Bill Barhydt is Bullish About Bitcoin Due to Technical Factors
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Bill Barhydt is Bullish About Bitcoin Due to Technical Factors

October 8, 2020      Vandana Malik

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. 

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.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.