Bitcoin price opened today’s trading session at a low price of $6,497. However, in the hours of trading the price hit a high of $6, 528 and a low of $6, 462 before settling at $6, 475 as at the time of writing this article. This is an indication that there is no driving force to influence steady momentum at least in the short run.
Breaching The Resistance Level Of $6, 530 Is Key To An Upswing
From a technical perspective, Bitcoin price needs to break the $6, 530 resistance level for a sustainable upside movement. This is because the simple moving averages for a one-hour chart-SMA50 and SMA100 dictate that the $6,530 resistant mark is what is needed to eliminate the downside momentum that has a huge potential to keep BTC trends bearish in the foreseeable future. From another analytic point of view, the resistance mark is $6,400.
There Is Need For Millennials And Generation X Populace To Drive The Growth
Tom Lee, a co-founder of Fundstrat Global Advisors that is a leading market strategy and research firm believes that the Millennials and Generation X have to play a pivotal role in driving Bitcoin growth. Tom is a renowned Cryptocurrency analyst with vast experience in what drives the growth of digital assets, emerging technologies and even the Blockchain technology. He was giving a speech in Las Vegas Nevada during the ChainXChange conference.
Cryptocurrencies Have Similarities To The Internet And Smartphone Craze
Mr. Tom deduces that Bitcoin emergence has a lot of similarities to the emergence of Smartphones and the Internet. In both cases, all of them are new technologies. Secondly, the latter two have grown exponentially owing to the facts that the young people in the time of invention were enthusiastic about the two, this led to huge demands, increase in prices and interest and an overall growth of interest in the general population.
Similarly, according to Mr. Tom, if Millennials and Generation X show interest in Bitcoin, the momentum in the Crypto market may be much stronger and the prices may be less volatile as the demand would be very strong. This is because these two population segments have a general ability to influence the older generation.
A Facebook study in 2016 reveals that 90% of millennials distrust banks. 60% of them have never set foot inside any bank. On the other hand, 70% of Generation X have not visited a bank. This is because these young people prefer the convenience of online transaction. Bitcoin can, therefore, serve their purpose and fit their preferences and it is only a comprehensive only marketing strategy that is needed to sway their hands-off approach.
Bitcoin Price Has Not Recovered From September 4th
On the fourth of September, the price of Bitcoin was at a short-term high of $7, 358. However, the Goldman Sachs decision to suspend or deny plans to set up a Crypto trading desk has sent the prices on a downward spiral. Bitcoin, however, continues to be the most valuable Cryptocurrency at a market cap of $112 billion.