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Bitcoin Rallies 7% From $9,100, Analyst Deems BTC Drop Over

Bitcoin May Be Forming Short-Term Bottom

Bitcoin (BTC) has finally started to show some life on its short-term chart once again. In the past 8-odd hours, the cryptocurrency has rallied off its $9,150 bottom, moving up 7% to $9,800 where it stands now.

According to a chart from Scott “The Wolf of All Streets” Melker, a popular crypto asset trader and DJ, this sudden breakout has seen BTC move above a key descending wedge and foray above a previous swing low/resistance. What’s more, the Relative Strength Index (RSI) is working on breaking higher, implying further upside, and the bullish engulfing candle structure may suggest a reversal of the bear trend for the time being.

It isn’t clear if this is the bottom of this ongoing downturn, which could last upwards of six weeks should history repeat itself, but one analyst claims that for now, the drop should be over. Analyst CryptoHamster laid out a number of reasons why this is.

Firstly, the one-day Relative Strength Index (RSI) and the Stochastic iteration of this indicator are at their lowest levels since at least February, entering the “oversold” range. The one-day Moving Average Convergence Divergence (MACD) has tapped the zero level, despite the fact that Bitcoin is in a raging bull market according to most analysis.

Also, the Elder’s Forse Index, an indicator meant to exhibit the strength of moves, is at its lowest since November 2018; and historical volatility is almost at 100%, implying a move to the upside to return volatility to levels deemed normal.

Per previous reports from this outlet though, a move lower could be had in the coming weeks, maybe after there is some reprieve for bulls like what is being seen now.

 Timothy Peterson, a prominent American crypto fund manager, notes that Bitcoin’s current active account figure suggests that BTC is overvalued.

According to Peterson’s model, which takes a 30-day median (as of July 13th) of the number of active accounts on the Bitcoin blockchain, BTC currently has a fair valuation of just above $8,000.

In a tweet issued on Saturday, Josh Rager, a prominent technical analyst and cryptocurrency commentator, looked to this same level.

Rager notes that a “confluence” of chart data and on-chain data suggests that a pullback “would likely bottom out at $8,000”. As he explained in the chart above, $8,000 acted as a key horizontal support and resistance level in the recent rally and 2018’s crash.

Title Image Courtesy of Juskteez Vu Via Unsplash 

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Bitcoin (BTC) Pausing Rally at $13,000 Isn’t Bearish, Here’s Why

Bitcoin in Reaccumulation?

Bitcoin hasn’t been doing too hot as of late. After hitting $13,000 last week, BTC has dipped, as bulls have failed to pick up the pace. Indeed, volumes have begun to drop, sentiment has begun to dip, and Google Trends interest for “Bitcoin” and related terms are on the downtrend.

This has materialized in an approximated 25% drop in the leading cryptocurrency, and upwards of 30% to 40% in altcoins like Ethereum and Litecoin. As of the time of writing this, Bitcoin sits at $9,700, up slightly from the daily bottom of $9,250.

While this dramatic drop has been seen as the “end of a bull market” by some bearish traders, historical trends suggest that Bitcoin needs this retracement. More importantly, this retracement might just be healthy.

As Nunya Bizniz, an up-and-coming industry commentator, points out, Bitcoin’s two previous cycles have seen a near-identical series of phases: rally (bull phase), pop (bear phase), enter a multi-month lull of accumulation, rally off a bottom (expansion), an extended period of reaccumulation, and then the block reward reduction event.

Bitcoin rallying from $3,150 to the local peak of $14,000 was seemingly the expansion phase; what is occurring now is the reaccumulation phase.

This is essential, as there has never been a point in the asset’s history where it established a new low or high one year out from any halving, meaning that a further rally or total collapse from here is somewhat improbable. Thus, in some senses, this pause in the rally is needed and should have been expected.

So, where exactly will this reaccumulation phase bottom out? Around $8,000 seems to be the consensus among analysts, at least in the current downturn.

Per an analysis of the Mayer Multiple (price over 200-day moving average) by CryptoKea, a little-known analyst that accurately called the recent drop to at least $9,700 earlier this month, if you consider the Multiple, the ongoing correction looks much like the first “major correction” of 2017’s bull run.

He notes that if history repeats itself and Bitcoin reverses out of its current short-term bearish trend like it did in 2012 and 2017, it could find support anywhere from $7,148 to $8,700. This corresponds to 1.20 times to 1.46 times of the 200-day moving average, which currently sits at $5,957.

Most likely, however, Kea notes that the “most probable target” as per the use of the Mayer Multiple will be $7,505 — another 20% drop from the current Bitcoin price of $9,600.

Title Image Courtesy of Andre- Francois Mckenzie Via Unsplash

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Fundstrat: Bitcoin Fall to $10,000 Healthy, $20,000 EOY Possible

Bitcoin Correction to $10,000 is “Healthy”?

Bitcoin (BTC) has been absolutely slammed over the past five days. Since passing above $13,000 for the second time this year on Wednesday, the cryptocurrency has been on a clearly downward-sloping trend. As of the time of writing this, Bitcoin sits at $10,600 — down by around 25% from its year-to-date high of $13,900.

Despite this harrowing price action, which has resulted in a sentiment of “extreme fear” according to the Bitcoin Fear and Greed Index, Fundstrat’s Tom Lee is still quite bullish.

In a recent response to Morgan Creek’s Jason Williams, the Wall Street’s resident staunch cryptocurrency optimist, explained that it is “healthy” to see Bitcoin pullback here.

Backing his claim, Lee suggests that as Bitcoin’s search traffic, as calculated by Google Trends, is still low, the recent drawdown makes sense and could be deemed a “good sign”. You see, the fact that search interest for the “Bitcoin” and “crypto” keywords haven’t rallied to 2017 levels suggests that there isn’t “massive hype” gracing this budding market, which means that BTC has room to run and is only in the early stages of its next cycle.

And as The Crypto Monk, a popular trader, remarked in a tweet, in previous bull runs, BTC established a pattern of entering parabolic uptrends, breaking them, consolidating, before embarking on more parabolic uptrends. Barring that Bitcoin currently isn’t in a bull market, this same series of events could easily play out now.

$20,000, Maybe $40,000 by the End of 2019?

Lee’s persistent optimism comes as he has continued to eye $20,000, even $40,000 as price targets for Bitcoin to reach by the end of 2019. Here’s why he’s bullish.

In the interview, Lee said that all things considered, Donald Trump’s tweets regarding this industry are “positive” because they cement the idea that cryptocurrencies are a relevant topic on the global geopolitical and macroeconomic stage. Indeed, over the past few weeks, the words “Bitcoin”, “Libra”, and “Crypto” have begun to grace mainstream outlets and government hearings time and time again.

Lee expounded: Trump’s comments “makes the other 99% [of the world] more aware [of cryptocurrency].” And if 1% of this new audience somehow finds value in the cryptocurrency market, the size of the community surrounding this asset class would de-facto double instantly.

In previous interviews, the Fundstrat co-founder also looked to the launch of Libra; a growth in cases of dovish fiscal policy, which some say will increase the chances of a recession and large inflationary events; and geopolitical tension that could only bolster the fundamental need for decentralized money as other bullish catalysts.

Photo by Kent Pilcher on Unsplash

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Bitcoin Bounces Off $10,000, BTC Could Rally Further: Analysts

Bitcoin Finds Support at $10,000… For Now

Bitcoin (BTC) has been absolutely slammed over the past five days. Since passing above $13,000 for the second time this year on Wednesday, the cryptocurrency has been on a clearly downward-sloping trend.

In fact, the asset has lost around 25% since hitting $13,200, reaching a multi-week low of $9,750 on Monday. And right now, the asset is trading for $10,250, with bulls managing to put up somewhat of a fight at the key level of $10,000.

As James Todaro, a prominent cryptocurrency investor points out, where BTC bounced is where the 50-day exponential moving average meets $10,000, making it an important swing level, and may continue to act as a strong level of support in this ongoing correction.

The last time BTC encountered was back in late-March, which was prior to Bitcoin’s strong rallies past $5,000, $8,000, and $10,000 in relatively rapid succession.

Should this level be lost, analysts suggest that BTC could correct hard, and may even return to the 200-day exponential moving average, which sits around $7,000.

In the short-term, however, bulls may get some reprieve. As analyst Crypto Tytan notes, when Bitcoin corrected last, it bounced off the 78.6 Fibonacci Retracement at around $9,800, and subsequently rallied all the way back to $13,000. So far, BTC has followed this trend, meaning that it may be in for a strong bounce, at least to the next key Fibonacci Retracement level of $10,700.

Also, Tytan points out that the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) on Bitcoin’s four-hour chart have begun to reverse, heading to the upside.

This bounce may not last though. Timothy Peterson, a prominent American crypto fund manager, notes that Bitcoin’s current active account figure suggests that BTC is fundamentally overvalued. This is an evident reference to the fact that Bitcoin, like other technological phenomenons, can be valued by its number of users, transactions, and other key statistics.

According to Peterson’s model, which takes a 30-day median (as of July 13th) of the number of active accounts on the Bitcoin blockchain, BTC currently has a fair valuation of just above $8,000.

(An aside, Bitcoin’s hash rate has recently moved above 78 million terahashes per second. This is an all-time high, meaning that not all of the blockchain’s statistics are signaling lower prices.)

Sure, Bitcoin has deviated from its fundamental value on certain trading days, but as the analyst explained in a different tweet, in the medium to long term, network value should reflect actual value.

Also, the fact that BTC closed its weekly candles under key resistance levels in the $11,000 range has led some traders, like Josh Rager, to suggest a move under $10,000, potentially to reach the $8,000 to $9,000 region.

Title Image Courtesy of Andre Francois Mckenzie Via Unsplash 

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Tether (USDT) Passes EOS & Binance Coin: Bitcoin Dumps to $10,000

Tether Returns to the Top of the Crypto Market as BTC Dips

EOS and Binance Coin have just been passed by Tether (USDT) on the de-facto cryptocurrency leaderboard. As of the time of writing this, the stablecoin is the 6th largest cryptocurrency, sporting a market capitalization just shy of $4 billion, with BNB and EOS (in that order) fall in line after it.

USDT’s ranking surge, which comes as the asset was 8th largest for weeks on end, comes as Bitcoin has dumped, as have all altcoins. The leading cryptocurrency is down 11% in the past 24 hours, finding itself trading at $10,000. Due to the severity of this dump and the rationale of investors in this budding market, altcoins have dumped even harder, with Ethereum posting a loss of nearly 20% — returning the levels it was trading at in October of 2018.

Both Binance Coin and EOS are down around 11% in the past 24 hours, both managing to somehow match and trace the performance of Bitcoin.

While USDT’s return to the upper echelons of the cryptocurrency market could be seen as decidedly bearish, there may be a silver lining. You see, over recent months, analysts, namely Filb Filb, have begun to observe a correlation trend between the number of USDT in circulation and the price of Bitcoin. As USDT enters the market, so does BTC. Fundamentally, this makes sense.

As Kraken’s Jesse Powell explained in an interview with TD Ameritrade, the influx of USDT is an extension of the amount of money flowing into the cryptocurrency space.

With money obviously being injected into this market via Tether, and thus through exchanges like Binance, there is a chance for a recovery from the current levels of $10,000.

Binance Coin Falls Amid Positive News Flurry

Binance’s collapse comes as the crypto startup has seen a flurry of positive news. As reported by Ethereum World News previously, Binance launched margin trading for eligible, KYC-verified users of the exchange.

Per a blog post detailing the new product, this new product is part of Binance’s “effort to help push the industry forward and freedom of money”. Per a quote from the exchange’s beloved CEO, Changpeng “CZ” Zhao, the introduction of margin trading will also help his startup accommodate both “advanced institutional traders and retail traders” under one single roof, this being

To use this new system, which only is supported on some Bitcoin, Ethereum, Binance Coin, Tron, and Ripple’s XRP trading pairs for the time being, users will need to transfer their funds between their primary Binance wallet and their new margin wallet.

Binance is soon expected to launch futures trading, making it one of, if not the first startup to delve into spot, futures, margin, and decentralized trading.

That’s not all. CZ revealed just recently that Binance will be burning more of its BNB than expected, meaning that from a supply-demand economics perspective, the asset could perform better should demand persist.

Title Image Courtesy of Andrew Neel Via Unsplsah

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Bitcoin Hits “Do-Or-Die” Support Level as Selling Pressure Swells


After an extended period of consolidation, Bitcoin has failed to hold above its previously established support level at $11,000 and has now plunged into the $10,000 region. Today’s price plunge marks an extension of the downwards pressure that BTC first incurred when it failed to break past $13,800, which remains a yearly high.

Analysts are now noting that Bitcoin is nearing a “do-or-die” price point at which the cryptocurrency must hold above, or else significantly further losses could be imminent – which may mark a reversal of the bull trend that has occurred throughout 2019.

Bitcoin Drops Towards $10,000, Breaking Previously Formed Parabola

At the time of writing, Bitcoin is trading down over 7% at its current price of $10,490, which is down significantly from its daily highs of $11,500.

While looking towards BTC’s price action over a one-week period, it is clear that bears are in full control at the moment, as the cryptocurrency’s buyers were unable to stabilize its price above $13,000.

Additionally, this recent period of consolidation and subsequent drop has forced Bitcoin to violate its previously formed parabola that was created during the course of this uptrend, which may spell trouble for the entire crypto markets.

Peter Brandt, a highly celebrated analyst who predicted the recent bull run, spoke about the violation of this parabola in a recent tweet, while referencing the below chart.

Importantly, the violation of this parabola could lead to significantly further losses in the coming days, weeks, and months; which could mean that the recently formed bull trend is in full reversal.

Analyst: BTC at a “Do-Or-Die” Level That Must Hold

It is highly probable that analysts will soon understand whether or not bears will garner full control of the cryptocurrency, as it is currently sitting at a price level that must be held in the near-term, or else significantly further losses could be imminent.

Josh Olszewicz, a popular cryptocurrency analyst on Twitter, spoke about this price level in a recent tweet, noting that it may not be until August or September that we truly know whether or not BTC will soon drop back into the four-figure price region.

“1D $BTC at Kijun do-or-die support here. Possible that we grind for a while in triangle consolidation then make a decision towards Aug/Sept. If break down, e2e to 8.8. Closing Q3 at -15%ish is on par w/historic Q3s. #WakeMeUpWhenSeptemberEnds is a real thing,” he explained.

As the week drags on and Bitcoin continues to react to its key support levels that lie directly below its current price level, it will likely soon grow clear as to whether or not BTC will continue climbing higher or if the “Crypto Winter” will persist.

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Should Bitcoin Fall to $10,600, a Move Under $10,000 is Likely

Bitcoin Price Outlook

Hours ago, Bitcoin was trading at $10,800, down over 5% on the day as a result of overwhelming sell-side pressure. But, all of a sudden, the cryptocurrency bounced, gaining around 4% in minutes. And as of the time of writing this, BTC sits at $11,300, down 2% in the past 24 hours. What levels should investors be watching out for?

Well, according to Jacob Canfield, a popular trader, all eyes should be in and around $10,600 right now. This level is where Bitcoin’s 200 exponential moving average (EMA) meets the 0.236 Fibonacci Retracement of $14,000 and an uptrend. If BTC loses the 200 EMA, which has acted as clear support since February of this year, Canfield notes that Bitcoin could see a sharper correction to the also important 50 moving average around $9,900.

And right now, the outlook for some traders seems to be more downside. As seen below, Level’s Josh Rager noted that Saturday’s candle was not entirely bullish, in that it closed under the weekly resistance zone, which sits around $11,400 and $11,500. And, Rager noted yesterday that if BTC doesn’t manage to hold $10,900, bulls may lose hope.

Also, Bitcoin, according to Chonis, is forming a clear head and shoulders pattern on its four-hour chart, one that some say will break down due to selling pressure.

Also, Peter Brandt notes that Bitcoin’s parabolic pattern, which originated in December of last year, has finally broken.

With this, some are wary that a large correction could ensue, one that could bring Bitcoin back to $7,000 or even pre-rally levels in the $4,000s and $5,000s.

You see, when parabolas correct in financial markets, they correct hard. In Bitcoin’s case, this is especially relevant, as it exists as an early-stage asset that is hyper-volatile and reflexive.

As Brandt, a legendary commodities trader, recently quipped, a violation of the parabola could send BTC falling back to Earth. In fact, he quipped in a tweet that the cryptocurrency could lose 80% of its year-to-date high value:

“If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope. $BTC Note formation of possible 2-wk H&S or H&S failure”, the long-term Bitcoin proponent wrote.

Title Image Courtesy of Andre Francois Mckenzie Via Unsplash

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During $1,500 Bitcoin Dump, Coinbase Whales Were Buying BTC

Coinbase Whales Bought the Bitcoin Dump

Bitcoin hasn’t had the best week. After rallying past $13,000 for the first time in over a year, the cryptocurrency stumbled. Hard. After flirting with the $13,000 price point for all of some six hours, Bitcoin fell, tanking by $2,000 in the following day. In fact, as of the time of writing this, BTC sits at $11,800, basically flat on the day, but wayyyy down on the week.

It isn’t too clear what triggered the sell-off. Some have looked to comments from both the Federal Reserve chairman, Jerome Powell; and U.S. President Donald Trump.

Speaking to a group of regulators, Powell did give Bitcoin the classification of a gold-like store of value, but he went on to worry the United States about the potential implications of a system in which the systems of Libra or other cryptocurrencies were in control of the economy or certain parts of society.

And Trump just flat out bashed Bitcoin and its ilk, accusing cryptocurrencies of being backed by nothing but “thin air” and facilitating potentially criminal behavior.

Others have claimed that the collapse was catalyzed by a simple case of buyers failing step in, resulting in a rapid depreciation of Bitcoin as swing investors looked to secure profits.

Anyhow, there are reasons to suggest that the dump may soon end. As spotted by a Reddit user on the official Bitcoin subreddit, a majority of the top 10% of Bitcoin investors (by account size) on Coinbase were buying BTC, presumably while the bottom 90% were selling. In fact, on July 11th, 77% increased their net Bitcoin position and 23% decreased.

It is unclear whether or not the data set includes users of Coinbase Pro or only

Why It’s OK to be Optimistic

So, why are Coinbase’s resident whales seemingly scooping up BTC as fast as possible?

Well, Fundstrat’s Tom Lee seemingly has a bit of a theory. As he explained in a recent tweet, which can be found below, the cryptocurrency is still decidedly in a bull market, as made apparent by the fact that the nearly-$2,000 dump is effectively “invisible on the weekly time frame”.

From a longer-term technical standpoint, bulls are still in control, giving the asset the potential to reverse into new year-to-date highs in the coming weeks and months.

Indeed, there are many models currently pointing towards the fact that BTC will finish the year on a high note. Per previous reports from Ethereum World News previously, analyst CryptoThies recently laid out the fact that should history repeat, Bitcoin could surge by over 100% in the last quarter of 2019, implying an end-of-year price of $20,000.

Photo by André François McKenzie on Unsplash

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Bitcoin Expressing Bullishness as Public Interest Dwindles; Factors & Trends


After facing a significant amount selling pressure yesterday that sent Bitcoin reeling down to the lower-$11,000 level and most major cryptocurrencies plunging 10% or more, the aggregated crypto markets have now incurred a decent amount of buying pressure that has allowed them to buck the recent bear trend.

This newfound bullishness comes as public interest in Bitcoin is on the decline, which supports the notion that now is still a good time to accumulate, regardless of the recent bout of selling pressure experienced by the volatile asset.

Bitcoin Climbs Towards $12,000 as Bulls Attempt to Reverse Recent Bear Trend

At the time of writing, Bitcoin is trading up over 4% at its current price of $11,830, which is up significantly from its 24-hour lows of $11,100 that were set yesterday.

Over a one-week period, BTC has experienced massive volatility that sent the cryptocurrency to highs of $13,200, at which point it incurred a sudden and sharp influx of selling pressure that overwhelmed the cryptocurrency’s bulls and sent its price to $11,000 – where it found support.

This price action is simply an extension of the consolidation that Bitcoin has been experiencing ever since its sharp rise, and subsequent collapse, from $13,800 in late-June.

Alex Krüger, a popular cryptocurrency analyst on Twitter, spoke about the key price levels that he is watching in the near-term, noting that he is generally bullish on BTC, so long as it maintains some stability.

“$BTC views update: Mid/long term bullish. Short term bullish above 11500/11600, bearish below 11300. R: 11800, 12000, 12300, 12500. Key level above for bears to defend is 12300. If price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760,” he explained in a recent tweet.

Retail Investor’s Interest in BTC Dwindles Despite Recent Volatility

The past 48-hours have been quite exciting for the crypto markets, as the chair of the US Federal Reserve – Jerome Powell – recently stated in front of the Senate that Bitcoin is currently more like an alternative to gold.

Shortly after these statements were made, US President Donald Trump shot off a series of tweets discussing Bitcoin, cryptocurrency, and Facebook’s Libra project.

Although he claimed that he was “not a fan” of cryptocurrency, the sheer amount of press the statement received has been viewed as being bullish by many analysts.

Despite all this, retail investors and the general public are still not expressing any major interest in BTC, which may prove to be a positive thing for the cryptocurrency’s investors.

“Buy the dip,” The Crypto Dog, another popular analyst, concisely noted while referencing the below Google Trends chart.

As Bitcoin and the crypto markets continue to push their way onto the center of the global political and economic stage, it is likely that retail investors will increasingly grow aware and interested in the nascent markets, which may help fuel the next bull run.

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Should History Repeat, Bitcoin Could See $20,000 By Year’s End

Bitcoin to See 100% Gain in Q3: What?

Since our previous report on the market, Bitcoin (BTC) has been able to see some short-term reprieve. As of the time of writing, the leading cryptocurrency is pretty much flat over the past 24 hours, posting no notable gains or losses to speak of.

Altcoins are actually outpacing Bitcoin today, with Ethereum, XRP, and most other large caps gaining 3% or so. With this, Bitcoin dominance has returned to 65% according to CoinMarketCap, which is only marginally lower than the 65.8% seen just yesterday.

Anyhow, what’s next for Bitcoin? According to Crypto (Parabolic) Thies, a certain turn of events could see surge to $20,000 by the end of the third quarter of this year.

The analyst at trade publication CryptoSlate notes that in January 2016, which is when BTC began to recover from 2015’s brutal downturn, Bitcoin saw a three-month KDJ cross after rallying by two to three times.

For those unaware, the KDJ is a “technical indicator used to analyze and predict changes in stock trends and price patterns”. It is purportedly also known as the “random index”, in that it seemingly moves without any rhyme or reason.

Anyhow, after the KDJ cross, BTC saw a flat neutral candle (meaning no large gains or losses), then a surge of over 100% in the quarter that followed. This is effectively what kicked off the previous bull run.

Thies notes that since the KDJ crossed on the three-month chart, he would be inclined to suggest that Bitcoin could see a similar turn of events play out if the following quarter ends relatively neutral. Such a “neutral” candle could likely be seen if BTC manages to end the third quarter (September) anywhere from $10,000 to $13,000.

Thies isn’t the only analyst that has pointed out that should historical trends hold true, Bitcoin could recover strongly into the end of 2019.

Timothy Peterson, a Texas-based crypto fund manager and Bitcoin pioneer, recently laid out a model which plots how BTC’s performance in the first half of any given year relates to the second half’s performance.

Interestingly, the model, which can be defined as the positive slope y = 1.1409x + 0.5151, fits the trend to 90%, implying that it should be fairly accurate.

According to Peterson, Bitcoin gaining 180% year-to-date (effectively the 2019’s first half) implies that it has another 250% (“give or take”) left to run by the end of the year.

A 250% gain from current levels would mean Bitcoin ends the year at $40,000 — practically double BTC’s 2017 all-time high of just around $20,000. According to Peterson, even $50,000 is realistic.

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