Tag Archives: bitcoin

Bitcoin to Continue to 20000 After Retracement to 9000s: Analyst

By | |
Leave a comment

Bitcoin to Continue to $20,000 After Retracement to $9,000s: Analyst

Bitcoin Has Bottomed, Ready to Bound Higher

Once again, Bitcoin (BTC) has stagnated, finding a foothold around $10,000 for the umpteenth time in a matter of weeks. While this is a positive development, especially considering the bearish momentum seen last week, there remains some expecting for the cryptocurrency market to continue lower.

But, Murad Mahmudov of prominent crypto fund Adaptive Capital, which is run by the analyst, Willy Woo, David Puell, and Misir Mahmudov, has recently proposed that bears, not bulls, are finally losing grip of the crypto market.

In the below tweet, which Mahmudov posted on Friday, it was argued that $9,080, which Bitcoin hit a number of weeks back in a massive 35% retracement from $14,000, is the short-term bottom for this phase of the cycle.

In a tweet which he headlined “Contrarian view”, the former Goldman Sachs analyst explained that from how he sees it, Bitcoin is most likely to test $9,750 — the 0.618 Fibonacci Retracement of this whole cycle — in the following month in a bout of sideways price action, then “continue steadily upwards” to flirt with the $20,000 all-time high around the end of 2020.

He backed his prediction by looking to August 2016, when BTC was in a similar situation then as it is now: BTC had just rallied out of a bear market, but bears wanted one last hurrah. Then, Bitcoin tested its 0.618 Fibonacci Retracement prior to skyrocketing higher.

Also back in 2016, trend indicators, like historical volatility and the Relative Strength Index (RSI), hit certain levels that they are trending to at this moment.

And, to put a cherry on the cryptocurrency cake, the analyst recently noted that the Fishnet indicator (similar to the Guppy) is tightening as BTC has entered a wedge. This pattern was last seen in 2012 and in 2015/2016, back when Bitcoin was breaking out of bear markets. History repeating will see the cryptocurrency break out in the coming two months prior to commencing a grind higher.

Mahmudov’s analysis lines up with the thoughts of John Bollinger, which Ethereum World News reported on yesterday. As detailed by this outlet on Friday, the creator of the Bollinger Bands technical indicator stated that he is under the belief that Bitcoin and its ilk are “working on trying to forge a short-term tradable bottom”.

ecosystem for entrepreneurs
Markethive Advertisement

Bollinger stated that while the bottoming “process is [not] completed yet,” he is currently eyeing a range of “someplace between $10,000 and $9,000” for BTC to find a low.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Bank of England Admits Crypto is the Future US Dollar to Fall

By | |
Leave a comment

Bank of England Admits Crypto is the Future, U.S. Dollar to Fall

Crypto is here to stay and the greenback is on its way out. That was the sentiment portrayed by the Bank of England’s Governor, Mark Carney, at the central bank meeting in Jackson Hole, Wyoming on Friday. Crazy, right?

Crypto a Topic at Central Bank Meeting

Over the past few days, the leaders of the world’s economy, the chiefs of and advisors to central banks the world over, have descended in a little town in (the pro-blockchain state) Wyoming, Jackson Hole. Financial media is also in attendance. There, these world monetary leaders are convening to talk about monetary policy and macroeconomic trends. This comes at an important time, as a growing number of Wall Street analysts and retail investors have begun to call for a recession, just as trade wars have raged and central banks have embarked on money printing sprees.

One interesting comment came from Mark Carney of the Bank of England, According to a report from Bloomberg, the leading central banker said that a Libra-like crypto asset has the capacity to replace the U.S. dollar as the world’s reserve currency. In other words, he’s saying that a digital asset backed by a diverse range of government assets, including bonds and fiat monies, has the potential to usurp the world’s go-to currency.

While he wasn’t exactly specific with his comment, Carney made it clear that the current system isn’t working in his eyes, saying that “in the longer term, we need to change the game”.

Of course, he didn’t explicitly say that a decentralized crypto asset is the future. But, the sentiment that a digital currency has the ability to literally overtake the world’s economy shouldn’t be taken lightly, even if it was made in reference to something as seemingly centralized as Libra.

t is important to note that if a consortium of central banks do go ahead with a Libra-like project, it is unlikely to be as corporate or decentralized/uncontrollable as Facebook’s David Marcus claims Libra will be.

Not His Only Interesting Comment

That wasn’t his only interesting comment. According to the same Bloomberg report, the U.K. monetary leader also stated that he believes the world is currently seeing “heightened economic policy uncertainty, outright protectionism and concerns that further negative shocks.” If you believe that Bitcoin is a proper store of value or safe haven/hedge, this comment should be seen as bullish for the “orange coin”.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Bleeds Out 6 Falls to 10500: Case for Bounce Growing

By | |
Leave a comment

Bitcoin Bleeds Out 6%, Falls to $10,500: Case for Bounce Growing

Bitcoin Sheds 6%

Over the past few days, bears have managed to wrest the wheel of the proverbial Bitcoin car from bulls. And since then, this class of investors has been driving BTC off a cliff.

As per the time of writing this article, the cryptocurrency has found itself changing hands for $10,560 apiece, having shed 6% of its value in the past day. Data from Coin360 suggests that Bitcoin is down around 11% in the past week, marking one of the larger weekly losses in this bull market.

This dramatic move lower comes shortly after countless cryptocurrency investors on Twitter were calling for bulls to commence their next leg to the upside. In fact, just the other day, an analyst from Goldman Sachs — the world-renowned investment bank — eyed a “short-term target at $13,971” for BTC. Should the cryptocurrency encounter that level, that would mark a double top, as $14,000 is where Bitcoin reversed in late-June.

The analyst continued, writing that Bitcoin’s potential move to tap $13,971 may be the “first leg of another five-wave count similar to the trend that lasted from December 2018 through June 2019.”

And thus, they advised their clients to buy any retracement from their aforementioned short-term target, barring that BTC “doesn’t retrace further than the $9,084 low.”

BTC Likely to Bounce

While the drop may seem like it has no end in sight, analysts are starting to expect a bounce — at least one in the short term. Analyst Crypto Hamster recently explained that Bitcoin’s recent drop reminds him of BTC’s drop in late-2018 to $3,000 from $6,000. In other words, a bounce may ensue in the coming days.

He explained that structurally, the moves look similar. The legs lower are losing momentum, as marked by declining volumes; the RSI, Stochastic RSI, and MACD histogram hit “extreme lows” and have started to print bullish divergences; the biggest sell volume occurred a while before; sentiment is overly bearish. This may imply Bitcoin could soon see a relief bounce.

That’s not all. The Bitcoin Fear & Greed index has reached the December lows. The indicator, which aims to measure how the market is feeling about BTC’s price action, reads an 11 — “extreme fear”.

According to the makers of Bitcoin Fear & Greed Index, a bounce — a short-term one at least. A description of the index from the website reads:

“The crypto market behavior is very emotional. People tend to get greedy when the market is rising which results in FOMO. Also, people often sell their coins in irrational reaction of seeing red numbers. Extreme fear can be a sign that investors are too worried. That could be a buying opportunity.”

Indeed, the last time the index had such a low reading, Bitcoin bounced higher in the weeks that followed. In fact, when this indicator last flirted in the low 10s, BTC gained 20% in the weeks that followed.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Bull Draper Doubles Down on 250000 BTC Price Target

By | |
Leave a comment

Bitcoin Bull Draper Doubles Down on $250,000 BTC Price Target

Bitcoin to Surge 20x In Four Years?

Bitcoin is still trading 40% below its all-time high of $20,000. Despite this, investors in the industry still are star-struck, looking to lofty price points that they one day believe BTC will manage to reach.

Tim Draper, a prominent Silicon Valley venture capitalist, recently doubled down on one of these lofty price predictions. Speaking to Yahoo Finance’s “YFi PM” segment, the cryptocurrency pundit, who bought his first Bitcoin over five years ago and famously participated in the government’s auction of Silk Road-sourced BTC, explained that he believes that the cryptocurrency will hit $250,000 by 2022. He added that should the 2022 timeline not work out, he’s expecting Bitcoin to achieve that price by Q1 2023 at the latest.

For some perspective, Bitcoin rallying to $250,000 from current levels would imply an approximated 2,000% increase. Four years may seem to short for such appreciation, but, remember, cryptocurrencies are a paradigm-shifting technology with an absurd amount of volatility.

In previous interviews, he reasoned that using fiat monies, which he calls “poor” (referring to their quality), are illogical, 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, Draper opines that there could be a large 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.”

Not the Only $250,000 Caller

Draper isn’t the only industry insider to be eyeing a $250,000 Bitcoin. As reported by Ethereum World News previously, Trace Mayer, one of the earliest public Bitcoin investors (like 2010/2011 early) and an investor in prominent crypto exchange Kraken, explained earlier this year that he believes that BTC is soon to embark on a rally that will “blow your hair back”. In fact, the investor stated that Bitcoin could easily hit anywhere from $100,000 to $250,000 in the next bull rally.

What Mayer used to back his call is the stock-to-flow ratio (SF ratio), popularized in the industry by Saifedean Ammous and Raoul Pal. Twitter statistician PlanB has since adapted the SF ratio to a price model for Bitcoin. The analyst claims that there is an exponential relationship between a rare commodity’s inflation rate (SF ratio) and its market capitalization.

His model suggests that after Bitcoin’s next block reward reduction — also known as a halvening or halving — BTC will have a fair value of a $1 trillion market capitalization, which translates to approximately $55,000 per coin. So no, maybe $250,000 isn’t inbound just yet, but by the next halving, maybe so.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Institutional Investment Advisor: Bitcoin BTC Will be Bought by Hedge Funds

By | |
Leave a comment

Institutional Investment Advisor: Bitcoin (BTC) Will be Bought by Hedge Funds

Bitcoin Makes No Sense to Wall Street

For the most part, traditional hedge funds have avoided Bitcoin like it’s the plague. Just look to the front page of CNBC and other mainstream business news outlets, which often push articles that cite mainstream economists and legendary fund managers — like Warren Buffett and Ray Dalio — in which it is stated that the subjects don’t believe in Bitcoin in the slightest.

Other notable players in finance and politics, including incumbent U.S. President Donald Trump, have echoed this analysis, using phrases like “thin air” and “unbacked” to get their point across. You see, unlike traditional stocks and assets, Bitcoin doesn’t provide a fixed yield, a dividend, or produce cash flow. Thus, to most in the traditional investment world, it makes no sense, and thus fits into no existing investment theses or strategies.

The technology itself is also abstract. “What’s a blockchain?” Traditional fund managers likely ask whenever they see it appear on their Bloomberg Terminal.

BTC to Become Part of Hedge Funds’ Portfolios

But this may be changing. Speaking to CNBC, Don Steinbrugge, the chief executive of Agecroft Partners — a hedge fund and institutional investment consultancy firm — made it clear that BTC should (and does) make sense for traditional funds, despite their hesitancy.

He explained to the outlet that he believes that Bitcoin has had an “amazing run” and sports “fantastic technology”. It wasn’t clear which part of the Bitcoin blockchain he was referring to, but BTC, compared to traditional fiat systems, is faster, cheaper, decentralized, and more transparent. Steinbrugge went on to point out that some investors have been using BTC to hedge against inflationary risk, likely touching on the mass usage of the cryptocurrency in nations stricken with unsustainable levels of inflation, which includes Venezuela.

He went on to note that macroeconomic uncertainty and tumult is worrying him. Bitcoin, of course, is widely becoming recognized as a hedge — a gold 2.0 if you will — that has the potential to perform well in tumultuous times.

Interestingly, he did call Bitcoin “very expensive”, adding that it is hard to “value” (maybe look to PlanB’s stock-to-flow model). But, he asserted that Bitcoin is “going to be here for a long time”, adding that eventually, it will become a part of the portfolios of “a lot of hedge funds”.

This may just make sense. Delphi Digital, a cryptocurrency research firm, discovered a few months back that adding 3% of Bitcoin to a traditional portfolio actually improve its Sharpe Ratio — a financial measure used to gauge risk-return profiles. And Binance Research recently echoed this, revealing in a report that including BTC in “traditional multi-asset class portfolios provides overall better risk-return profiles.”

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Investor: If Bitcoin Falls Under 6000 I’ll Get Real Nervous

By | |
Leave a comment

Investor: If Bitcoin Falls Under $6,000, I’ll Get “Real Nervous”

Mainstream media outlets have been incessantly covering the crypto space over the recent weeks. Most notably, CNBC has hosted countless executives, investors, and commentators in the industry to talk about Bitcoin, Libra, and other facets of this budding ecosystem.

After hosting prominent names like Meltem Demirors, Anthony Pompliano, Kevin O’Leary, Jeremy Allaire, and countless others to talk about cryptocurrencies on-air, the outlet’s “Squawk Box” called on Mike Novogratz on Thursday to divulge his thoughts on where Bitcoin is sitting today.

Bitcoin Price Expectations

Novogratz, the incumbent chief executive of Galaxy Digital, recently sat down with the “Squawk Box” panel to comment on recent developments in the cryptocurrency space, focusing on the recent tumult in the Bitcoin markets, which brought BTC below $10,000.

He told the panel that if Bitcoin heads below $8,500, which is currently a scenario being floated in the analysis of many traders, he will “get nervous”. And if it goes below $6,000, Novogratz adds that would make him “real nervous”.

For those who missed the memo, this is in reference to recent comments he made to Bloomberg last week, claiming that he expects for Bitcoin to enter healthy consolidation between $10,000 and $14,000.

What’s interesting is that Novogratz leaning bullish overall. In the CNBC interview, he mentioned that he has well over 7% of his personal wealth in Bitcoin. And in the Bloomberg interview, which Ethereum World News covered in a previous report, he stated that $20,000 for Bitcoin in the coming months could be possible. He backed this pseudo-prediction by touching on the fact that institutional involvement should catalyze a new wave of investment in cryptocurrencies, especially Bitcoin. He stated:

“I’m not selling the next time we hit $14,000. The second time we reach that level, [there may be] a move to $20,000. I don’t expect this to happen in the next few weeks: I don’t expect it to the middle or the end of the fourth quarter. But the next wave will come when the institutions — the state of X, Texas Teachers Union, and those guys — come in, and then you will see Bitcoin hit $20,000 and higher.”

Is $6,000 Possible?

With Novogratz’s comments in mind, it would be prudent to point out that there has been some legitimate talk of a return to $6,000. Dave the Wave, a prominent analyst on Twitter that focuses on Bitcoin’s long-term growth trends, recently explained that a move to that level is entirely logical.

He notes that around $6,000 is where Bitcoin’s logarithmic growth trend, which BTC has historically flirted with to kickstart a bull run, is currently sitting. Moving back down to these levels would also put BTC back on a path to proper “price discovery” and would ensure that the cryptocurrency doesn’t violate any historical cycles.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Facebook Report: Libra May Never Launch

By | |
Leave a comment

Facebook Report: Libra May Never Launch

The said launch of Libra, Facebook’s digital currency, has created a wide schism in the world of cryptocurrencies. Some believe that Libra is too centralized for the world’s good. Some back it as a ramp for crypto mass adoption. In the past weeks, Facebook has however faced more significant opposition from without, with US politicians relentless in their criticism. Now, in Facebook’s latest Q2 report, the social media giant has warned that it could back down on the Libra project, as a result of the backlash.

In the report sent to the US Securities and Exchange Commission (SEC), Facebook says:

“There can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all.”

Facebook further adds that evolving and uncertain regulations and laws around digital currencies could impede Libra’s launch.

Lack of Prior Crypto Experience

The platform, although with over 2.41 billion monthly active users, further admits that it lacks prior experience with blockchain and crypto technologies. They further said that this disadvantage could affect its ability to not only develop Libra but market it as well.

While testifying to the House Financial Services Committee, David Marcus, the CEO of Calibra, has faced an increasingly harsh reception. D-Calif’s Rep. Brad Sherman has shockingly compared Libra’s operational consequences to those of the 9/11 terrorist attacks. Earlier, he said:

“The most innovative thing that’s happened this century is when Osama bin Laden came up with the innovative idea of flying two airplanes into towers. That’s the most consequential innovation, although this may do more to endanger America than even that.”

Sherman has further asked that Mark Zuckerberg, the Facebook CEO face congress too. Explaining, he said Facebook is creating a privacy device for human traffickers, tax evaders, terrorists, and sanction evaders. The hearing held at Washington’s Capitol Hill on July 17, 2019, had other legislators tear onto Libra and Facebook, albeit with more restraint.

Congress: Facebook Not Ready for Libra

Members from the US congress on the House committee have been extremity against the social media giant’s plan to delve into financial services. Many of them have highlighted Facebook’s data privacy and election meddling shortcomings as reasons why it is unqualified to run its digital currency.

They have accused Facebook of launching Libra while ill-prepared for the consequences if it fails. Rep. Nydia Velasquez, for instance, told Marcus that Calibra, unlike Facebook, was not dealing with a Silicon Valley product that could be perfected while deployed to the masses.

This rising criticism has not been made easier by the fraud already arising around Libra. There already are websites and social media pages selling fake Libra coins months before the purported launch. The US government has not been the only one worried about Facebook’s currency. Bruno Le Maire, the French Finance Minister and Benoit Coeure an Executive Board Member of the European Central Bank, have also raised their concerns over Libra.

Mark Zuckerberg has in the past said that his company would take its time and ensure that the token satisfies every stakeholder before its launch. Facebook has said that the Calibra and Libra are meant to provide a low-cost method of money transfers. However, most crypto fans have viewed it as a PayPal upgrade or version of WeChat Pay.

Original article written by Jose Antonio Lanz and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

Bitcoin Earning Service Lolli Bags Partnership With Safeway

By | |
Leave a comment

Bitcoin Earning Service Lolli Bags Partnership With Safeway

Lolli Bags Big Partnership, Helps to Drive Bitcoin Adoption

To most consumers, getting their hands on Bitcoin (BTC) is an arduous task. For those that aren’t so-called “crypto natives”, onboarding onto an exchange that doesn’t carry that same brand name as, say, E*Trade or TD Ameritrade’s Think or Swim may seem risky, especially when you involve passport details and other personal information. But, there have been companies trying to change this moat, so to speak.

One of these is Lolli, a Bitcoin-centric rewards service that acts much like browser extensions Honey or Rakuten Rewards. Today, the company revealed that it would be partnering with major grocery chains, marking one of its most massive partnerships to date.

Speaking to Yahoo Finance, the chief executive of the startup Alex Adelman revealed that his firm is teaming up with Albertsons and Safeway — two popular chains in North America. Safeway has 900 stores; Albertsons has some 2,300.

While the details of the partnership have yet to be fully released, the firm is expected to be offering up to a 3.5% rebate on transactions at the grocery chains, pretty much allowing for investors to rack up dozens of dollars worth of Bitcoin over the course of a year’s digital grocery shopping trips.

This partnership follows one with Hotels.com — a leading travel service that gets over 55 million visits a month according to SimilarWeb data.

Hotels.com joins Priceline, Hotwire, Hilton, the Marriott, and many other travel-centric partners of Lolli. The travel service brings its 325,000 listed hotels and properties, which exist in 19,000 locations, to the table, giving Bitcoin-friendly consumer countless options to travel the globe in return for some juicy BTC kickback.

Lolli is hoping to capitalize on the massive travel industry, which it claims netted over $1.1 trillion in the U.S. alone during 2018. The company claims that if 5% of this $1.1 trillion sum was routed through Lolli and thus Hotels.com, travelers could have made back about “$1,925,000,000 worth of Bitcoin (~170,354 BTC)” just by downloading the web browser application. To some, not using Lolli is just irresponsible.

ecosystem for entrepreneurs
Markethive Advertisement

Why Lolli?

Lolli was built by devotees to the “stacking sats (satoshis)” movement, which involves Bitcoin diehards that wish to accumulate the cryptocurrency as much possible, usually on a periodic basis. Their ranks include popular commentators in the industry, including Marty Bent, Mr. Hodl, and The Bitcoin Rabbi.

But what’s the deal here?

Well, those that are stacking sats are under the impression that Bitcoin will become a widely-used currency and store of value, making it nonsensical to not accumulate the asset when it’s still young. This ties in with the investment strategy of dollar-cost averaging (DCA), which sees investors spread out purchases over a period of time to reduce risk and increase potential returns.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Spikes 10 in Minutes Up to 10800 From 9100 Bottom

By | |
Leave a comment

Bitcoin Spikes 10% in Minutes, Up to $10,800 From $9,100 Bottom

Bitcoin Spikes Higher in Unexpected Surge

Wow, well that was quick. In the past two hours, Bitcoin (BTC) has gained over 10%, rallying from $9,400 to $10,600. Most of this rally actually took place in a few minutes, with the cryptocurrency gaining around $800 of that move higher in a matter of a single five-minute candle. To say that the crypto market is volatile is an understatement, that’s for sure.

Per Kruger, this rally was entirely unexpected. “No technical analysis could have predicted that squeeze until it was already half way under way. Bears were fully in control until slightly past 10:30 EST,” he wrote on Twitter.

This 10% spike is the latest in a series of moves that have cemented that volatility is back in the cryptocurrency markets. As industry analytics provider Skew points out, Bitcoin realized volatility levels are “back to levels not seen since the end of the great 2017 bull market.”

This strong surge to the upside comes after CryptoHamster drew attention to a number of reasons why Bitcoin dumping to $9,100 may be the end of the drop.

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.

Despite all this, there are some that suggest BTC still needs to correct further to return to more sustainable levels. $8,000 seems to be the local bottom that most are keeping their eye on, but this recent boom may put a damper on a move to that level.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Fundstrat: Bitcoin Fall to 10000 Healthy 20000 EOY Possible

By | |
Leave a comment

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.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe