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Bitcoin (BTC) Hitting $20,000 Next Week, $100,000 by December Possible: Analyst

Bitcoin May Continue Parabolic Price Action, Suggests eToro Analyst

Bitcoin (BTC) has been an absolute tear as of late. Ever since it hit $10,000, the cryptocurrency has been almost unstoppable, rallying to $13,200 as of the time of writing this after peaking at $13,800 earlier today.

With this rapid move, some have begun to suggest that $20,000 — the crypto asset’s all-time high established in December 2017 — is coming into Bitcoin’s scopes once again. In a recent comment given to the revived trade publication CCN, Simon Peters of eToro, a cryptocurrency-friendly brokerage, expressed that $20,000 is coming into view. He claimed that if BTC manages to “maintain its current parabolic trajectory”, which this outlet mentioned in a previous report, it could reach the aforementioned auspicious price point “within the next 7 to 14 days.”

Peters gives two reasons for this analysis. Firstly, the last time BTC was at $11,800, it took around one to two weeks for the cryptocurrency to hit $20,000 from there, which was an upward move catalyzed by retail FOMO. And secondly and more importantly, Facebook’s Libra project has imbued this space with a new sense of validity, which should lead to price appreciation with time.

Peters didn’t stop there though. In a later comment, the eToro analyst remarked that $50,000 or $100,000 could be seen for Bitcoin this year, noting that BTC is just ending the first half of this year. This quip comes shortly after Naeem Aslam of Think Markets explained that as long as BTC stays above the 242-day moving average, which is somewhat unorthodox compared to the traditional 50 or 200-day, a correction is unlikely. In fact, he quips that in the long run, Bitcoin is likely to enter the $60,000 to $100,000 range — just around six to ten times higher than current levels.

To embark on this spectacular rally, however, Aslam asserts that Bitcoin will need to decidedly break past $20,000, which will push BTC into a new region of price discovery. And from there, $50,000 and $100,000 remain the only other key resistances on the cryptocurrency market’s attempt to reach the so-called “moon”.

Institutional Money Behind Boom

On the matter of why this boom is coming to life, Peters explained:

“What’s interesting about this rally is that it doesn’t seem to be fuelled as heavily by new retail investors… Looking at historic Google trends data, the search terms for ‘Buy Bitcoin’ have typically spiked with the price as new retail investors jumped on the train. The fact that trends data hasn’t spiked with price on this occasion suggests that new capital is instead coming from institutions.”

Despite heavy institutional involvement, preliminary data is showing that retail is getting on board. As reported by this outlet previously, analytics service The TIE claims that the move past $10,000 resulted in a massive uptick in retail interest. More specifically, once Bitcoin moved past $10,000 for the first time since March 2018, the number of BTC-related tweets spiked. In fact, the analysts at The TIE suggest that on June 22nd, there were over 50,000 Bitcoin-related tweets — the highest this figure has been in 489 days (February 20th, 2018).

But, as to how this will play out for the Bitcoin price remains to be seen.

Photo by Austin Distel on Unsplash

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Bitcoin (BTC) At $1,000,000 Still In Play, Says Venture Capitalist

Bitcoin Bulls Are Back

With the recent action in the crypto markets, Bitcoin (BTC) bulls have returned. Gone are the days when people were calling for the death of this market. In a recent interview with The Street, James Altucher, a prominent venture capitalist and former hedge fund manager, suggested that the ongoing BTC rally has just commenced.

The investor, who rose to prominence in the cryptocurrency space when he became one of Bitcoin’s boosters in 2017, told the financial news outlet that Bitcoin may soon reach seven figures. Altucher, who first made this type of prediction when BTC first crossed above $10,000 in 2017, stated that Bitcoin hitting $1 million is still on the table, here’s why:

The investor states that he estimates there is around $200 trillion worth of fiat monies in the world, while there is only around $200 billion worth of digital assets in circulation. Altucher writes that if Bitcoin manages to secure all of that value, each BTC would have the purchasing power of around $8 million, far higher than current prices, about 1,000x higher. Although this sounds absolutely absurd, the investor states that it’s possible, as Bitcoin and related technologies are purportedly much more efficient and reliable than fiat monies.

Thus, he concluded that $1 million for each Bitcoin is entirely reasonable, but didn’t give a specific deadline for this prediction. Funnily enough, he suggested in 2017 that the cryptocurrency was going to hit $1 million in 2020. Regardless, he isn’t the first to have suggested that Bitcoin will reach such a price point.

$1 Million Club

Per previous reports from Ethereum World News, Jesse Lund, formerly IBM Blockchain’s lead, told Finder that BTC trading at $1,000,000 isn’t exactly off the table. The former IBM executive even quipped that he likes that figure, as each Satoshi would be valued at $0.01 at that point. Fundamentally, he added that a seven-figure valuation would give Bitcoin $20 trillion in network liquidity, making corporate payments on the blockchain a possibility.

More recently, we’ve seen Wences Casares of Xapo, described by many as ‘Patient Zero’ (he spread the Bitcoin bug), make a similar prediction. In a recent blog post, Casares wrote that while he believes that the experiment-esque BTC has a 20% chance of failing, its 10 years of operation, with “60 million and rapidly growing holders,” and the continual use in the real world (movement of $1 billion in value/each day) gives it a good chance of succeeding.

And if it does, the Xapo chief executive noted that each unit of the cryptocurrency could surmount $1 million, all within a decade’s time. This is over 100 times what it is valued at today. With this in mind, he noted that it is nonsensical not to own Bitcoin, calling it a “unique opportunity for a non-material exposure to produce a material outcome.” He added that not owning any of the digital assets may very well be almost “irresponsible.” In conclusion, Casares opines:

In today’s world where every asset seems priced for perfection, it is hard, if not impossible, to find an asset that is so mispriced and where the possible outcomes are so asymmetrical.

Title Image Courtesy of Jason Wong Via Unsplash 

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OG Bitcoin Investor: BTC Hitting $250,000 Next Run is Entirely Possible

Bitcoin To Hit Six-Digits In Next Bull Run

The Bitcoin (BTC) and cryptocurrency space is full of great minds. When you’re dealing with a revolution in technology and money, this shouldn’t be surprising. But what is surprising is the models and metrics that investors have used to determine “fair valuations” for digital assets, especially BTC.

Trace Mayer, one of the earliest public Bitcoin investors (like 2010 early) and an investor in crypto exchange Kraken, recently took to Twitter to state that “crypto winter” is now over. In fact, Mayer accentuates that with the block reward halving being under one year out and with Bitcoin transaction fees being non-elastic, he is sure that the next rally in this nascent market will “blow your hair back”. In fact, the investor states that Bitcoin could easily hit anywhere from $100,000 to $250,000 in the next bull rally.

But what is Mayer referring to, and does that model have any credibility in the slightest? Well, if you look at the numbers and other sets of cold, hard data, you might just think so.

What Mayer is referring to is the stock to flow (SF) ratio, popularized by Saifedean Ammous, the author of industry primer “The Bitcoin Standard”, and Twitter statistician PlanB. In the book, Ammous brings the concept of SF to the cryptocurrency space, which many see as the best way to value “hard monies” like gold and Bitcoin. Just a quick aside: an SF is a ratio between an asset’s above ground supply and how much is being produced/issued each and every year.

PlanB recently determined that the SF ratio of an asset is linked to its market capitalization. As can be seen in the image below, the higher the SF ratio, the higher the value of the asset. The thing is, the correlation between SF and price is exponential, meaning that a marginal increase in the former can cause a large spike in the latter. As it stands, Bitcoin’s current SF is approximately 25, making it understandable that it is valued around the same as silver. With the next halving though, Bitcoin’s SF will begin to approach that of gold. More specifically, BTC’s SF will move from 25 to 50. If this theory holds up and if demand for the cryptocurrency stays the same or increases, BTC should begin to approach the value of gold.

The model states that Bitcoin hitting a $1 trillion market capitalization, which translates to approximately $55,000 per coin, after 2020’s halving event is entirely possible. So no, maybe $250,000 isn’t inbound just yet, but by the next halving, maybe so.

Is $250,000 Possible?

Regardless, some are entirely sure that $250,000 a coin is entirely possible for the cryptocurrency. As Ethereum World News reported previously, analyst Galaxy, claims that Bitcoin’s current monthly chart looks eerily similar to that seen in late-2015, when BTC finally began to embark on a rally yet again.

This is notable, as the last time BTC’s chart structure looked as it did now (a massive green candle after ~one year of selling pressure), what followed was a 6,500% price surge in a two-year time frame. Thus, Galaxy notes that if historical precedent is followed to a tee, a bull run of the previous one’s magnitude will place BTC at over $333,000 per unit by the end of 2021.

Photo by Kent Pilcher on Unsplash

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Bitcoin (BTC) Is Looking Like Gold Prior To Parabolic Explosion: Analysts

Bitcoin May Soon Go Parabolic If Gold’s Trend Is Mirrored

Due to its properties, Bitcoin (BTC) has long been equated to gold. Many, in fact, say that the cryptocurrency is a “gold 2.0” contender, and will likely overtake the precious metal with time and a generational wealth shift. Some have even gone as far as to say that Bitcoin’s price action could follow that of gold, potentially to a tee.

You may think this sounds crazy, but there is some bearing to these calls. Just take a look.

Analyst CryptoHamster, who often makes use of historical charts to predict future movements, recently noted that Bitcoin’s price action over the past two-odd years looks gold’s chart in the early to mid-2000s. If historical precedent is followed and the Bitcoin industry is granted its first U.S.-based exchange-traded fund (ETF), Hamster expects for BTC to rally massively, potentially moving higher by 400% over the coming months and years. As seen below, this move could occur over the next year, and could result in BTC topping out at $30,000, then flatlining.

While this seems like absurd line drawing, it is important to point out the fact that the two charts, despite pertaining to two dramatically different time frames, are eerily identical. As analyst Nunya Bizniz pointed out, thirteen trends/reversal points on gold’s chart match up with Bitcoin’s, save for the time frames and the discrepancies in the logarithmic scales. As seen below, if gold’s historical price action is of any value to current cryptocurrency investors, BTC’s recent uptick is what will precede a parabolic rally, as explained earlier.

Some are sure that a move drastically higher from here would be unsustainable though. Per previous reports from Ethereum World News, Bizniz recently touted a technical trend that showed that the cryptocurrency market may be poised for a drawdown — and a substantial one at that. He noted that Bitcoin’s three-day Relative Strength Index (RSI) reading has been a relatively good way to gauge trends, especially when to purchase or sell Bitcoin.

He notes that throughout the digital currency’s history as a tradable, liquid asset, buying when the RSI is around 30 and selling around 88 was wise. The four last times this indicator breached the latter level, meaning the asset was oversold, massive sell-offs were seen. In the most recent case, Bitcoin fell from $20,000 to $3,150, a collapse that many investors now cringe at. With the RSI reading now eerily inching above 88, Bizniz suggests that another dramatic decline may just be in the crypto market’s cards.

What’s more, Bizniz notes that Bitcoin’s chart from the market bottom in December to now is now almost essentially identical to that seen in 2015, which was a trend that was postulated over recent weeks. The analyst notes that while a bull run is most likely on, there may be a correction of around 40%, which would place BTC back in the $4,000s or $5,000s.

Photo by Dmitry Moraine on Unsplash

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Ripple’s XRP/USD Price Also XRP Fueled Monetization Platform Coil Tested by David Walsh

Ripple xrp

XRP concentrated blogging platform Coil, which went live in the beginning of May 2019, is being tested by Mozilla’s Senior Web Developer David Walsh. This by creating a profile and already having three posts as tests on the network.

Popular throughout the industry as a web developing mentor among many, he has numerous written guides and tutorial posts that are read and reached on a daily basis by a wide number of web developers. An impact and gain in usage could be experienced by Coil following D. Walsh joining the platform and his followers.

Through Coil, readers can fully enjoy the content created by the creators ad-free as the platform itself repays supporting the work of the individuals without them having the need of piling up ads and other ways of compensation.

When it comes to the cryptocoin, XRP [created by Ripple lab – the blockchain concentrated startup] has the goal of becoming an alternative to the traditional SWIFT system of money remittance by reaching speed, efficiency and cost at an e level which in the past would have been unimaginable in the past. Ripple now has a foothold in Southeast Asia and the Middle East through their fruitful collaboration with SAMA of the Kingdom of Saudi Arabia.

Per time of writing, when it comes to its price performance against the US Dollar, it is on the same trend and sentiment as all the other leading coins with 3.60% decrease for the last 24-hours as BTC’s dance with the major $8,000.00 did not go so well and went for more than a week and as a situation it became alarming for many traders especially bulls.

XRP Performance
Source: coinmarketcap

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Next Bitcoin Boom Likely To Be “Awe-Inspiring”, Six-Digit BTC Entirely Possible

Next Crypto Rally To Be Absurd

The sky’s the limit — that’s what Bitcoin (BTC) enthusiasts want to desperately believe anyway. As the cryptocurrency market has finally broken out of its bear market shell, rallying by over 100% since the start of 2018, many are sure that “crypto winter” is over and the next rally is on. And while expectations for the next bull run have varied, a majority are coming to the conclusion that the next market cycle will be more intense than any before it. Here’s why.

Misir Mahmudov, the analyst brother(?) of Goldman Sachs employee turned cryptocurrency diehard/fund manager Murad Mahmudov, noted that Square’s Cash App has become the #1 Finance app in the U.S. Apple App Store. While this doesn’t seem relevant, Square is a relatively large Bitcoin vendor. In fact, according to the Q1 2019 results that were published in late-April, Square secured $65.5 million in Bitcoin revenues, implying that $65.5 million worth of BTC was purchased. Assuming Q1’s average Bitcoin price of around $3,790 (CoinMetrics & The Block), Square sold an approximated 17,300 BTC during that period — Cash App’s fees and spreads not taken into account. During that same time frame, 162,000 BTC was mined, assuming that the Bitcoin network keeps to its standard emission rate of 1,800 BTC each day. This implies that Square’s users absorbed 11% of all BTC mined through their purchases.

Misir notes that this is relevant because the upcoming rally will be the “first bull run [during which an] established financial business lets you buy Bitcoin,” adding a quippy “buckle up” to accentuate the importance of this.

What’s more, Blockchain.com, Coinbase, among other crypto-related applications have begun to trend on app stores across the globe, signifying growing retail interest. But the reason why Square specifically is so important is that it is trusted, and is a massive on-ramp simultaneously.

This isn’t the only factor that has Bitcoin zealots believing that the next rally will be absurd. Marty Bent, the co-host of “Tales From The Crypt”, recently explained that with the infrastructure being more robust than ever, the block rewards falling to 6.25 coins per block, and geopolitical tensions, namely the U.S.-China trade war, reaching heights not seen in years, it will be “awe-inspiring”.

Where Will Bitcoin Peak Next?

This begs the question, where will Bitcoin peak next?

Level’s Josh Rager notes that over Bitcoin’s three completed cycles, the trough to peak gains decreased by around 80% each time, which is a concept defined by the law of diminishing returns. As Rager notes, 2011’s rally saw a return of 320,000%; 2014, 58,500%; and 2017, 12,000%. Thus, if history is followed to a tee, BTC will rally by 2,400% off its bottom, giving it a potential high of just shy of $80,000, $78,500.

Some have been a tad more optimistic though. Analyst Galaxy claims that the last time Bitcoin’s monthly chart structure looked as it did now, what followed was a 6,500% price surge in a two-year time frame. Thus, Galaxy notes that if historical precedent is followed to a tee, a bull run of the previous one’s magnitude will place BTC at over $333,000 per unit by the end of 2021.

Regardless of which analysis is right, the consensus is that in a number of years, BTC will be much more valuable than it is now.

Title Image Courtesy of Dmitry Moraine Via Unsplash 

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Stellar XLM/USD Still Holding New Price Ground: $0.1100

Stellar Future

Following Bitcoin’s possibly game changing increase throughout the end of the previous week and the beginning of the present one, altcoins are keeping up the show with their respective recovery on a daily basis. Per time of writing the pair XLM/USD is changing hands at $0.1087 with 7.00% increase in the last 24-hours leading the BTC market for 9.50%.

Stellar Price Analysis
Source: coinmarketcap

Witnessing the double digit gains for two days in the crypto-price market it was no surprise that a slight pull-back will be occurring anytime as the Tuesday value peak presents a great opportunity to gather profit for those that jumped-in a week before. The previous resisting trend is acting now as a supportive ground for the pair to continue performing, and as long as it holds (declining below $0.1085 could be alarming) a speedy return to the bullish sentiment will remain.

Latest News regarding Stellar XLM

Stablecoins continue to fall on the radar of investors showing that there are more and more use cases for this type of tokens. For the launch of 26 new stabletokens Wirex chose the Stellar blockchain. According to Forbes, Jed McCaleb, founder of Stellar expressed his enthusiasm for the partnership, explaining that this joint effort could be good for the parties involved.

“Stablecoins have the potential to transform the payments space … We’re excited to be working with Wirex to launch its first stablecoins to help make money more fluid and open to everyone.”

For his part, Pavel Matveev, Wirex’s co-founder explained that the firm has the vision of expanding the supply of stablecoins available in the crypto-verse stressing that offering tokens backed by other currencies besides the dollar can stimulate not only the industry but the entire ecosystem.

According to regular polls of the investors in cryptocurrency and the mainstream market, lack of education and understanding for blockchain, crypto and digital assets is a regular feature among the public. Coinbase, for what it’s worth, has done its part as an exchange to promote decentralization. While the exchange has taken flak in the past for suspicious market behavior, the Coinbase has carved a place for itself as a portal of cryptocurrency education. The most recent addition of the XLM coin now partners the U.S.-based exchange with the Stellar Foundation, a nonprofit organization who has a proven track record of pushing the net positive of digital assets. Together with the flooding of 1 billion giveaway it shows how the industry’s growth ahead of coin prices as the firms are looking long-term and for the best of the crypto-verse.

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Financial Services Firm: Bitcoin (BTC) Reaching $20,000 By Early-2021 Is Entirely Possible

Bitcoin Could Retest All-Time High In 24 Months

Earlier this year, prior to the recent Bitcoin (BTC) surge to and past $6,000, we reported that Canaccord Genuity Capital Markets, a Vancouver, Canada-based financial services firm, claimed that the leading cryptocurrency could rally to $20,000 by March 2021. At the time, however, this prediction, deemed rather optimistic by some (as then BTC had yet to embark on a bear market recovery), was unbacked, and little was explained.

But, the analysts who made this statement recently broke down this prediction in a research note obtained by CoinDesk. In it, they explained that as it stands Bitcoin’s chart looks eerily similar to the cycle seen from 2011 to 2015. And thus, they noted that if BTC follows its historical trend to a tee, it will see a “slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”

But what exactly will drive this rally? Let’s take a look at what the analysts think is bullish for Bitcoin right now.

  • Growing Number of Transactions and On-Chain Value: As the firm observes, the average value of daily transactions (USD) has risen two months in a row, from $479m to $801m, all while the number of transactions has begun to near all-time highs yet again. Data from Diar would confirm this. While the count of BTC transacted on-chain in Q1 of 2019 is the lowest since Q2 of Q3 of 2017, Diar notes that as of the end of April, the U.S. dollar value of BTC and the number of BTC transacted is up three months in a row. For some perspective, in February, $70.5 billion worth of value and 19.1 million BTC were transacted using the Bitcoin blockchain. These same indicators now read $132.6 billion and 25.7 million, respectively — an increase of 88% and 34.5% in a three-month time span.
  • Scaling: Over the past few months, there has been an uptick in the growth of the Lightning Network and Segwit. This should help to drive long-term adoption.
  • Bitcoin Mining Breakeven Hits $7,200: According to Canaccord’s estimates, the breakeven cost of mining has hit $7,200 for miners paying $0.04/kWh. BTC has historically traded around or above its breakeven level.
  • Adoption In Emerging Economies: Bitcoin has seen massive adoption in places like Venezuela, showing a true need for BTC that isn’t just speculative.
  • Financialization: The cryptocurrency space has been increasingly financialized over the past few years, as made apparent by an increase in volume for futures products and tradable Bitcoin-backed products.
  • Network Value: “Bitcoin looks more “expensive” from an NVT ratio perspective, but still slightly “under-valued” according to Metcalfe’s Law.”

Isn’t, Like, $200,000 Possible?

While I’m sure many would love to see Bitcoin at $20,000, some believe that the asset can head much higher.

One analyst, the self-proclaimed “cryptocurrency accumulation machine” Galaxy, claims that Bitcoin’s current monthly chart looks eerily similar to that seen in late-2015, when BTC finally began to embark on a rally yet again. This is notable, as the last time BTC’s chart structure looked as it did now (a massive green candle after ~one year of selling pressure), what followed was a 6,500% price surge in a two-year time frame. Thus, Galaxy notes that if historical precedent is followed to a tee, a bull run of the previous one’s magnitude will place BTC at over $333,000 per unit by the end of 2021. BTCC’s Bobby Lee (Charlie Lee’s brother), Twitter commentator $carface, Naeem Aslam, and Filb Filb are among other pundits who believe that a move to this level will occur, in a few years’ time no less. 

Title Image Courtesy of Aleksi Raisa Via Unsplash

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Bitcoin Poised To Stutter As BTC Aims To Take On “MOTHER of Resistance”

Bitcoin May Soon Reverse

For some reason or another, analysts have begun to believe that Bitcoin (BTC) may be poised for a correction. In a recent Trading View post, Magic Poop Cannon postulated that BTC is currently expressing a number of bearish signals. Firstly, Bitcoin failed to hold above its uptrend channel, all while failing to surmount a “major overhead resistance zone” that begins at $5,777 and ends at $6,200.

What’s more, there are an array of bearish divergences seen in the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and the Stochastic RSI, leading Magic to the conclusion that BTC is “wounded” and not prepared to enter a bull run just yet. He adds that the Network Value to Transactions ratio (NVT) is currently flashing a sell.

Aside from technicals, some evidence is mounting that in the short run, BTC’s price action is tied to traditional assets, namely stocks, which is a bad sign.

On Sunday, Donald Trump revealed that he intends to increase tariffs on Chinese-made goods from 10% to 25% by Friday. Global assets, like stocks and even BTC, flashed red minutes later. As crypto trader “Light” points out, when Asian markets opened on Monday, BTC fell right in lockstep, reacting to the tariff salvo negatively. There is a fleeting chance this is pure coincidence, but Bitcoin lost a very similar percentage to the Hang Sang in the same time frame, implying that BTC remains a “risk-on” asset, as Light explains.

With Trump unlikely to budge, the U.S. stock market and other global indices may continue lower, potentially unwinding Q1’s monumental rally, thus being a short-term detriment to BTC and other cryptocurrencies.

In a related string of potentially negative fundamental factors, Tom Lee, Fundstrat’s head of research, has postulated that the planned $1 billion raise by Bitfinex could actually be a negative price action catalyst for Bitcoin. The prominent commentator explains that $1 billion worth of new Bitfinex tokens will have a negative impact on BTC and other digital assets, as the market needs to “absorb” an influx of the so-called “LEO” tokens. As Lee notes, “Bitcoin miners sell $7mm per day, so a $1 billion IEO is essentially 142 days worth of miner selling taking place in one day.”

The Bull Case

Sure, Magic does note that there are clear reasons to be at least short-term bullish on Bitcoin. But some are sure that the charts are leaning bullish.

According to David Puell, the head of research at Adaptive Capital, Bitcoin’s chart is currently showing an array of bullish signals, both in terms of technical indicators and pure price action.

In a simple chart posted on Friday night, the investor remarked that Bitcoin is currently trading in a broadening ascending wedge, a pattern defined by legendary chartist Bulkowski as a catalyst for bullish continuation. Bitcoin Bravado’s Jack, who noticed this pattern alongside Puell, remarked in his own tweet that such wedges are often never seen in bear markets, and are instead, a reversal pattern that commences a bull run. He then points to the fact that the Relative Strength Index (RSI), Chaikin Money Flow (CMF), and On-Balance Volume (OBV) readings, which measure if an asset is either technically overbought or oversold, are currently breaking to the upside.

Title Image Courtesy of Andre Francois Mckenzie Via Unsplash 

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Bitcoin (BTC) Can’t Be Less Than $1M In Two Years: McAfee Doubles Down On Crypto Prediction

John McAfee Doubles-Down On $1 Million Bitcoin Call

In late-2017, when BTC was surpassing key levels each and every day, we reported that technology guru John McAfee made a prediction that Bitcoin would hit $1 million by the end of 2020. He put his manhood on the line. And while the cryptocurrency has evidently fallen drastically since then, he recently doubled-down on this ambitious forecast in a tweet. 

Responding to an article that postulated that Bitcoin may hit $400,000 within two years, McAfee remarked that this is nonsensical not because the prediction was ludicrously high, but because it was well too low. In fact, he remarked that “anyone who can add and subtract,” and harness “point-set topology” knows that BTC “can’t be less than” $1 million in two years’ time. In a bid to accentuate his point, he asked, rhetorically, “does no one study math anymore?”

This quip was made seemingly in reference to his theory that Bitcoin’s market valuation will soon be determined by its on-chain statistics, not purely by speculative pressures. And with the number of Bitcoin transactions continuing to swell, cementing that adoption is occurring, McAfee believes it would be hard to argue that BTC won’t naturally move higher with ample time.

And interestingly, some would agree that $1 million is inbound, to some extent anyway.

In a recent interview, Jesse Lund, the head of IBM’s blockchain division, revealed that Bitcoin trading at $1,000,000 isn’t an illogical scenario in his eyes. Fundamentally, he notes that a seven-figure valuation would give Bitcoin $20 trillion in network liquidity, making corporate payments on the blockchain a possibility. While he has high hopes for BTC, he noted that speculators are currently holding back the asset. Lund explained that this subset of investors are “thinking about it wrong,” likely regarding the argument that BTC is much more than a speculative asset, as it can be programmed for a wide array of use cases.

Wences Casares, who is dubbed the “Patient Zero” of Bitcoin adoption, recently released a piece titled “The case for a small allocation to Bitcoin.” The title may sound innocuous, but the information contained in the essay-esque article blew socks off the feet of investors across the industry.

Casares, who heads Xapo, claimed that while Bitcoin has a 20% chance of failure from his perspective, citing the fact that it remains an experiment, he is more than 50% sure that the cryptocurrency will succeed beyond our wildest dreams. He looks to the fact that BTC has existed for 10 years with (basically) zero interruption/immutability concerns, and that Bitcoin has a rapidly growing user base and an active transactional use case. Casares adds that if Bitcoin succeeds it may be valued at a drastically higher price than it is now. As reported by Ethereum World News previously, a BTC that succeeded, in the eyes of the investor, could be valued at $1 million apiece, 200 times higher than current prices, and all this could be accomplished within the next ten years.

With this in mind, he noted that it is nonsensical not to own Bitcoin, calling it a “unique opportunity for a non-material exposure to produce a material outcome.” He added that not owning any of the digital assets may very well be almost “irresponsible.” In conclusion, Casares explains:

In today’s world where every asset seems priced for perfection, it is hard, if not impossible, to find an asset that is so mispriced and where the possible outcomes are so asymmetrical.

Title Image Courtesy of Andre Francois Mckenzie Via Unsplash 

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