Is Bitcoin Turning into a Precious Commodity?

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btcusd pic 4 nov 12

Former Global Macro Investor Group manager Raoul Pal believes that Bitcoin’s price can rise to levels of $1 million in the foreseeable future. He believes this is possible as the amount of Bitcoins available at the current moment is finite and should remain in this state for the foreseeable future.

Pal drew a parallel to gold and stated that Bitcoin, like gold is a rare commodity. Furthermore he feels that the crypto-currency is additionally a rare asset.  Therefore its value could be as high as $1 million. He did however, concede that the recent price volatility in the Bitcoin has kept investors away, but strongly believes that traders need to understand that there is endless upside potential, as compared to the few risks.

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The BTC/USD finally scaled its resistance zone near the $372 level where it faced tremendous selling pressure over the last couple of days. This breakout is because of above average volumes, which is causing a number of experts to believe that the upwards trend can be sustained in the short-term. Its next resistance level is approximately around the $400 psychological level.

Support on the downside continues to remain near $356, while its momentum indicator is giving a buy signal and trending higher. Meanwhile, its relative strength index is additionally showing signs of inherent strength, which is certainly positive for the crypto-currency in the short-term. However, it still continues to trade below its daily-moving average. Lastly, it is imperative to state that the upwards move seen in today’s morning session was able to reverse its lower-high and lower-low trends.

Actionable Insight:

Sell the BTC/USD below $346 for target of $332, $329, with stop-loss of $350.

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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers for readers, traders and brokers. His other specialties include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc.