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Bitcoin Surges Above $6,600 Amidst Influx of Institutional Investments

Bitcoin is back in the green after positive news in the past few days about big-money investors looking to get involved in crypto. The top-ranked virtual currency has gained almost four percent in the last 24 hours. BTC proponents will be hoping this is the start of a sustained price rally.

Bitcoin Back Above $6,600

Starting from 10:00 UTC, the price of BTC has gained more than $200 to move from the $6,300 mark to slightly above the $6,600. At the time of writing this article, there appears to be no slowing down in the uptrend. Thus, the top-ranked crypto could be on the verge of posting positive growth today.

At the current price level, BTC is set to see its most substantial price upswing in two weeks, gaining almost four percent. Bitcoin experienced a difficult June 2018, twice dipping below $6,000 and set a new all-time low for the year. Since the start of July, BTC has been on a bit of a resurgence, peaking at $6,800 on July 8. However, a significant pullback saw it lose much of the gains earned within the first few days of July.

In the aftermath of the second-week pullback, BTC came dangerously close to falling below $6,000 but has rallied in the last few days. Amidst steady growth since July 13, today’s surge may set the tone for a push towards the $6,900 resistance level. TenX founder, Julian Hosp recently said that if BTC achieved $10,000 by August, then it could make a significant push towards his $60,000 BTC price prediction.

Institutional Investors Trouping into the Crypto Space

This latest BTC price surge comes firmly on the heels of two significant positive pieces of good news for crypto investors. First, BlackRock Inc., the world’s largest ETF provider announced that it was interested in blockchain investment. Billionaire, Steven Cohen recently invested in the Ariana Simpson-led Autonomous Partners, a cryptocurrency hedge fund startup.

Since the start of crypto-winter in January 2018, many analysts have declared that the entry of institutional players is the next big step for crypto. Many big-money investors have so far shied away from the market due to regulatory uncertainty. However, regulations seem to be taking some shape as institutions like the SEC have deemed BTC and ETH not to be securities.

In Asia, the market is becoming more structured with nations like Japan, South Korea, and Thailand taking significant steps to regularize the industry. With more clear and straightforward regulations, institutional money is bound to flow into the industry.

Do you think this is the start of a sustained BTC price surge or is there another imminent dip? How high do you think the latest investment influx will catapult the price of BTC? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.

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Bitcoin Could Be Worth $20K, $200k, or even $2 million, Predicts Expert

Clem Chambers believes that Bitcoin is a logarithmic asset. The CEO of ADVFN, a private investor platform maintains that liner charts don’t tell the complete story about the top-ranked cryptocurrency.

Bitcoin is Still in a Bear Market

Looking at any BTC chart on the internet and it is immediately apparent that the asset is in a bear market. The current price of the crypto is $6,250 which is significantly less than the $19,500 valuation of mid-December 2017. In fact, today’s figures represent a 68 percent decline in BTC price over a period of seven months.

To get some idea of the severity of the BTC market, the Nasdaq peak to trough decline was 78 percent over a 31-month period between 2000 and 2002. The BTC price crash is almost at the same level as the Nasdaq crash but in a quarter of the time. Thus, it is accurate to state that the bearishness of the Bitcoin market exceeds that of the stock market crash of ’02.

Logarithmic Chart Shows Exponential Annual Bitcoin Growth

According to Chambers, an examination of the Bitcoin logarithmic price chart shows an interesting phenomenon – one that isn’t immediately apparent using a linear graph. When the BTC price chart is plotted logarithmically, one finds that prices have been increasing by 26 percent per time period. To understand how profound this revelation is, Chambers says such logarithmic growth mirrors that of Warren Buffett’s investment portfolio.

Based on this non-linearity of the BTC price growth, there is no telling how high its value can reach. Commenting on this observation, Chambers says:

This non-linearity is exciting because if this growth is to continue, bitcoin can really get back to $20,000 a coin, $200,000 a coin, $2 million a coin. Because if the market mechanism of the asset remains viral that is the way it spreads.

Next Price Floor Could be $4,000 to $5,000

If BTC is indeed a logarithmic asset and the bear market observation holds true, then the asset is heading for another period price floor. Each period price floor sets the foundation for another rapid ascent that will see BTC set a new all-time high (ATH).

A price target for Bitcoin

Chambers believes that the next price floor lies somewhere between $4,000 and $5,000. Try as they may, the bulls cannot provide a consistent push to a new high until the next price fall is reached. Chambers also predicts that another 1000 percent increase is not beyond the realm of possibility. However, short-term traders run the risk of incurring significant losses.

Recently, Chambers predicted that Bitcoin prices could slump to $2,000 before rising to $20,000.

What do you think about Clem Chambers analysis that BTC is a logarithmic asset? Do you believe BTC could ever reach six or seven figure sum valuations? Share your thoughts with us in the comment section below.

Image courtesy of Coinmarketcap, ADVFN.com, and Forbes.

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Respected Wall Street Strategist Says Bitcoin (BTC) Will Reach 25k in 2018

The cryptocurrency space has witnessed many FUDs, it has witnessed uncountable ups and downs, but it seems there is a promising future for cryptocurrencies this year. With just a two-day surge in the price of bitcoin, enthusiasts are raising trust in the cryptocurrency space, saying there is igh possibility the space receives increased boost than it witnessed last year.

One very noticeable, respected Wall Street strategist who believes that bitcoin is on the verge of tripling in price is Thomas Lee, co-founder and head of research at Fundstrat.

Mr. Lee reinvented his bullish forecasts on Thursday, April 12, while conversing on CNBC’s program, “Futures Now”. Lee says the price of bitcoin could reach $25,000 within eight months.

“We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year.”

Commentators have weighed in on the sudden surge in the price of bitcoin from around $6,800 to over $8000. Many of them are of the opinion that the beginning of the much-awaited bull run has started.

Lee, who also believe it is time bitcoin increased in price, made known that the time is “overdue”.

“It’s overdue. Bitcoin was incredibly oversold,” he said.

“When you look at metrics like price-to-book, which is money cost, or our bitcoin misery index, it’s pretty much what you saw at the end of the 2014 bear market, not the start.”

If bitcoin rises to $25,000, it amounts to a 225 percent increase using its Thursday value as a yardstick.

Meanwhile, the increasing price of cryptocurrency is not only helpful to Bitcoin alone. It reflects in the value of Ethereum, Litecoin, Ripple and so many other altcoins. However, none can really say what is behind the sudden increase after many months of decline. Many are of the opinion that it is just time for the cryptocurrency world to witness another sudden increment.

Ed Cooper, head of mobile at fintech startup Revolut, in a conversation with The Independent, also holds to this assertion. He said the rise “doesn’t appear to be driven by any significant news stories.”

“Most likely there was a change in sentiment today and traders started to buy thus raising the price.”

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All Hell Breaking Loose For Bitcoin (BTC) In The Markets

Less than two weeks ago, Abra CEO, Bill Barhydt, had predicted that All Hell Will Break Loose in the Crypto markets once the big time investors started pumping their funds into the crypto markets. Well, perhaps Bill can now be considered a prophet for the market is all green in the last one hour. Bitcoin (BTC) has done a massive $1,000 gain in less than 30 minutes, and it has pumped the entire market with it.

Bill was quoted as saying:

“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose. Once the floodgates are opened, they’re opened.”

The flood gates seem to opened ladies and gentlemen. Bitcoin (BTC) jumped from around $6,800 to $7,796 in a period of less than an hour in one of the most massive pumps seen this year. It has since settled to levels of $7,627.

So where is the volume and funds coming from?

The first and most obvious theory, is the one that Bill Barhydt had predicted of big time investors jumping into cryptocurrency investing. To note is that the famous Billionaire, George Soros, has been noted as welcoming the idea of investing in cryptocurrencies through his company, Soros Fund Management. The Rockefeller family is also getting in with the partnership of its investment arm, Venrock, with crypto startup, Coinfund.

A second explanation, could be American money coming in from the annual Tax refund season in the country that ends on April 15th. Perhaps a few crypto savvy individuals are planning for their Lambos by investing in crypto with their refunds; rather than buying new cars, paying mortgages or even saving for college. Famous stock market strategist and crypto investor, Thomas Lee, was quoted as saying that the markets will revive after the 17th of April and particularly after the American Tax Season.

According to Thomas Lee, Bitcoin (BTC) is on the path to $25,000 by the end of this year and $91,000 by 2020.

In a nutshell, the signs of a resurgent Bitcoin have stated showing in the markets over the past few hours. What remains to be seen, is if the volumes can be maintained for the new crypto prices to be sustained.

TO THE MOON!

[Photo source, steemit.com]