Clem Chambers Says Bitcoin Will Rise to $20K by Eliminating Unnecessary Tokens
Recently, Bitcoin and many other coins have been seeing slight boosts to their value and many are looking to cash in on the scaling trend. Due to the lows of this year so far, including the established support at $6K, a potential jump in Bitcoin is potentially around the corner.
Digital tokens, at their core, are designed to be decentralized assets free of any authorities control. To continue to function under their initial purpose, cryptocurrencies are often functioning within a properly regulated sphere to maintain their purpose. Bitcoin has been used in several locations around the world with economic failings and extreme price inflation.
Suffering economies often see distributed governmental fiat currencies worth nothing on the market, making digital currencies a strong alternative. As it goes, the impact of cryptocurrencies on these economies is a clear display of foresight in terms of value, given that a price or worth of any money often comes from an economy’s community as opposed to corrupt use by officials.
Recently, a trading platform in Chile, OrionX, saw its bank account within Banco Estado reactivated by the appeal court after being shut down due to accusations of illicit acts. As part of the clear evidence and possible future of cryptocurrencies, the head executive at ADVFN, Clem Chambers, believes that Bitcoin will bounce to a massive high of two million dollars. After research, the CEO explained that a logarithmic approach to Bitcoin revealed a 26% increase. According to Chambers, if this trend continues then Bitcoin will hit the predicted number.
Bitcoin bulls have positively reacted to the $6K mark as it possibly provides a good opportunity for them. After the crippling bearish trend in the first two quarters of 2018, a possible reversal might bring the coin and many others back up.
Additional purchases saw a negative setback after the clear bullish trend although a shift in the previous week shows a glimpse of hope. At its initial support level of $6K, a rise in the purchase was occurring within a short frame of time. The currency has bounced 3 percent as of now, with no additional drops permitted by Bitcoin.