After failing to stem the rising popularity of cryptocurrencies through their warnings, the central banks have stooped down to funding anti-crypto campaigns. This move will only reduce the confidence in the central banks and encourage new investors to enter the crypto world.
At the same time, the Venezuelan government is planning to launch a new cryptocurrency called the petro. Each new coin will supposedly be backed by one barrel of oil. However, there is a big question on the central bank’s credibility that is issuing the petro. Analysts believe that the petro is most likely to end up not bringing the expected results.
On the other hand, Bitcoin continues to attract big-ticket investments. After the recent fall, there are reports of a trader buying about $400 million worth of Bitcoin between Feb. 09 to Feb. 12.
People are gradually turning positive on Bitcoin once again. Shark Tank’s Robert Herjavec believes that Bitcoin will top its 2017 mid-December high of about $20,000 in the short-term.
Let’s see what does the chart pattern forecast?
