Denier, who claims that the digital asset could touch $55,000 before the years comes to an end. Denier claims that even though Bitcoin has been disappointing in the last few days, the digital asset still has enough fuel to power to $55,000 by the end of the year. In an interview that Denier granted recently, he told reporters that even though Bitcoin is trading low today, he is sure that the digital asset would get things right and make another surge by the end of the year.
A critical look at this prediction means that the leading digital asset must rally and make a 70% rise before the end of the year, which Dernier is not positive about. He also mentioned that the investor activities and intervention from all and sundry, especially those around Wall Street, would help the digital asset regain its previous position in the coming days.
Dernier says that with more people investing in Bitcoin, the digital asset will gradually become like Gold. “The reason people see gold as superior is not that it has any special use, but someone just decided to give it that honor, and everyone just followed suit,” he said.
Denier says investors should invest in what they know
Dernier also feels that Bitcoin is not going anywhere in the nearest future because most of those pooling their funds into the asset is the younger generation. He says that once they begin to grow up and hold offices of importance, they would rally around to make dealing crypto safer and adoptable on the mainstream level.
Dernier also mentioned inflation as one factor that will further help in the adoption of the digital asset. Most entities are buying up the digital asset to act as a hedge against inflation in the economy. Finalizing his interview, Dernier has potential investors smart steps to make if they want to make it big in investments.
He notes that people should learn about any market they wish to invest in or invest in a market surrounding that they are already familiar with. In his argument, Denier said that if you want to invest in stocks or crypto, you would need to familiarize yourself with anything stocks related. Furthermore, he said that you should also know the simple entities should you know things deep-rooted in what you’re investing in.