The craze of “Bitcoin” is still in its infancy … and its price will not be less than this level!

The cryptocurrency topped $ 53,000 on Thursday for the first time ever, adding to its 49% gain over the past month.

TradingAnalysis.com founder Todd Gordon, one of the Bitcoin bulls, sees the continuation of the rise, driven by the successive entry of companies and institutions into the market, believing that the clouds will be their limit, according to his expression.

He told “CNBC”, with a simple technical analysis, the first resistance will be met by the cryptocurrency at the level of 170 thousand dollars, according to what “Al-Arabiya.net” has seen.

Gordon compared the market value of Bitcoin, which is currently $ 1 trillion, and gold, which has a market value of $ 10.5 trillion, believing that there is much more room to rise.

He related the rise of Bitcoin over the past month to the 3% decline in gold, while Gul Financial Chairman Quintatroo opposed it, who is still sticking to gold despite the recent weakness.

Tatro said during the same interview: “Gold rose from $ 1100 an ounce to $ 1900 between 2019 and 2020, and it is natural that it faces some profit-taking, which is an opportunity to buy in light of the long-term bullish trend.”

Bitcoin million dollars

Bitcoin could rise to $ 1 million in the long term as the world’s reserve currency, according to an asset manager.

Morgan Creek Digital Assets co-founder Anthony Pompigliano said Bitcoin could reach $ 500,000 by the end of the decade. He added that it could eventually reach $ 1 million per coin without giving a timeline.

It is believed that Bitcoin will eventually increase in importance as the global reserve currency, and ultimately be much larger than the market value of gold.

Pompigliano believes that the reason behind the recent highs of the cryptocurrency is due to the trillions of dollars that have been printed and pumped into the economy, and everyone from individuals to financial institutions and companies were running around the world in search of the best way to protect their purchasing power, and they finally decided it was Bitcoin.

In January, JPMorgan released a note to clients setting a long-term “theoretical” price target for Bitcoin of $ 146,000 as Bitcoin begins to compete with gold.

Gold is widely accepted as a “safe haven” asset, as investors flock to it in times of political conflict or financial market turmoil. BitcoinV is now beginning to develop such a reputation.

JP Morgan Global Markets Analyst Nikolaos Banegertzoglu said that the value of gold held by the private sector for the purpose of investment only is about $ 2.7 trillion, and for the market value of Bitcoin to reach that, it must reach a price of about $ 146,000.

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