By Solomon Odunayo
Rob Koyfman, former Goldman Sachs VP, recently explained why he believes that Bitcoin (BTC) is poised for a big rally after months of reluctant price growth.
Koyfman, who is presently the founder and CEO of markets intelligence firm, Koyfin, stated that the decision made by United States Federal Reserve (Fed) to print US dollars in order raise the economy would result in weakening the world’s reserve currency, which would open Bitcoin (BTC) to a significant bull run.
He wrote:
“The Fed’s commitment to prolonged use of QE may represent a major turning point for the US Dollar. Over the past 30 years, the US Dollar has formed three distinct tops in 1985, 2000, and potentially in 2020… A break below [the current] trend line would confirm a major decline for the USD with implications across asset classes.
Going by Rob Koyfman’s account, Bitcoin (BTC), the first and largest cryptocurrency by market capitalization, is ready to start a rally on its own, believing that a weakened US dollar could soon enhance the growth of the digital currency to record new all-time highs.
“Bitcoin is setting up to have a significant move higher, and a weaker USD would be a strong tailwind… Bitcoin has consolidated over the past two years and is primed to make a big move higher… USD weakness may be a catalyst for Bitcoin breaking out to new highs.” Rob Koyfman added.
Josh Rager Believes Bulls and Bears Will Continue Their Face-Off
Josh Rager, a popular trader, and cryptocurrency analyst expects the bulls and bears to continue their face-off until key levels are captured by either side.
“BTC Nothing much has changed. Watch for reclaim of $9,550, the $9,800 for [bulls]. Watch for break below $9,250 short term, and if things get serious $8,500 for [bears].”
Nothing much has changed
Watch for reclaim of $9550, then $9800 for 🐂
Watch for break below $9250 short term, and if things get serious $8500 for 🐻 https://t.co/TACAe9oYo1
— Josh Rager 📈 (@Rager) June 18, 2020
According to CoinMarketCap, Bitcoin (BTC) is trading at $9,308.53, with a 0.15% price downtrend in the last 24 hours.