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Bitcoin (BTC) Can Surmount $8 Trillion Gold, Argues Crypto Billionaire

Digital Gold

Mike Novogratz, a long-time Bitcoin (BTC) bull, sat down with Morgan Creek’s Anthony “Pomp” Pompliano for the renowned Off The Chain podcast. Reports indicate that in the interview, Novogratz, a Wall Streeter turned fervent crypto proponent, purportedly stated that while BTC is still valued of 1% of gold’s $7 to $8 trillion valuation, the crypto will reach there eventually.

He argued that this is a journey that could occur over a 20-year period, rather than a one or two year period. Although such a time frame may turn off those with low time preference, the former Goldman Sachs partner noted that this could “easily happen.” Funnily enough, EOS’ Brendan Blumer also drew attention to this specific period too, explaining in a recent tweet that Bitcoin will make a move on gold’s de-facto go-to store of value status within the next two decades.

Anyhow, this interestingly isn’t the first time Novogratz has touted this thought process. He once stated that if the cryptocurrency market was the periodic table, BTC would be the only one with an atomic number of 79, much like how only gold is gold.

Bitcoin To Surpass Fiat?

While Bitcoin has effectively been proven to have better properties than gold, giving it precedent to become the go-to store of value, the pressing question remains about the asset’s ability to surmount government-issued currencies. Some argue that this is nonsensical, drawing attention to the lack of scalability, minimal adoption, and other shortcomings.

But minds like Tim Draper and John McAfee, on the other hand, have been a tad more cheery. In a recent Youtube interview with a crypto content creator, the former-mentioned venture capitalist argued that fiat currencies are “poor,” citing their controllability, lack of transparency, and subjectivity to political and social whims on the day-to-day.

And as the American investor argues that most of the brightest developers, engineers, and academics are working on digital assets — Blockchain Capital’s Spencer Bogart would agree — Draper notes that there could be a capital flight from fiat to crypto over time. He elaborates:

“My belief is that over some period of time, the cryptocurrencies will eclipse the fiat currencies. That would be a 1,000 times higher than what we have now.”

Draper isn’t the only one touting this thought process. Anti-establishment figure Max Keiser once told Bitcoinist that the flagship cryptocurrency is much like a monetary black hole, and will “gobble up all fiat” over time as the ongoing (in Keiser’s eyes) financial crisis continues to wreak havoc on society.

But will these lofty dreams really come to fruition? To be honest, it seems a bit hard to believe when the market is depressed.

 Photo by Clem Onojeghuo on Unsplash

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Bitcoin At $400,000 Isn’t A “Fool’s Paradise,” Claims Crypto Analyst

Analyst Calls For Bitcoin To Breach $100,000 Or Even $400,000 In Next Rally

It’s been over 15 months since Bitcoin breached $20,000. And since then, mainstream media, cynics, and representatives of traditional institutions have done their utmost to put down cryptocurrencies.But, industry commentators have kept their heads high, as they await BTC’s next move higher.

Naeem Aslam, a crypto-friendly analyst at Think Markets, recently divulged his thoughts on the current state of the digital asset market. Unsurprisingly, he was rather bullish.

In a March 19th blog post on Think Markets’ website, Aslam noted that while the tussle for BTC holding above $4,000 has often been won by bears, “long-term investors” shouldn’t “worry about these short-term levels.” Echoing comments from Alec Ziupsnys, he explained that “catching the extreme low (bottom)” is “extremely arduous,” Aslam goes on to explain that more likely than not, the so-called “crypto winter” is coming to an end.

He writes that the next bull rally in the cryptocurrency asset class will likely push BTC a minimum of five times higher than its previous all-time high, meaning his low-end target is $100,000. His high-end target, on the other hand, is $400,000, as Aslam explains that this would mean history would have repeated itself (2017’s Bitcoin run was from $1,000 to $20,000 — a 20x return). It was elaborated:

This number is not a fool’s paradise. $400,000 is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.

Not The Only Optimist

While BTC breaching $400,000 is likely hard to imagine for most traders, many analysts expect the cryptocurrency market to embark on another parabolic rally… eventually. In a comment issued last July, The Crypto Dog, a “STEM Ph.D. drop-out” turned crypto trader, explained that Bitcoin still holds the “same economic properties” that allowed it to go to the moon at least four times now.

Thus, he determined, who’s to say that a rally to “astronomical levels” won’t happen again? In a later tweet, he remarked that greed is a “huge potential factor” that could be behind future bull markets, adding that there’s “more than one path to hyperbitcoinization.”
Hyperbitcoinization, for those who missed the memo, is a term often used by Bitcoin crusaders to describe BTC consuming fiat currencies.

Crypto Dog is far from the first to have touted this theory. Crypto personality $carface recently noted that it would be unfair to claim that there’s a high likelihood that Bitcoin cannot undergo a “boom and bust” cycle again. Backing his prediction, he cites a quote from Sir John Templeton, in which the economist said that the four most dangerous words in investing are “this time it’s different.” This reference is, of course, rebutting cynics’ claim that Bitcoin won’t rally to new all-time highs… eventually.

$carface writes that investors should “roll the dice” and buy Bitcoin, as BTC could appreciate to $102,000 to $336,000 if it follows historical trends of rallying 5.1 to 16.89 times higher than its previous peak.

Title Image Courtesy of Tim Mossholder 

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Analysts Wary That Bitcoin (BTC)’s Lull Could Set Precedent For A(nother) Crypto Plunge

Bitcoin Price Action Looks Eerily Similar To Late-2018

Markets have patterns. There’s no hiding that non-secret. While these market trends may sometimes be hard to spot, sometimes, they’re more apparent than ever. This too is the case with Bitcoin (BTC) and cryptocurrencies, despite their nascency.

Moon Overlord, a popular chartist with a mass of Twitter followers, recently drew attention to an interesting trend in BTC. The trader, who commands the eyes and ears of tens of thousands, notes that the price action seen since late-November is eerily similar to than seen from July to early-November.

More specifically, during these two timeframes, which are now exactly the same length time-wise, BTC has held relatively flat. However, what Overlord seems to be drawing attention to is the gap between the two periods, which saw Bitcoin fall through $6,000 all the way to a yearly low of $3,150.

While he didn’t give an explicit comment, it is heavily implied that if Bitcoin follows history, the cryptocurrency market is in for yet another drastic drop. If mid-November’s plunge is mirrored to a tee, which some fear is all too likely, BTC could find itself under $1,500, as altcoins suffer with even deeper lacerations.

$800 Bitcoin Inbound?

Funnily enough, this isn’t the first time that a call like this has been made in 2018/2019’s so-called “Crypto Winter.” Financial Survivalism notes that the longer BTC fails to surmount a long-term declining trendline at ~$4,600, the higher likelihood that the cryptocurrency’s price could “mirror the price action from September 20th to November 25th of last year.”

Per the analyst, this would mean that BTC could trade flat for another two to three months, before falling dramatically to the $800 price point. This, of course, is a worst-case scenario, but Survivalism does allude to a good point about market cycles and behavioral economics.

Even if a capitulation-induced collapse to $800 is improbable, sub-$2,000 predictions have been floated by many an analyst.

Leah Wald, who subscribes to the Hyperwave, is sure that BTC will fall under $2,000, for instance. The popular trader recently took up a one BTC bet with Filb Filb, as she believes the Bitcoin price will hit $1,500 before it trades above $6,500 on Bitstamp.

Murad Mahmudov is also under the impression that sub-$2,000 for the lead cryptocurrency isn’t out of the question. Mere weeks ago, he expressed how logical it would be to see BTC fall to $1,700 by June, using long-term trends and long-standing moving averages to convey his point.

Then again, some have kept their heads up high. Just as there are bearish analysts, there are bullish analysts too. Filb, for example, claims that if BTC can hold $3,400, $5,000 by May is entirely possible. He notes that a number of technical measures have started to turn in Bitcoin’s favor. Filb specifically drew attention to the 12-hour Moving Average Convergence Divergence, which has begun to trend positive above zero. The analyst also touched on Chaikin Money Flow (CMF), which measures buying and selling pressure, which has begun to signal that there is underlying buying pressure in BTC markets.

Title Image Courtesy of Joshua Earle Via Unsplash

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Cardano (ADA) Attempt to Break Above $0.4800: Latest News Summary

Per time of writing one of the only in the green among leading coins by market capitalization is Cardano (native token ADA  ranked 11th) counting 3.35% increase in the last 24-hours. Despite that it is lower compared to Yesterday (10th of March) the transaction volume of ADA is currently on the rise reaching for the big $40 mln ($39.1 mln present) on various crypto-exchanging platform.

ADA

Source: coinmarketcap

The pair ADA/USD is currently changing hands at $0.04666 and as it is standing on the rising on the hourly trading chart it is possible that in the coming days the value will test the major $0.4800 with the chance of breaking above the monthly declining trend while riding on the supportive trend.

Coin News

Cardano (ADA) Latest:

– One of the three parties that make Cardano [ADA] the project that it is today – the venture and commercial arm EMURGO announced that it is planning to expand further into India via opening a blockchain academy.

Called EMURGO Academy – the institution targets to train developers that are interested into blockchain-crypto developing thus increasing adoption of block-tech. EMURGO’s academy aims at supplying talented developers with the tools needed to thrive in the blockchain industry.

– During YouTube’s Cryptocurrency Virtual Summit, the co-founder and creator of the 11th largest digital coin by market capitalization – Charles Hoskinson, also co-founder of Ethereum [coin lead by Vitalik Buterin], dug dipper into the progress which Cardano made until now since its debut and what kind of mindset does it take to run a project of this scale even during cold weather. According to Mr. Hoskinson, what stands the most out for him is the teachings that the road until now gave him and his team on how to introduce and make a cryptocurrency function in the market.

“The big accomplishment is just learning how to have a cryptocurrency in the market, learning how to have a product that can evolve at a reasonable pace, and being able to actually execute on the science, because the science is so very complicated and it’s all new protocols. And being able to actually go from the lab to a specification to code, and have a reasonable vision of how we’re actually going to roll that code out and ship it to people and get it to work. I think that that’s what I’m most proud of.”

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With Highest Crypto Volume Since 2017, Analyst Awaits Bitcoin (BTC) Bounce

Crypto Market Sees Exploding Volume 

At long last, the crypto market has started to undergo drastic fluctuations. Following weeks of remaining in a lull-esque state, Bitcoin (BTC) broke out of its bear market shell in early-February, posting gains backed by notable levels of volume.

While a substantial amount of time has passed since the aggregate value of all cryptocurrencies pushed from $110 billion to $122 billion in a day’s time, volumes have remained strong, as this nascent market continues to see rapid price action. In fact, Live Coin Watch reports that over the past 24 hours, $14.3 billion has been traded on exchanges, up from the $6 billion lows seen late last year. This simple trend in the cryptocurrency market has led some to claim that a stage is being set for an eventual rally.

Insurance agent turned Bitcoin trader Financial Survivalism, for instance, recently noted that volumes across the board are the highest seen since the last week of 2017, which was when BTC was well above $10,000 and altcoins were surging day in, day out.

Survivalism recalls that this nascent hasn’t seen “four straight weekly bars with that much buying volume,” leading him to conclude that cryptocurrencies en-masse may be in for a strong bounce, along with a potential rapid sell-off if support is broken in the coming weeks. This trader, who recently called for a BTC breakdown to sub $2,000 to precede a “melt your face off” rally, isn’t the only one calling for a Bitcoin rally due to the recent influx in market volume.

In a number of recent posts on Twitter, eToro’s in-house crypto trader, Mati Greenspan, has drawn attention to why high market activity could be a positive sign for this space moving forward. Greenspan once explained that “more meaningful moves” often go hand-in-hand with higher volumes. He later doubled down on this thought process through a number of mediums.

The Crypto Dog echoed this thought process, noting that if such volume readings are accurate, “we’re about to bust out into a raging bull market.”

But is a stage set for a rally? Some would that yes, yes it is.

Stage Set For Bitcoin Rally? 

Filb Filb recently took to Twitter to explain why BTC hitting $5,000 by May of this year is entirely possible, as reported by Ethereum World News just yesterday.

He notes that a number of technical measures have started to turn in Bitcoin’s favor. Filb specifically drew attention to the 12-hour Moving Average Convergence Divergence, which has begun to trend positive above zero. The analyst also touched on Chaikin Money Flow (CMF), which measures buying and selling pressure, which has begun to signal that there is underlying buying pressure in BTC markets.

Filb adds that over recent days, Bitcoin has begun to test a “macro 14-month resistance” downtrend, and could break into higher lows if it surpasses that level, which would then turn into support. A move above this level, which would push BTC into a “huge void” of volume, meaning that rallies and drawdowns could be accentuated with little-to-zero volume, could mean that Bitcoin could hit $5,000 by May.

Title Image Courtesy of Tim Mossholder Via Unsplash

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Stellar (XLM), Basic Attention Token (BAT) and Waves (Waves) Latest News Summary

XRP’s [third largest coin by market capitalization] first row competitor for currency remittance and cross-border transactions Stellar Lumens (XLM) is standing in the green against the US Dollar reaching a price of $0.08661.

Future

Source: coinmarketcap

Axel Springer SE and SatoshiPay recently announced a partnership that will allow users to pay for digital content published by Axel Springer SE with cryptocurrency stored in the SatoshiPay wallet. SatoshiPay is a London startup founded in 2014 focused on developing solutions to provide frictionless micropayment solutions. Currently, the SatoshiPay platform is developed on Stellar’s blockchain.

The senior president of New Business at Axel Springer SE – Valentin Schöndienst added:

“Blockchain payments can significantly reduce transaction costs and thus enable new monetization systems for content. SatoshiPay offers a turnkey solution that allows us to instantly use blockchain technology and offer it to our customers”.

While on the other hand CEO and founder of Satoshi Pay – Meinhard Benn spoke very highly of Axel Springer noting out the excitement working with a partner who already recognises the potential of block-tech. He also took the opportunity to thank the Stellar Development Foundation team “which supports this cooperation with a seven-figure partnership grant.

Coinsquare, has recently acquired the StellarX decentralized exchange. The team at StellarX made the announcement via medium and stated that they will still continue with the roadmap outlined back in September of last year. Coinsquare also acquired BlockEQ late last year for $12 Million. StellarX will be led by BlockEQ’s co-founder, Megha Bambra,  and will continue to grow and enhance the Stellar ecosystem. – BlockEQ – private stellar wallet.

BAT – Via teaming-up with Tap Network which is a blockchain-concentrated advertising platform, the team behind the famous BAT cryptocoin made it possible for its owners to redeem on choice their tokens for rewards on over 250k brands with giants like Apple, Uber and Starbucks.

The Basic Attention Token, which transacts the token transfers via the Ethereum blockchain, made its debut in the cryptocurrency industry with the target of resolving present marketing and advertising issues with which individuals have to deal with in the particular industry. The above mentioned partnership was first announced during Mobile World Congress on February 2019 by Brendan Eich – CEO of Brave Software.

Waves – The teams at Wirex and Waves (WAVES) have worked together to integrate the digital asset on the popular crypto-debit card platform. Wirext also allows its users to buy, store and manage a variety of cryptocurrencies. WAVES joins the major digital assets of Bitcoin (BTC), Litecoin (LTC), XRP and Ethereum (ETH) on the Wirex platform.

[Wirex] provides extra liquidity for cryptocurrencies and gives investors the ability to convert and spend their crypto instantly with our Wirex Visa card. Investors who buy WAVES through our platform will know they are with a safe, agile, cost-effective service. In addition, our existing users will have another strong and popular token to add to their portfolios. – CEO of Wirex – Pavel Matveev

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Bitcoin (BTC) Following Parabolic Trend, $50,000 By 2022 Expected

Bitcoin Holding Parabolic Trend, Even In Crypto Winter

Over the course of 2018, Bitcoin (BTC) broke a number of key technical levels. In some cases, the cryptocurrency fell so fast (and hard) that its moving averages didn’t catch up to it for months. And while nearly every notable support line, like the $10,000 and $6,000, have been snapped, an analyst argues that BTC remains in its most essential uptrend to date, one that could bring the digital asset to the moon.

Cane Island Crypto, the creator of Network Value to Transactions (NVT), a popular fundamental measure used for cryptocurrency valuation models, recently took to Twitter to explain that when BTC isn’t “manipulated by jack leg exchanges,” it remains in a perfect parabolic trend. Giving his point further credence, he posted a chart, which showed that since BTC started trading at sub-$1, it has held a consistent uptrend, save for a few nuances here and there that came after a significant drawdown.

Extending the trend, the Texas-based analyst determined that if Bitcoin’s implied price for 2019’s end will be $7,800, 2020’s end will be $15,426, and so on and so forth. The Cane Island investment manager noted that if Bitcoin continues to hold this line, by the end of 2022, BTC will be valued at $52,321 and just under double that just 12 months later.

Sky’s The Limit?

The Cane Island analyst isn’t the only industry commentator to claim that BTC remains in a multi-year uptrend. Magic Poop Cannon, a seeming BTC permabull, recently took to TradingView to explain why he believes that the leading cryptocurrency remains in a “very clear cyclical uptrend,” in spite of the downturn seen last year.

He argues that the logarithmic uptrend line (seen in pink below), which is kept in place by two upper bound and lower bound trendlines, is still being held. Doing some calculations and historical analysis, Magic argued that while Bitcoin will range between $3,000 and $5,000 for much of 2019, the asset could begin to rally as the uptrend line begins to gain steam, as it were.

In fact, he notes that by August of 2023, if BTC holds above the aforementioned key level of support, it will be worth right around $150,000 a piece. This is bounds ahead of the aforementioned $93,382, but more and more analysts seem to be coming to the conclusion that the sky’s the limit for Bitcoin.

But, some have made it clear that the journey past $20,000 and beyond won’t come easy. Leah Wald, for instance, who subscribes to the Hyperwave theory, claims that BTC moving under $2,000 is far from off the table. To accentuate her belief in this theory, the popular trader recently took up a one BTC bet with Filb Filb, as she believes the Bitcoin price will hit $1,500 before it trades above $6,500 on Bitstamp.

Title Image Courtesy of Dmitry Moraine Via Unsplash

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Bitcoin (BTC) To Reach $137,000 By October 2023 If Historical Trend Is Followed: Analyst

The $137,000 Bitcoin Call

Although the crypto market has yet to break out to the upside, investors have continued to speculate where Bitcoin (BTC) will peak next. One analyst notes that it will be far above $20,000, which BTC first reached in late-2017. Market psychology specialist Philip Swift recently took to Twitter to explain his call, citing indicators from Willy Woo and the Bitcoin Network Momentum.

Swift notes that as per Top Cap and the momentum indicator, which gauges transactional throughput, BTC is most likely to have a market capitalization of $1.7 trillion to $2.6 trillion by October 2023, meaning a per coin price of around $92,000 to $137,000. He adds that more likely than not, transactional volume on the blockchain has likely reached a low, setting a positive precedent for medium-term price action.

Swift’s analysis elicited a response from Woo, who created the model he used to ‘call a top’. The Australian researcher noted that making such an estimate/forecast “so early in the game” is like trying to catch a pop-fly with your eyes closed. Regardless, Woo noted that this is still fun to do, hence why people make such analysis decisions. Regardless, in the past, the industry commentator has claimed that it is only a matter of time before BTC meanders back to its $20,000 high.

In a number of comments on Twitter, the trader stated that he believes that fundamentals are stronger than ever. The popular analyst even remarked that eventually, Bitcoin will recover, just like the past, touching on the fact that institutions, mainstream media, and representatives of the traditional realm of finance bashing the cryptocurrency “is amazing.”

Not The Craziest Crypto Prediction

Although $137,000 for a single unit of the flagship cryptocurrency is preposterous by current standards, Swift’s prediction is far from the most optimistic. Per previous reports from Ethereum World News, $carface (Scarface), a popular trader on Twitter, first noted that it would be irrational to claim that BTC won’t undergo another parabolic cycle. He added that if the cryptocurrency follows its historical habit of rallying to 5.1 to 16.89 times above its previous peak, Bitcoin could move to $337,000 in the next market cycle. This, of course, is well above Swift’s call, but is still in the sextuple-digit range.

The aforementioned Survivalism has noted that while the last cycle returned 16x, as BTC ran from ~$1,200 to $20,000, the next cycle could post even greater returns. The analyst, attributing to hopeful forecast to adoption and Bitcoin’s resiliency on a global stage, thus concluded that a “pump to ~$750,000” wouldn’t be illogical.

Yet, some have claimed that eventually, the leading digital asset will break out of being sub-$1,000,000, especially as the legacy economy could begin to buckle under heavy debts.

Jesse Lund, the vice president of IBM’s blockchain and digital asset branch, recently took to an interview with Finder.com to explain why $1,000,000 is possible. He explained that while BTC is only likely to end 2019 $5,000, over time, $1,000,000 could be in the cards, especially as institutions and the public siphon capital into this space, creating a positive feedback loop that pushes prices higher with time.

Title Image Courtesy of Descryptive.com Via Unsplash

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Crypto Analysts Take Bet: Will Bitcoin (BTC) Hit $1,500 Or $6,500 First?

Yet Another Bitcoin Bet

Earlier this week, it was reported that Financial Survivalism, an up-and-coming crypto analyst that has his roots in insurance, touted overt skepticism towards the current state of the Bitcoin price. He noted that the longer BTC fails to surmount a long-term declining trendline at ~$4,600, the higher likelihood that the cryptocurrency’s price could “mirror the price action from September 20th to November 25th of last year.”

Per the analyst, this would mean that BTC could trade flat for another two to three months, before plummeting dramatically to the $800 price point. This, of course, is a worst-case scenario, but Survivalism does allude to a good point about market cycles and behavioral economics.

Interestingly, this isn’t the first time that Survivalism has been overtly bearish. Per previous reports from Ethereum World News, the analyst argued that if BTC is following a Hyperwave trend, the asset could eventually revisit where it peaked in the 2014/2015 market cycle. Survivalism argues that this point is around $1,200. He was so confident that the flagship cryptocurrency would reach this point that he took a bet with Adaptive Capital, Murad Mahmudov

Funnily enough, Survivalism’s original bet seemed to have set a precedent for wagers over the BTC price. Leah Wald, a World Bank economist turned crypto trader, bet her peer Filb Filb 1 BTC that the cryptocurrency will trade below $1,500 before it hits $6,500.

The two accepted the bet, to the slight dismay of Wald’s friend and popular industry commentator Tone Vays.

For The Long Haul, Everyone’s Still Bullish on BTC

While a case is evidently being made for lower lows in the ongoing market cycle, all the analysts mentioned above seem to be sure that over the long haul, BTC will do just fine. In fact, despite their discrepancies in short-term forecasts, many are convinced that the cryptocurrency will garner proverbial boatloads of traction in the coming decade, especially as the U.S. dollar and traditional economies may begin to stutter.

Australian cryptocurrency researcher Willy Woo remarked that by many measures, fundamentals are stronger than ever. The popular analyst noted that eventually, Bitcoin will recover, just like the past, touching on the fact that institutions, mainstream media, and representatives of the traditional realm of finance bashing the cryptocurrency “is amazing.”

Filb Filb noted that if BTC follows the Internet’s growth cycle, and continues to take gain traction in the global finance ecosystem, it could realistically garner a valuation of $333,000 in a few years’ time.

For the long haul, Survivalism himself seems to be all but convinced that the U.S. economy and macroeconomy will begin to buckle under the weight of its debt and other fiscal shortcomings, potentially setting a stage for the creation of a Bitcoin standard or a system of similar caliber.

Title Image Courtesy of Andre Francois Mckenzie Via Unsplash

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Popular Trader Leaves Crypto, But Remains Hopeful For Bitcoin (BTC)

Bitcoin Analyst Capitulates

That’s right, CryptoYoda, an industry personality, trader, and thought leader extraordinaire that sports hundreds of thousands of followers, is leaving the industry. Or temporarily, at least. In what can only be described as an acute case of Bitcoin (BTC) bear market blues, Yoda took to Twitter on Friday to convey his final (for now) message.

In a tweet that garnered traction throughout the space, Yoda wrote that while he will be leaving for a “while,” he remains fully invested in cryptocurrencies, as their value proposition from his perspective is still as apparent as ever.

He adds that the recent downturn in the Bitcoin price, was just the “first selloff on a major timescale,” leading him to the conclusion that in the grand scheme of things, crypto assets are just getting started. In fact, he adds that BTC reaching the auspicious price point of $50,000 is inevitable, echoing points made by Travis Kling, Chris Burniske, and others about how this space is already becoming too big to fail. Yoda even wrote that global FOMO will eventually reignite, especially as fundamentals continue to deviate drastically from market valuations.

And with that, the industry commentator left. It isn’t clear when Yoda will reappear, but, maybe like in Star Wars: The Force Awakens, he will make a surprise appearance to wrest cryptocurrency out from a rock and a hard place. Regardless, the analyst’s sudden disappearance still sparked an outburst of love from the crypto community. Luke “Venture Coinist” Martin, Panama Crypto, Dan Okopnyi, among other pro-Bitcoin netizens that frequent Crypto Twiter all expressed their support.

Interestingly though, some took this time to note that this could be a sign that a bottom in this market is inbound. Some wrote that this is the epitome of capitulation, which usually marks a bottom in nascent, irrational markets much like Bitcoin. Ramen, a popular crypto enthusiast, added that as Yoda was a “bull market expert’ for much of 2018, the decision to leave could indicate a floor in this market is rapidly approaching.

Crypto Needs To Fall Further Before Bitcoin Rally

Yet, some say that the loss of community members won’t be enough to signal that bears are heaving their last breaths.

Travis Kling, a former Wall Streeter turned founder of crypto fund Ikigai, says that if Bitcoin is to see a resurgence, this array of shortcomings, including layoffs, exchange collapses, stringent regulation, and cries that “crypto is dead,” will be just the tip of the proverbial iceberg. Kling, a former portfolio manager at Steve Cohen’s Point72, recently took Twitter to claim that not enough horrors have befallen this industry to warrant a bull run. He explained:

Although such sentiment from a notable industry insider, and one with a presumably large vested interest, may seem harrowing, Kling said this with the thought process that a continued industry collapse would be the silver bullet to kill the raging, seemingly unrelenting Bitcoin bear.

Title Image Courtesy of Sebastian Unrau Via Unsplash

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