Facebook’s crypto launch could be a major catapult for the Bitcoin price and lead it to the $10,000 price level according to an analyst opinion which we have in our coming altcoin news today.
The Chief Market Analyst of ThinkMarkets Naeem Aslam believes that June will be a very important month for the bitcoin price action. May has always been the best performing month for the asset and this year was no different since the cryptocurrency gained more than 60 percent.
Aslam noted that the strong performance of the asset is to be expected during the 5-year average trailing and the 20 percent gain. The five-year trailing average low is not at -17 percent and as the statistics show, May is still the best performing month for the asset.
The stats alone are a good enough factor for Bitcoin bulls to throw the worries aside and for the veteran hedge fund trader to strongly believe that factor extends to the month of June. Currently, the Relative Strength Index of Bitcoin has fallen below 70 and the price also pulled back as the momentum stepped down. The market analyst explained that in order to gain some more, the RSI has to reset and match the ascending trend of the Bitcoin price action. He also noted that if the RSI drops below the trend line, traders should not be afraid as the oversold conditions will simply bring more buyers.
Aslam believes that Bitcoin can rise up to $10,712 mainly because of Facebook’s crypto launch in the next few weeks due to the current market structure. Facebook is also expected to release the whitepaper for the currency on June 18 with an official launch date as noted in the latest cryptocurrency news.
GlobalCoin will allow the users to transact across all of the social media channels in the Facebook ecosystem so the employees can also choose to get their salaries in the native cryptocurrency of the company. The crypto community, however, is split over the Facebook’s crypto launch and some even believe that it will be a major rival to bitcoin and other cryptocurrencies while others consider it as a corporate-nature altcoin.
Aslam personally believes that GlobalCoin will ‘’unlock a massive commercial value in developing economies.’’
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