A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
Vailshire Capital Management believes that another massive Bitcoin breakout can be expected as Bitcoin’s performance is bullishly trading upwards.
The firm’s CEO and founder Jeff Ross tweeted his perspective on the token, noting the technical trading direction of Bitcoin looks “wildly bullish” from the macro view and on-chain side of things. Bitcoin performance, according to the CEO, also looks as the short term trading will face strong trading with possible dips of correction in the market.
Update on #Bitcoin technicals…
Breakout imminent. Direction still undecided.
Macroview: Wildly bullish.
On-chain analysis: Wildly bullish.
Upside move most likely.
Short-term dips will be bought with strength.
Vailshire Partners LP remains steadfastly long. pic.twitter.com/beRj0nnnbE
— Jeff Ross (@VailshireCap) January 19, 2021
Ross’ opinion follows Bitcoin’s apparent settle after the holiday break, drawing just below its trading record high of $40,000 USD but trading in a healthy range. It also came as Grayscale, investment management firm, made a monumental purchase of Bitcoin – buying over $700 million USD to bag a record purchase of the token.
Analysts bullish about Bitcoin
The management firm’s CEO is not the only one to offer optimistic views on the future trading of Bitcoin. PlanB, quant analyst and well-known Bitcoin bull, suggested that Bitcoin versus the US dollar might be on its way past the “point of no return.”
A larger monthly jump to #bitcoin $48K would create a nice gap between monthly dots. These gaps usually mark the point of no return (red arrows), i.c. the phase transition to #phase5 pic.twitter.com/p38mXtBSm6
— PlanB (@100trillionUSD) January 19, 2021
His comments come along with an update to his stock-to-flow theory; in which he believes Bitcoin will surpass $48,000 USD this month as the leading cryptocurrency makes a transition to new trading volumes. If institutions continue to buy at the same rate, it’s very possible the bullish predictions will come to fruition.