Bill Barhydt, CEO of cryptocurrency investing app Abra, seems to be quite bullish about the largest cryptocurrency, Bitcoin, even when most of the traders are turning bearish. He is highly bullish about Bitcoin due to numerous technical and macro factors.
In a Twitter thread, Barhydt had mentioned Bitcoin of having a huge potential and there will be a price appreciation anytime soon. He mentioned the technical indicators due to which Bitcoin acts as a hedge against inflation.
I’ve never been this excited about the potential of #Bitcoin for significant price appreciation in the short term (less than 18 month time frame.)
Why? Read on…
— Bill Barhydt (@billbarhydt) October 6, 2020
Barhydt Mentioned Bitcoin Has Been Less Volatile
Even though the basic nature of Bitcoin is being volatile, it has been seen for quite some time that it has remained in the range of $10,000 to $11,000. Bitcoin has been less volatile as compared to other stocks in the market. However, there has been a price appreciation of 25% this year.
Barhydt has said that the major reason why he is highly optimistic about Bitcoin is that its long-term price chart is highly bullish and there is a pattern that was there during the high of January 2018. It has been seen that the views of Abra’s CEO seem to be quite similar to the traders like Credible Crypto as he is also quite bullish about Bitcoin.
Bitcoin is Having a Psychological Momentum
According to Barhydt, Bitcoin is having a psychological momentum, and all the non-technical factors will have their effects in the long run. He also mentioned that when there will be an increase in the user base, it will ultimately lead to price appreciation. As far as the user base is concerned, it is constantly increasing and a lot of people have moved towards cryptocurrency during the COVID-19 pandemic.