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Prominent Expert: 99% Chance Bitcoin (BTC) Will Succeed, 10k By November

The cryptocurrency industry has undoubtedly had its fair share of naysayers, with many critics of blockchain-based assets claiming that Bitcoin, Ethereum, and altcoins are nothing more than fads, which are set to fail in a few months time. And while critical onlookers bombard the cryptosphere with misbeliefs on a near-daily basis, many experts within the industry remain unfazed.

TheStreet, a popular New York-based financial news and services site, recently spoke with an array of prominent figures within this budding industry to get insight into their opinions of crypto.

The Institutional Investment Case 

TheStreet first spoke with Hermann Finnbjornsson, the founder and CEO of Svandis, a well-known crypto asset analytics firm, who expressed his undying belief in Bitcoin. Finnbjornsson stated:

“[There’s] Less than a 1% chance in my mind that bitcoin won’t succeed. I think that there are a lot of reasons to be bullish on bitcoin. Banks are getting into bitcoin.”

The Svandis executive brings up an interesting point about traditional financial institutions, as many optimists expect that the capital allocation from such firms will drive crypto’s next bull run, which will potentially propel the price of blockchain-backed assets to unfound heights. But this claim is much more than just a hope, as a variety of institutions have already begun to make meaningful forays into crypto.

Trustless, Immutable & No Intermediaries 

Russell Korus, the CEO of EZ Exchange, also spoke with the publication regarding Bitcoin, adding that there are a whole variety of reasons why the asset is truly game-changing. Korus noted:

There are numerous reasons why this new asset class has captured people’s imagination since its inception in 2009 — bitcoin displays a number of characteristics that make it a very powerful and alluring concept. It allows for direct, peer-to-peer transfer of value in completely trustless transactions. It is fully decentralized, autonomous, writes all of its records to a public ledger, and its record-keeping is completely immutable.

Keeping these unique characteristics in mind, Korus added that Bitcoin can create and lead “a brand new paradigm” that will allow the world to shift from the free exchange of information (Web 1.0 & Web 2.0) to a world where value can be exchanged without an intermediating party (Web 3.0). This shift, the CEO added, has “far-reaching and society-shifting repercussions,” as legacy entities within nearly every industry will be overthrown by decentralized solutions.

What’s Next?

Sentiment within this industry is quickly shifting, with a multitude of analysts, traders, and investors alike now starting to believe that the crypto market may be on the cusp of a bull run. Bitcoin veteran Finnbjornsson, the aforementioned Svandis CEO, sure thinks so, telling TheStreet that the price of the foremost crypto asset could easily breach the $10,000 price level by the first week of November.

The CEO explained that the November release of Bakkt, a cryptocurrency platform directly backed by the Intercontinental Exchange, Starbucks and Microsoft, will result in an anticipatory surge in buying volume. And as Brian Kelly once said, Bakkt “is the biggest (piece of) crypto news this year.”

Photo by Andre Francois on Unsplash
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Analysts: Bitcoin (BTC) To Hit $144,000 In 10 Years, Ethereum To Lose Steam

The value of Bitcoin will be the main talk in a decade to come. That’s according to a report by Satis Group. Satis Group is an advisory firm offering services in ICOs and cryptocurrencies. According to this firm, Bitcoin is headed for a major decade-long price upsurge despite the recent setbacks by market corrections.

Bitcoin, Monero, And Dash To Gain Exponential Boom

The report, titled “Cryptoasset Market Coverage: Valuation,” indicates that Bitcoin price is expected to approach $33,000 in 2019 – a cool 400% upscale from the current $7,000 range. At that $33,000 price range, Bitcoin will have surpassed its December 2017 all-time high of $20,000. With that trend, the crypto asset will have achieved about $72,000 in value within the next 3 years.

If this bullish trend holds for 5 years, the coin will be valued at upwards of $96,000 by end of it. The analysts project that by 2028 (That’s 10 years from 2018), Bitcoin’s value could be standing at a mind-blowing $144,000.

Besides Bitcoin’s major bullish run, the analysts also project a huge boost for Monero (XMR). The report indicates that Monero could rise by over 38,000% between now and 2028, meaning that the crypto will have shot from its current stand at $103 to a whooping $39,584 by the end of the 10-year period. The same analysts also put Dash (DASH) on the list of the digital assets predicted to gain value. Currently trading at $188, Dash is seen to rise by 1,459% to achieve $2,927 in value by 2028.

Ethereum On The Losing List

However, the same report by Satis suggests that some other crypto assets like Bitcoin Cash (BCH) won’t be winning in the future. BCH is currently trading at $558, but Satis projects that this momentum will blow out and the cryptocurrency will have dropped down to $180 within the next 10 years. Ripple(XRP), too, won’t be having any smooth rides. According to Satis, the next 10 years will see Ripple dip to $0.004 from the current $0.3 value.

In the case of Ethereum, Satis explains that application-specific blockchain networks don’t hold much value in their present form. In that case, Ethereum (ETH) and EOS (EOS) will likely see a decline as they face hurdles brought about by issues with user interfaces and government regulations. However, since cryptos like Monero, Bitcoin, and Decred are basically crypto assets in a largely viral market, there value is bound to increase by huge margins.

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CryptoOracle Co-Founder: Bitcoin Is Functionally Better Than Gold

“Some Gold Users Will Likely Switch To Bitcoin”

Gold is one of the most valuable metals on Earth, with humans finding value in such an element for thousands of years. Over the course of gold’s history, it became a great way for individuals and groups to store value across a variety of settings, countries, and eras. However, with the advent of the internet and the subsequent introduction of Bitcoin, some proponents of digital technologies believe that gold’s time as the primary global store of value might be up.

Bitcoin has long been likened to gold, with many analysts and industry on-lookers alike drawing connections between the inherent nature of the two assets. Some have even called this emerging asset “digital gold,” due to the similarities it shares with the “original” gold.

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Yet, Lou Kerner, a co-founder and partner at CryptoOracle, has come out to vehemently state that Bitcoin actually may one-up gold in certain areas and qualities, while still complementing gold for its importance to human history. Speaking on CNBC’s crypto-focused “The Coin Rush” segment, Kerner stated:

Gold has emerged as the global store of value and it has held that position for literally a couple thousand years — that’s an awesome run. So we now we have something (Bitcoin) that we think may be functionally much much better (than gold). So we expect that over time — not in a day, not in a week, not even in 5 years, — for some of the people using gold as a store of value to switch to Bitcoin.

This statement highlights two interesting points about Bitcoin’s role as a form of “digital gold.” Firstly, that Bitcoin may be inherently better than gold. While the CryptoOracle executive did not mention any specific values/features, it can be assumed that he sees Bitcoin’s ease-of-use, immutability, digital nature, and more as a reason(s) why some would prefer to use it over gold.

Secondly, the fact that the foremost crypto may begin to eat at the market share that gold has carved out for itself over thousands of years. As reported by Ethereum World News, Gabor Gurbacs, the director of digital asset strategy at VanEck/MVIS, claims that Bitcoin could be worth upwards of $20,000 a piece if the asset can succeed as digital gold. Gurbacs explained his prediction, stating:

Investors do refer to Bitcoin as a form of digital gold and gold today has around $7 trillion outstanding. If you take, say, 5 to 10 percent — I’ll let everyone do the math — Bitcoin has upside. Bitcoin is used as digital gold today. It’s a de-risk asset. Basically if someone wants to outlay systematic risk, then one would go to access gold or digital gold.

Back to the aforementioned CryptoOracle co-founder, who closed off his segment on CNBC, comparing Bitcoin to the “so-called” junk bond, as both assets were not accepted upon their arrival. In the case of the junk bond(s), it took 40 years to become a normal tradable asset/contract on the market. As Kerner alludes to, for Bitcoin, it might be much of the same, as it may take years to convince those who are hesitant to change that cryptocurrencies (and blockchain) are the next big thing.
Image Courtesy of Michael Steinberg @ Pexels

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Ran NeuNer believes There Will Be a Bitcoin ETF by 2018 and The CEO of Arrington XRP Capital Agrees

The Bitcoin (BTC) market has had a bearish week in which the value of the token dropped over 1k to around 7000 USD at the time of writing this article. Many attribute this drop in prices to a market reaction after the SEC decided to deny the Winklevoss twins’ request for a Bitcoin ETF.

Such disappointing news may be taken as a sign that the massive adoption of cryptocurrencies is not viable in the near future, discouraging institutional investments from injecting massive amounts of capital into the cryptocurrency market.

In an interview with Ran Neuner from Crypto Trader, Michael Arrington [CEO – Arrington XRP Capital] commented that the cryptomarket is particularly promising, confirming his bullish expectations in the short term.

He commented that although he has more money invested in Bitcoin (BTC), his firm has the name of Ripple’s XRP token because of the extraordinary practical use this token gives to adopters:

“Ripple, or in this case XRP which is the actual currency, is a really good way to move money. So we denominate our fund in XRP because it’s a fantastic way to move money cross-border very quickly at almost zero cost.”

Michael Arrington

He also took the opportunity to deny the accusations made about this controversial token, without further elaboration. He thinks that despite the criticism Ripple may receive, naming his company by the name of XRP is a good business strategy from a pragmatic point of view:

So there’s a lot of tribalism in cryptocurrency, and a lot of Bitcoin maximalist, etc.; and the one thing they all agree on is they all hate XRP because it’s centralized, (or because) they think it’s corporate managed, etcetera
I mean, none of that’s really true; but what it is, is a fantastic way to move money. And while the other more decentralized cryptocurrencies sort of find their way towards becoming more efficient, in the meantime XRP is fantastic. So from a hedge fund point of view, it’s a great denominator.”

He also mentioned that he not only invests in strong currencies such as BTC, ETH, and XRP but also has stakes in ICOs, utility tokens, dapps, exchanges and other types of risk-spreading strategies.

A Bullish But Cautious Investor

He commented that Bitcoin could reach 25k by the end of the year, but it depends on many factors for the bullish trend to be stable after the sharp fall that has lasted throughout the whole of 2018.

My entire life is spent in cryptocurrency. We’re all bullish on it, but I’m always an optimist… I think that we’re still going to hit 25 thousand this year easy and I sure hope we’re too low right now.

Will There Be a Bitcoin ETF by 2018?

At the end of the interview, Ran Neuner said he thinks there may be an ETF at the end of the year; a statement with which Mr. Arrington concurred.

Mr. Neuner elaborated:

The reason why I say that [talking about a prediction of BTC at 25k by the end of 2018] is because I think we’re gonna get an ETF, and I think theETF is gonna come sometime between August and October and that’s going to send us to 25,000.”

Ran Neuner

To which Arrington responded:

That gives custody options to the to the institutional investors they don’t have now. I think you’re right, yeah.”

Michael Arrington

Full interview here:
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Mike Novogratz: For Bitcoin to Hit 10k It Needs Custody and Regulatory Clarity. After That 20k is Easy

Mike Novogratz has taken a bullish but cautious stance on the general cryptomarket. He made it clear in an exclusive interview that came out yesterday.

Novogratz: Bitcoin’s Rising Price May Attract Government RegulationMr. Novogratz

During the Beyond Blocks Conferences, which is being held at Korea Blockchain Week, Mr. Novogratz talked with Ran Neuner of Crypto Trader; sharing his opinions on the prices of Bitcoin and its future as a cryptocurrency, the possibilities of adoption, Bitcoin ETFs, the situation of the ICOs and his forecasts.

Novogratz was confident to say that he believes that Bitcoin has Bottomed, an opinion that has been shared by several experts. According to the renowned investor, the 6.8k is a support that has been tested several times, serving as a rebound point for new bullish streaks:

“I don’t think we’re gonna race off I think a Bitcoin takes at 6,800 you get a nice little pump but I do think we’re really building a nice bottom for the next move up.”

Mike Novogratz

Mr. Novogratz: Focusing on Fundamental Analysis

For Novogratz, the true bullish run of bitcoin depends more on fundamental factors rather than technical factors. The regulatory framework and the custody and security of funds are two essential elements that will permit Bitcoin to grow in value beyond the typical market trends:

“I think the next move up is gonna need custody from a trusted source it’s gonna need a little regulatory clarity you know we won’t take out ten thousand without those two things because that’s what brings the institutional investors in but we’re gonna get there.”

As to why bitcoin has bottomed at around 6.8k Mr. Novogratz relies on fundamental analysis. For Novogratz, the growing adoption is a sign of the real value of Bitcoin (BTC) and is the main argument for why he believes that Bitcoin will not fall further.

“You know we’ve tested the downside bunch and kind of bouncing off it but I I’d see slowly but surely more adoption you know there are more people at these conferences there are more people working in this space … so there’s this weird scenario where the privates are actually richer right now than the what I’ve called the publics.”

For Bitcoin (BTC) To Go Up, Bigger Names Need to Come In

For Novogratz, institutional investors need a certain level of security to be willing to invest in crypto. They need to get important names like Nomura, Goldman-Sachs, etc. involved first before they see significant institutional investments. The work of fintechs and firms like Coinbase, Bitgo, and Xapo is irrelevant to the decisions of the big capitalists.

The time of his prophecy about Bitcoin (BTC) may be near. He said he thinks it could be accomplished in 6 to 18 months. He also believes that the global market cap of 800 billion can be reached in a period of 12 months.

“We’re gonna take out ten thousand then we’re gonna go right to twenty thousand because we’re only gonna take it out [when] you’ve got custody moving in, and that’s going to reignite the animal spirits in the FOMO.”

Full video available here:

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BitMEX CEO: A Bitcoin ETF is Great For Adoption, Triples-Down On $50k Prediction

Despite the SEC declining the Winklevoss Twins’ ETF proposal, the discussion of such a fund is still a hot topic within the cryptocurrency community. CNBC Africa’s “Crypto Trader” show, hosted by Ran NeuNer of OnChain Capital, recently spoke with BitMEX’s CEO regarding what an ETF means for this nascent industry.

Taking into account Bitcoin’s current price action, Ran opened up the interview by asking Arthur Hayes how BitMEX has been performing. For those who are unaware, BitMEX is one of the highest volume cryptocurrency mercantile exchanges in the world, offering up to 100x leverage for traders of the XBT (BTC) contract.

The CEO of BitMEX noted that the exchange has been doing well, as a direct result of the volatility seen in the cryptocurrency markets.

Hayes also added that the exchange had done “four to five times” the amount of volume it had facilitated in the entirety of 2017. This figure took many by surprise, as a majority of other exchanges have been seeing declining volumes. However, taking into account that BitMEX supports leverage trading, it makes sense why this may be the case.

Arthur Hayes Speaks On Crypto-Based ETFs 

The Crypto Trader host went on to question Hayes about his outlook on Crypto-backed ETFs. The exchange executive first noted that there are two proposals that have verdict dates set for September, and another two in February 2019. Extrapolating what this information means, Hayes stated that he sees a “50/50 chance that we see some decision in Q3, and again we have another two ETFs looking for approval in February of next year.”

Speaking more on the highly-anticipated VanEck and SolidX’s ETF proposition, the executive said that “I don’t know.” Although those three words may be vague, he later elaborated on this specific proposal. Hayes stated:

“I think at the end of the day that the SEC wants to keep people interested in the financial markets and if retail continues to ask for these particular products (ETFs), at some point they are going to have to approve one of them.”

The CEO went on to call out the gold ETFs, pointing out the industry surrounding one of the most valuable metals in the world is unregulated, so “how could regulators not allow a Bitcoin ETF?”

Later speaking more on the most recent ruling on the Winklevoss ETF, Hayes commended the brothers for laying the groundwork for this aspect of the crypto industry, adding that other issuers will benefit from the work completed by their unsuccessful predecessors.

Ran, seemingly not fully satisfied with that answer, went on to query the industry leader on the SEC’s fears of the “underlying” Bitcoin price manipulation. Hayes brought attention to the fact that the SEC has not shown “empirical evidence” of what the regulatory body sees as manipulation, justifying that this reasoning is just an “excuse.”

What Does An ETF Mean For The Cryptosphere?

BitMEX’s CEO sees that acceptance of such a fund will produce a capital influx from retail investors, as an ETF streamlines the process of onboarding fiat into this industry, stating:

“Retail traders do not want to have to worry about securing a Bitcoin wallet, where do they buy it from, using the different exchanges. So if all they have to do is to click on their E*Trade, Scottrade, Interactive Brokers, 401k (etc.), to buy an ETF that gives them exposure to Bitcoin, but not allow them to experience the risks of holding it, that is a very powerful way for them (retail investors) to get involved”

Closing off his time on the show, Hayes tripled-down on his $50,000 price prediction, expecting that a positive ETF verdict will push the price of Bitcoin to the stratosphere.

While some may be skeptical of his analysis and speculation, Hayes perpetually keeps his ear to the ground of this industry, so it is likely that his statements hold some credence.

Title Image Courtesy of MaxPixel

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Pantera Capital Posts 10,000% Gain Over 5 Years, Calls For Bitcoin To Head Higher

Pantera Capital, one of the foremost cryptocurrency and blockchain-centric investment firms, recently announced that it has reached its five-year anniversary, issuing a report on the progress it had made in that span of time.

Humble Origins: The 2013 $5k Bitcoin Call 

Shortly after the grand opening of Pantera, Dan Morehead, the firm’s fervent leader and CEO, released an email to his investors, highlighting the first price prediction they made for the foremost, and most successful digital asset. In the email, titled “Bitcoin Forecast V” on August 21, 2013, Morehead wrote:

I was discussing bitcoin with an investor yesterday and he replied somewhat dismissively “It’s just like buying gold”. No, it’s like buying gold in 1000 B.C. 99% of the financial wealth has yet to address bitcoin. When they do, bitcoin is either going to be worth zero or $5,000 /BTC.

The Pantera CEO went on to talk about how there is a “north of 50% chance” that the world will adopt a cryptography-based payment system, replacing the high fees charged by traditional institutions. Dan also noted that if a cryptocurrency, whether it may be Bitcoin or not, can succeed, it will become the first global currency since gold and the first borderless payment system.

It is important to note that at the time this email was released, Bitcoin was a mere $104, with a $1.4 billion market capitalization. While it wasn’t clear what time frame the CEO was allotting to the prediction, looking back, we can clearly see that Bitcoin had surpassed his original price prediction.

However, despite going above and beyond the $5,000 mark, the “July Blockchain Letter” noted that this logic remains true to this day.

Pantera’s Lifetime Return = 10,000%

According to the aforementioned report, the fund now has a return of just around 10,135.15% net of fees and expenses, a gargantuan feat that goes without saying.

The success of the firm can be attributed to a variety of investments made into an array of crypto firms and projects, including Augur, Brave, ShapeShift, 0x, Circle, Earn, Xapo and Ripple. It was also noted that the investment fund has a close relationship with Augur, as Joey Krug, the Co-Chief Investment Officer at Pantera, co-founded Augur just four years ago.

Pantera plans to continue investing in innovative new startups through the firm’s third venture round, which is set to occur within the upcoming months after a series of lunches held all across the world.

Bitcoin To Hit 21k By The End of 2018, And $67.5k By The End of 2019

To the minds of many, a highlight of the report was the firm’s Bitcoin price prediction, which forecasted Bitcoin hitting $21,000 by the start of 2019, and seeing a further three-fold gain to reach $67,500 by December 2019. While this may not be the most outlandish prediction, it still stands above and beyond the current expectations of many industry leaders. 

Releasing a statement alongside the chart seen above, the firm wrote:

This chart plots bitcoin’s price history since July 2010 in log scale to show its very consistent exponential growth. The gold line is the trend line during this period. Projecting price through the end of 2019 using this historical trend line as a guide would put the price of bitcoin at around $21,000 by the end of 2018, and $67,500 at the end of 2019. Seems eminently reasonable to me. Those are our current bitcoin price forecasts.

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Reddit’s Cofounder Alexis Ohanian Keeps His Prediction: BTC at 20k and ETH at 1.5k by 2018 Are His Bets

In an interview for CNBC, Alexis Ohanian spoke about the stability of Bitcoin (BTC) as the cryptocurrency par excellence within the crypto sphere.

For Mr. Ohanian, Bitcoin (BTC) has already been battle-tested and has proven victorious. The co-founder of Reddit and Initialized Capital comments that Bitcoin is “certainly the most robust” crypto right now and is also “one of the best proofs” that cryptocurrencies are an excellent means of storing value, especially in times like the ones we have today.

He argued that his prediction of the value of the two main cryptos in the global market cap has strong chances of being met. For the famous investor, Bitcoin will reach at least 20k, and Ethereum will reach 1.5K before the end of the year.

He commented that Bitcoin is a good investment despite the high volatility of prices. Scalability efforts and its growing adoption make it an exciting option for those with a long-term vision.

“As volatile as it’s been, we see [Bitcoin] continuing to go up over the long term.”

According to Mr. Ohanian, Bitcoin (BTC) and cryptos, in general, can not only contribute to building a better economic system but also a better way to interconnect data

Better Times Ahead

Ohanian believes that thanks to cryptos it is possible to promote the construction of a “new internet” based on “the idea of being able to browse with a store of value.”

Internet of Value / Courtesy: Z-punkt.de

Internet of value is an idea that has been circulating over the last few years, even though it has not yet become a reality. Despite these difficulties, Ohanian sees cryptos as a “changing sign of the times” and as a “viable alternative that is showing more and more credibility over time.”

However, unlike some anarchists and maximalist enthusiasts who overestimate the influence of cryptocurrencies, Ohanian was explicit in mentioning that he is “not calling for the end of fiat or anything like that.”

Ohanian Invests in a Better World

He commented that with the creation of Initialized Capital, he seeks to invest in startups that have a development potential within the crypto money ecosystem. In his statements he mentioned that his VC firm was one of the first to invest in Coinbase during its birth:

“We’re looking for those companies who are building the robust but very unsexy infrastructure that’s probably not going to make a headline anytime soon.”

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John McAfee: “The Bull Market IS coming”

John McAfee is a highly controversial person not only because of his peculiar way of life but also because of his opinions and his direct way of speaking. The founder of McAfee Inc. and CEO of MGT Capital Investments Inc. has had a very active life in recent months: He said he will run for president, confronted the SEC, called for a boycott of central banks and exchanges, and just survived an assassination attempt.

However, one of the things Mr. McAfee is well known for in the world of cryptos is because of his famous predictions and his bullish stance towards Bitcoin (BTC) when analyzing its long-term performance.

McAfee is one of the most important Bullish influencers, even in bearish times such as those that have been experienced throughout the year, and he has never backed down from his predictions, remaining not only enthusiastic but also assertive to his followers about the future vision of Bitcoin’s (BTC) price.

Bull Market IS Coming

On July 17, Mr. McAfee again caused a Twitter buzz when he wrote a euphoric tweet that soon surpassed several thousand likes.

Despite the high volatility of Bitcoin (BTC), McAfee’s optimism seems to be entirely valid. In more technical terms, other analysts like Tom Lee have mentioned that Bitcoin could be in front of a Bull Run.

John McAfee is known for making one of the most bullish predictions about the price of Bitcoin. The McAfee Line shows that despite the current behavior of Bitcoin prices, to reach 1 Million USD in 2020, Bitcoin should currently be quoted at over 13k.

John McAfee: Just HODL

McAfee has advised its followers not to sell their cryptos. Other notable personalities of the crypto-verse have widely shared this hodler feeling. Recently, Charlie Lee, creator of Litecoin, recommended not selling the Bitcoins and in fact considers it crucial to have this cryptocurrency over any other altcoin.

John McAfee has always been very confident in his predictions, and being a known influencer allows him to contribute to these excellent results actively.

Previously, John McAfee used to tweet about the use of some altcoins. These immediately increased their value in the markets. A few days ago, John McAfee commented that he was going to stop this practice due to legal threats.

Bitcoin has been growing steadily over the last few days. The Heikin Ashi sails show a possible bullish trend, and although some analysts mention that Bitcoin has already reached the minimum levels of 2018, it is still too early to make predictions with a higher degree of certainty.

Graph provided by Tradingview

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Digital Currency Group CEO: Bitcoin Has “Hit The Bottom for The Year”

Mr Silbert discussing about Bitcoin (BTC) with CNBC’s Fast Money Panel

Bitcoin’s recent bullish run seems to have triggered a wave of optimistic analysis from several leading investors. One of them is Barry Silbert, founder, and CEO of Digital Currency Group, a venture capital firm dedicated to crypto trading.

According to the successful investor, Bitcoin’s bearish streak may have come to an end. Mr. Silbert was particularly optimistic about Bitcoin (BTC) in a recent interview for CNBC:

“I think we’ve probably hit the bottom for the year. I actually put some money into bitcoin last week.”

Barry Silbert

Such statements are quite bullish as they state that the historical minimum lows of 2018 have already passed, so from now on – should his comments be accurate – the future of Bitcoin may be one of medium-term gains.

In addition to his optimistic technical analysis, he is also bullish on the fundamentals. In the same interview – which took place at the Delivering Alpha Conference in New York on Wednesday – he expressed his confidence in the prosperous future of Bitcoin (BTC):

“As an asset class, it is here to stay… I’m 100% confident a decentralized, non-fiat form of money is here to stay.”

At the time of writing, Bitcoin (BTC) is worth just over 7.3K USD. The minimum was less than 6k at the end of last month.

After the strong bearish streak at the beginning of the year, Bitcoin has had a strong fluctuation between bullish and bearish trends. Throughout most of the year, the 7k band was a critical support and played that minimum five times. However, in mid-June, Bitcoin broke that limit, passing to have the most robust support in the 6K band. From that moment on, the 7k went on to become a resistance that could only be overcome a few days ago.

Graphs provided by Tradingview

In the short term, (intraday trading or even scalping), bitcoin may reflect behavior that could show signs of growing momentum. The Heikin Ashi charts show that since the last significant price drop, each bullish trend has more strength and duration than the previous one (with only one exception).

Graph provided by Tradingview

Although short-term behaviors are difficult to predict, truth is that Bitcoin had generally bounced back after entering the 6k-7k “red zone”. So Mr. Silbert’s viewpoints are quite refreshing, especially for those who believe in a successful future for Bitcoin in 2018.

Full video available here

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