Fairlead Backs Bitcoin (BTC) Recovery, Projects Long-Term Price Growth Despite Market Downtrend

Bitcoin price has dropped in the last couple of weeks amid the German government's sale of seized BTC and Mt Gox creditor's repayment.

Bitcoin Price to Surge Long-Term Despite Recent Downtrend: Fairlead

After a couple of weeks of decline following the German government’s sale of seized Bitcoin (BTC) and the repayment of Mt. Gox creditors, the price of BTC has shown signs of a potential recovery. In a recent interview with CNBC, Fairlead Strategies founder Katie Stockton shared her insights on the long-term price trend of Bitcoin.

According to Stockton, whose company is known for its technical analysis, Fairlead is a “big believer” in having a small percentage of portfolios allocated to Bitcoin, given its long-term uptrend. Despite the recent downturn, she maintains that an amount of Bitcoin in portfolios is still supported by the long-term price trend.

“Bitcoin has broken some support suggesting we may see a trading range to the downside, but the trend long-term is still to the upside,” Stockton stated.

This year has seen a rise in institutional investment in crypto assets, with firms like BlackRock and Goldman Sachs increasing their exposure to digital assets. This support, along with an overall recovery in the crypto market, has contributed to an upward swing in prices.

However, the recent sale of 17,000 BTC by the German government and the distribution of funds to Mt. Gox creditors have put pressure on the price of Bitcoin, leading to a decline of over 30% from its all-time high. Despite this, institutional interest and the long-term price trend continue to paint a positive picture for BTC in the long run.

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