Bitcoin Pullback Nothing to Worry About Bull Market Will Follow

Bitcoin Pullback Nothing to Worry About, Bull Market Will Follow

Every time Bitcoin dumps a double digit percentage panic floods the crypto community and the doom merchants start rejoicing. This has happened so many times before and every dump has eventually turned into a sustained rally. Nothing is new this time as previous corrections have shown.

Bitcoin Market in 2013 Compared to Now

Observing previous market movements may help us predict the current one. Naturally things are very different in 2019 than they were in 2013 but the chart patterns show similarities. Back then Bitcoin was largely a plaything for geeks with mining rigs made out of gaming PCs in their garages. Today it supports a multi-billion dollar industry but the volatility remains.

One thing that is guaranteed with Bitcoin is price corrections. When it surges things happen fast but when it corrects the price drops even quicker. At the moment BTC has corrected 42 percent from its high this year. A correction of this magnitude had been predicted by many a couple of months ago and it was largely expected by analysts that prices would drop to $8k.

Trader and analyst Josh Rager has been looking at previous corrections and noted that this one is relatively minor in comparison.

“2013: Bitcoin bull market pulled back 75% over 89 days before a 1600% run-up to new highs later in the year.

2019: Bitcoin has currently retraced 42% over 91 days,”

Compared to a pullback of 75% this current correction is ‘no big deal’ he added. Rager also expects price to fall further and eyed the mid-$6,000 region in a more recent tweet.

“IMO, the lowest $BTC will hit: between $6300 to $6600 where there is major interest. Price currently bounced off monthly support & if this area breaks could head to $6600 – based on higher time frames,”

A drop to $6,500 will mean a correction of around 53 percent which is still less than that of 2013. In 2018 BTC corrected a whopping 84 percent from its all-time high to the low just below $3,200 in December.

So far this year Bitcoin is still up 110 percent and the predicted plunge deeper will still keep it 70 percent higher than January’s prices. Corrections provide buying opportunities and traders and investors around the world know this.

It is very difficult to catch the bottoms to buy and the tops to sell so getting somewhere close should be good enough. It seems that traders are aware of this and are holding off buying in at $8k where many expected as further losses now seem very likely.

Those looking at the big picture would have simply been accumulating this year and will continue to do so during this correction. Granted, there has been the biggest weekly dump since early 2018 and many have gone into manic mode – the fear and greed index is a good indicator of this – but this has all happened before, and will all happen again.

Martin Young

David Ogden – Http://markethive.com/david-ogden

Mark Yusko – Everyone Should Be Purchasing Bitcoin

When it comes to bitcoin, most analysts seem split right down the middle, with some like Warren Buffett telling us to avoid it all costs, and hedge fund manager Mark Yusko telling us to buy it at all costs.

Yusko: BTC Is an Important Asset

In a recent interview with CNBC, the CEO of Morgan Creek Capital told his listeners to “buy it” when it came to bitcoin and said that we should not be thinking about the recent price drops. He said that while all assets will fluctuate, bitcoin is still in its development stage, and the user base, while it’s growing steadily, is still relatively small.

This, he says, is a major advantage for investors, particularly for new ones, in that they’ll still be one of the early figures to get involved in cryptocurrency, thus heightening their chances to build wealth in the future. He commented that the price of bitcoin “doesn’t matter,” and says that the focus should not be on what’s happening today.

Last summer, when the currency was trading at roughly $12,000, Yusko said he was confident the asset could potentially reach $30,000 before the next major pullback. He’s certain that pullbacks tend to occur regularly; you just need to know how to read them. Granted you don’t sell your stash before it occurs, the best idea could be to sit and wait, as every asset must go up before coming down again.

His advice seems to go against several bitcoin notables including Tom Lee of Fundstrat fame, who just yesterday was quoted as saying that right now is a very bad time to be trading or buying bitcoin. Lee appears more affected by the price than Yusko does and commented that until the S&P goes up, bitcoin has zero chance of breaking out.

This is coming from the man who despite 2018’s numerous bitcoin crashes, predicted repeatedly that the currency would end the year in the $15,000 or $20,000 range. Lee later stated that bitcoin could potentially end 2019 at $40,000 per unit.

Crypto Making a Comeback?

At press time, the currency has recovered somewhat from the recent bloodbath that knocked several digital assets down by anywhere between six and 23 percent. Bitcoin fell by roughly 11 percent within a few short minutes, dropping from the mid-$9,000 range to about $8,100. It later fell below $8,000 and was trading at approximately $7,868 during today’s early morning hours. It has since hopped back up to about $8,030.

Ethereum, on the other hand, has risen by about ten dollars since its recent fall, currently trading at $167 per token. It’s a welcome change from the dismal $157 it was trading at roughly 48 hours ago, and while there’s still plenty of room for improvement, it’s nice to see all the major coins working hard to return to their previous marks.

NICK MARINOFF · SEPTEMBER 27, 2019 · 3:00 PM

David Ogden – Http://markethive.com/david-ogden

A Change In Direction But Still In The Deep End

John McAfee, with the help of his lawyer, arranged his deportation from Guatemala to Miami in late 2012. He arrived in Miami with nothing but the clothes on his back, but ecstatic about his newfound freedom. In his first sit-down interview since his month on the run from murder accusations in Belize, where authorities had tried to implicate him in the 2012 murder of his 54-year-old neighbor, Gregory Faull, he said he is broke.

“All of my assets and all of my money is in Belizean banks,” McAfee said

He pulled out a wad of cash consisting of $5 bills and said grinning and very appreciative, that someone had slipped it to him in the dead of night help him out as he was entering his hotel room in Miami. This was his opportunity to start anew.

He then hired a prostitute with that brick of cash the day after he was deported. Her name was Janice Dyson and McAfee hired her for a day and a night after meeting her in a Miami Beach cafe. He was instantly besotted with her butt and then realized she was what he was looking for his entire life. McAfee reportedly rescued her from a violent pimp and years of sex trafficking. Meeting and hooking up with McAfee also allowed Janice to reconnect with her estranged son and rebuild her life.

Finding True Love

Although Janice Dyson is more than 30 years younger than McAfee he is deferential to her. He adores her and they were married in 2013. He has happily resigned himself to be a one-woman man and now both embarking on a new life together and the next adventure of John and Mrs. McAfee.

John and Janice McAfee spent the next few months constantly on the move from town to town and hotel to hotel as he believed he was constantly being hunted. He made it common knowledge he was always armed and had won numerous shooting contests, supposedly to warn his pursuers not to mess with him.

Meanwhile, back in Orange Walk, Belize, a bushfire burned his compound to the ground. When asked what he thought may have happened he replied,

“ I believe that there are a select few with great power in Belize that will go to great lengths to harm me. This fire was not just a strange coincidence.”

It was around this time the John McAfee began to embrace his public persona as an eccentric and self-destructive millionaire. Prior to that, he presented himself as a strict tea totaler, placing newspaper ads to expose drug houses in his neighborhood of Belize. According to many close associates, he ran his compound very strictly, not allowing or using any drugs or alcohol on the premises.

Reportedly, McAfee states that he spent most of 2014, on the road, bouncing from Ireland to Scotland and then to the southwest fleeing from the Sinaloa Cartel that he believes the Belizean government hired to either (a) kill him, (b) capture him, or (c) drive him bananas. However, in actuality, McAfee was residing was Montreal, Canada, where he worked as a consultant, before he, as his wife moved to a small city called Lexington in Henderson County, Tennessee.

While living on a rural property in Lexington, Tennessee, John and his wife Janice had fun making a rap video with the Coin Bros. basically depicting some of the events of McAfee’s time in Belize, quite aptly named The McAfee Effect.

Back To Business

By 2015, he started a company called Future Tense Central which acquired cybersecurity products. One such product was called D-Vasive which protected users from malicious apps attempting to gain access to a phone’s features that were sensitive to infiltration such as its camera and wifi. Unfortunately, D-Vasive ended up being a commercial failure.

McAfee became the chairman and CEO of MGT Capital Investments, after meeting its former head, Robert Ladd who asked him to come on board. At the time MGT was seemingly focused on acquiring, developing and monetizing intellectual property assets, but in reality, it functioned as a penny stock pump and dump scam that went on to be investigated by the SEC.

Needless to say, McAfee was implicated but surprisingly he got off relatively unscathed. MGT, the company, and the former President and CEO Robert Ladd of MGT were hit with a class-action lawsuit as it was alleged he manipulated the price of company shares by participating in the pump and dump scheme.

McAfee was mainly hired to be the face of the company, create a buzz and raise awareness of MGT which he did very successfully via his twitter page. When McAfee talks or condones something, people listen. MGT went on to be the second most traded stock in the US within a week. It saw a 1000% stock jump after McAfee was appointed CEO. The reality is MGT hired McAfee to pump the stock price. MGT was all about promotions and nothing about business operations. MGT was one big scam.

John McAfee left the company before the lawsuit and set his sights on the cryptocurrency craze. With his tech background and wild man image, he was well suited to become a major figure in the 21-century gold rush that is the cryptocurrency world. But not before he was publically displayed in a Showtime documentary as a murderer, rapist and so-called druglord.

John McAfee Continues To Make Headlines

In 2012, McAfee was all over the headlines when he fled his former home, Belize after local police sought to question him about the murder of a neighbor. (They eventually said he wasn’t a suspect) And in 2015, he made waves with a run for the Libertarian Party nomination for the President of the United States. (The nomination was eventually won by New Mexico Governor Gary Johnson.)

In 2016, McAfee was all over the news again. And the headlines ain’t pretty. The documentary about McAfee’s time in Belize alleges that he committed not one but two murders, and raped a Harvard biologist who was running a lab with him in the town of Orange Walk. The film was originally shown at the 2016 Toronto International Film Festival. Called Gringo: The Dangerous Life of John McAfee, it paints a disturbing picture of a man gripped by both power and paranoia. And, quite literally, according to the movie, a man who got away with murder.

Filmmaker Nannette Burnstein certainly was out to prove him guilty on all counts and she doesn’t leave much to the imagination. There has been a lot of controversy with regard to making the film, including payoffs by Burnstein and the subsequent retractions by witnesses.

McAfee did respond with a 4-page rebuttal stating he was falsely accused and tainted for years by the press. He asserts that he has been demonized and the film is completely wrong and a little hard to follow, let alone believe. As he writes in his rebuttal “Preposterous! Yes indeed. Entirely so. I had a hard time believing it myself”.

More to come…

David Ogden
Entrepreneur @Markethive, a global Market Network, and also a strong advocate for technology, progress, and freedom of speech. I embrace "Change" with a passion and my purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals.

David Ogden – Http://markethive.com/david-ogden

Bitcoin BTC Makes Recovery Above 8000 Here’s Why Some Analysts are Bullish

Bitcoin [BTC] Makes Recovery Above $8000 – Here’s Why Some Analysts are Bullish

After a week of bearish moves, Bitcoin [BTC] price made a slight recovery on Friday. The rise attempted to break above the 200-Day Moving average, which acted as a resistance. It recorded a high at $8294.

The price of BTC at 3: 30 hours UTC on 28th September 2019 is $8176. It is trading 2.27% higher on a daily scale. The entire crypto market turned slightly green after a week of aggressive selling.

BTC/USD 4-Hour Chart on Bitstamp (TradingView)

While some traders see this as a momentary correction, others are also seeing a reversal.

The bears are eyeing sub $5k levels for a good entry point. However, it echoes with the situation earlier in Q1 this year. While the price has been bearish, the overall sentiments are bullish.

Moreover, even on the downside, crypto traders will be looking for a buying opportunity. UglyOldGoat, crypto trader and analyst tweeted on a sub $5k prediction

Just as I was bullish at 3,500 bearish at over 11,500 I can only be bullish at 7800 – 8200. Bakkt is bullish and structure changed when we rekt weak specs with future backwardation. The good thing is Bitcoin will be right regardless.

On-chain Vs. Price Movements

The recent uncertainty in price seems to be rising from opposing views of fundamental and technical analyses.

Bitcoin mining hashrate is at an all-time high, the transaction volume and realized price has also increased considerably. Moreover, long-term ‘hodlers‘ have also increased significantly. Leading on-chain analyst Willy Woo tweeted,

Structure is bullish, you can’t turn that around with a whiplash in price. Bull phases and bear phases of market cycles do not turn on a dime, especially on-chain.

However, the break-down below 200-Day Moving average is currently acting as a significant bear indicator. $7000-7500 has been the predicted range of this move. Sawcruhteez, a crypto-trader is turning bullish on technical indicators as well. He tweeted on why he is turning bullish, he said,

That was mainly due to the RSI bull div and the ADX rollover. I mentioned that final confirmation would come from a break of the 4 hour Lucid SAR, which just occurred. Now all systems are a go!

Bitcoin Price Analysis on the 4-Hour (Source: Twitter)

The next couple of weeks will be instrumental in confirming the year-end trend for Bitcoin. The speculations in Bitcoin [BTC] will further increase as halving comes closer well. The scheduled event in May 2020 has been creating a strong influence on market psychology.

Do you think December 2019 will be bullish or bearish? Please share your views with us.

Nivesh Rustgi Bitcoin News 1 min ago

David Ogden – Http://markethive.com/david-ogden

Bitcoin’s sharp decline – The cryptocurrency falls below 8000

Bitcoin's sharp decline – The cryptocurrency falls below $8,000

Bitcoin lost about 20 percent of its value since Friday.

On Thursday, the Bloomberg Galaxy Crypto Index showed a decline of as much as eight percent for the cryptocurrency [File: Mary Turner/Bloomberg]

Bitcoin extended its five-day losing streak on Thursday and dropped below $8,000 for the first time since June as a growing list of concerns weighed on crypto assets.

Bitcoin fell as much as 9% to $7,736 in New York, according to Bloomberg composite pricing, before bouncing off the lows of the day. The Bloomberg Galaxy Crypto Index that tracks a basket of cryptocurrencies slumped more than 8% as peer coins, including Ether and XRP, also sold off. That's the lowest level since May for the index.

There is "no good catalyst to drive it higher," said John Spallanzani, portfolio manager at Miller Value Partners. Bitcoin was never able to regain the near-$14,000 highs it reached over the summer, he said, adding that the "market got tired and volume dried up."

Investors cited a variety of reasons for the slump that's seen Bitcoin lose about 20% of its value since Friday. Some pointed to a lackluster reception to the first Bitcoin futures contracts that were offered by the Intercontinental Exchange Inc.'s Bakkt platform. Others pointed to the U.S. Securities and Exchange Commission delaying a decision on a Bitcoin exchange-traded product. Still, others said the expiration of CME futures contracts set to take place this week is causing turbulence.

Here is what market-watchers are saying:

"As the volumes on these contracts have been particularly high this week, this month's close could be particularly volatile," Mati Greenspan, senior market analyst at trading platform eToro, wrote in a note in reference to the CME contracts.

"A Bitcoin ETF isn't likely to arrive on U.S. exchanges in 2019," James Seyffart, a Bloomberg Intelligence analyst, wrote in a note. "The SEC has made clear that it's concerned about Bitcoin price manipulation on exchanges without any regulatory oversight or surveillance."

"The crypto market drop will be a rude awakening for anyone who was starting to speculate that Bitcoin was becoming a 'safe haven' asset. However, compared to historical volatility patterns, a drop like this barely registers. There have always been sharp periods of volatility in crypto, and this kind of activity is only to be expected as the asset continues to grow," said Gavin Smith, chief executive officer at Panxora.

"There are many potential reasons for the recent fall in the price Bitcoin. It could be 'selling the news' on the launch of Bakkt, which has so far seen much lower than expected volumes of trading go through its platform following months of hype. It could also be in response to the rapid decline in Bitcoin's hash rate (amount of computation in the system) though this now seems less likely as the hash rate has somewhat recovered. Many cycle traders were also saying that Bitcoin was due a cycle low in early October, so that seems on point," said George McDonaugh, chief executive officer at KR1.

Falling below the $8,000 level could mean Bitcoin would test its 200-day moving average support, which sits around $7,000. And according to the Trading Envelope Indicator, a technical tool that smooths moving averages to map out higher and lower limits, the coin has fallen below its lower band.

Following a break below $8,000, "a quick move back to $6,000 would not be out of the question," said Spallanzani.

by By Vildana Hajric • Bloomberg

David Ogden – Http://markethive.com/david-ogden

Bitcoin And Crypto Market Bearish Continuation – LTC BNB BCH TRX Analysis

Bitcoin And Crypto Market Bearish Continuation – LTC, BNB, BCH, TRX Analysis

The total crypto market cap dived more than $50.0B and tested the $200.0B support.
Bitcoin price is down more than 10% and it is currently consolidating below the $8,500.
Binance coin (BNB) price tumbled below the $18.50 and $16.50 support levels.
Litecoin (LTC) price is now trading well below the key $60.00 support area.
BCH price tested the $200 level and it is currently consolidating near the $220 level.
Tron (TRX) price spiked below the $0.0120 support area and it is currently correcting higher.

The crypto market cap and bitcoin (BTC) are signaling bearish continuation. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS are likely to extend their decline.

Bitcoin Cash Price Analysis

BCH price started a nasty decline after it broke the $300 and $285 support levels against the US Dollar. The BCH/USD pair even broke the $250 support area and declined more than $75 in the past two days. It even tested the $200 support area and is currently consolidating near the $220 level.

On the upside, an initial resistance is near the $235 level. However, the main resistance for a strong recovery is near the $250 level. On the downside, the key support is near the $200 level.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price declined more than 20% after it broke the $20.00 support area. BNB price traded below the key $18.50 and $16.50 support levels. Finally, it spiked below the $15.00 support and is currently consolidating losses near the $16.00 level. On the upside, there are many resistances near $16.20 and $16.50.

Litecoin price fell significantly after it failed to stay above the $70.00 and $65.00 support levels. LTC price declined below the $60.00 support and traded close to the $50.00 support area. A low was formed near $52.20 and the price is currently correcting towards the $58.00 and $60.00 resistance levels.

Tron price is down more than 25% and it recently broke many supports such as $0.0150 and $0.0140. TRX price even spiked below the $0.0120 level and traded towards $0.0112. It is currently correcting above $0.0125, but it is likely to face resistance near $0.0135 and $0.0140.

Looking at the total cryptocurrency market cap 4-hours chart, there was a nasty decline below the key $250.0B support area. The market cap declined around $50.0B and tested the $200.0B support area. It is currently consolidating losses above $210.0B. However, it seems like there is a bearish continuation pattern forming with resistance near $220.0B. If there is a downside break below $208.0B and $205.0B, there are chances of more losses in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.

Aayush Jindal

David Ogden – Http://markethive.com/david-ogden

Crypto Markets Crash 30 Billion In Epic Bitcoin Sell Off

Crypto Markets Crash $30 Billion In Epic Bitcoin Sell Off

In what has been one of the largest 24 hour market dumps this year over $30 billion has been dumped from crypto assets. Bitcoin reached the end of its bearish triangle pattern and dumped hard down to a three month low at $8,000.

Bitcoin Crashes 17%

Many had predicted a huge drop to long term support around $8k this week but it is still a shock to see it happen. Bitcoin had been sliding since late last week when it dropped below five figures again and failed to recover. Bakkt was underwhelming and markets did not react though they were not expected to.

The move have when BTC reached the apex of the large descending triangle that has formed since the top out in late June. The downwards momentum started to accelerate as soon as support at $9,500 was broken. Next came two almighty red candles which dumped Bitcoin back to $8,000 according to Tradingview.com.

BTC price 1 hour chart – Tradingview.com

This area is a massive support zone and as expected a lot of buys were triggered there resulting in the hourly closure back up at $8,600. It appears to have settled in this zone for the time being.

The dump was so large that the Bitcoin bashers wasted no time on twitter. Goldbug Peter Schiff was one of the first to react calling for an even lower slide.

“Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!”

The $4k call is a little extreme but to be expected from those that are anti-crypto. A more balanced prediction came from analyst Josh Rager who identified some of the larger buying zones.

“If Bitcoin fails to break above the current level, we’ll get another retest of the support below – which has bounced once and could hold. But if this isn’t a bear trap I do see price heading down to low $7ks. Lots of buyers are waiting between $6180 & $6500”

Altcoins Annihilated

With Bitcoin getting smashed the situation for the rest of the crypto markets is grim to say the least. Ethereum has been eclipsed 15 percent in a slump back to $170 where it is currently holding support.

XRP has hit a new yearly low below $0.24 in an 11 percent slide and Bitcoin Cash has been crushed to $230 in a massive 20 percent dump.

Tether has regained fifth spot in terms of market cap as Litecoin got axed 15 percent in a fall below $60. EOS has dumped 22 percent in an epic crash to $2.90 and Binance Coin is hurting at $16, down 16 percent on the day.

September 25 has been one of the largest crypto market dumps of the year.

Martin Young

David Ogden – Http://markethive.com/david-ogden

Bitcoin price analysis -BTCUSD dumps as Bakkt post 600000 Bitcoin futures sales

Bitcoin price analysis – BTC/USD dumps as Bakkt post $600,000 Bitcoin futures sales

Bitcoin dumped further from the pivotal $10,000 to refresh last week’s low at $9,600.
A shallow recovery has ensued with BTC stepping above $9,700 but the path of least the least resistance is still to the downside.

Bitcoin bearish price action is still pressing against key support areas. For four straight days, the largest cryptocurrency has wallowed in red rough waters. The return below $10,000 seems to have squashed the buyers’ hope of touching $11,000 in the near-term. This demoralized feeling has seen the bears take the center stage and retest $9,600 for the second time in seven days.

The triangle breakout I explored yesterday gave way declines on Monday. Expected support levels at $9,900 and $9,800 failed to hold. BTC explored the downside to the extent of retesting $9,600 support.

For now, there has been a shallow correction above $9,700. However, movement north is still limited by the presence of selling pressure. The moving average convergence divergence (MACD) is moving deeper below the 0.000 mean line. A visible negative divergence signals the gradually rising selling pressure. On the brighter side, the relative strength index (XMR) below 30 displays slightly oversold conditions. This means that a reversal could occur in the near-term towards $10,000.

BTC/USD 60’ chart

Meanwhile, the newly launched Bakkt exchange trading physically settled Bitcoin futures has reported impressive results on the first day. The exchange said that it recording a 72 BTC worth more than $600,000 which were entered into monthly contracts. The CEO of the exchange believes that the volume will growth over time.

John Isige

FXStreet

David Ogden – Http://markethive.com/david-ogden

Bakkt Goes Live With First Trades But Bitcoin Fails to Hold 10000

Bakkt Goes Live With First Trades But Bitcoin Fails to Hold $10,000

The long awaited Bakkt Bitcoin futures contracts went live a few hours ago but the response so far has been underwhelming. Bitcoin briefly topped out over $10k but has failed to hold that level as trading in Asia got underway.

8 BTC Traded So Far

The Bakkt daily and monthly physically settled Bitcoin futures contracts went live for trading a few hours ago but there was no big fanfare or market reaction. The first trade was executed at just past 8pm ET for $10,115.

At the time of writing only 8 BTC had been traded on the monthly futures contracts.

bitcoin bakkt

However, this could be seen as a positive development since it is around one BTC per hour which, if continued at this rate, could be a monumental amount traded over the month.

Industry analysts have pointed out how important Bakkt is being physically delivered as opposed to other contracts which are settled in fiat.

“Reminder, the hype is bakkt with substance. Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin. The result is better price discovery and liquidity for bitcoin.”

It is too early to tell whether these predictions hold value. When contracts start closing and BTC is getting paid out things are likely to start moving on markets. Institutional investors may not want to hold the physical Bitcoin for fear of its volatility; this is why they prefer futures in the first place.

Bitcoin Market Reaction

A brief spike coincided with the launch a few hours ago when BTC lifted off its intraday low of $9,850 to top out at $10,080 momentarily. It remained above the five figure barrier for a few hours before starting to slide back again.

There has been no big pump but that was largely expected as those getting into the new futures would have already allocated their investments and been on boarded. Trader ‘Cantering Clark’ pointed out;

“BAKKT is essentially recycled liquidity quoted from retail venues. This is the opposite of the normal liquidity profiles of traditional markets. Now ask yourself, why would $BTC price have jumped upon BAKKT opening? Those interested are likely already involved.”

At the time of writing Bitcoin had dropped back into four figures and was trading around $9,970. The rest of the crypto market is in the red as altcoins extend their weekend losses.

Martin Young

David Ogden – Http://markethive.com/david-ogden

Bitcoin – 0 or 100000?

Bitcoin – $0 or $100,000?

Bitcoin has long toiled in obscurity. Despite the cryptocurrency now being valued at some $180 billion — the size of a large Silicon Valley firm — it is still relatively small in the grand schemes of things. Yes, it is one of the largest base monies in the world, but is still pitiful when put up against the size of, say, the equities or housing markets.

Some cynics have postulated that this is the biggest that the cryptocurrency will ever grow. Ever.

For instance, Larry Summers, the former Vice President of Development Economics and Chief Economist of the World Bank, said that gold, at $7 trillion, is around 1% of global wealth. And, cryptocurrency, he added, is approximately 5% of that. These proportions, he claims, are “just about right”.

In a recent Youtube video, the prominent commodities trader said that Bitcoin has a 50% chance of succeeding and a 50% chance of failing — no in-betweens. He defines success as a rally to $50,000 to $100,000 — meaning that Bitcoin would be valued at around $1 trillion to $2 trillion; and failure as a move for BTC to become “basically worthless”, which he claims is a sub-$1,000 price point.

While he believes that Bitcoin is more than a 50/50 binary than anything, Brandt has been leaning long over recent months, touting lofty predictions that were seemingly music to the ears of HODLers. As reported by Ethereum World News previously, the leading trader said that [there is a] “Possibility that $BTC has entered fourth parabolic phase,” Brandt noted while pointing to the chart seen below.

This uptrend, he has claimed will bring BTC to $50,000 and beyond.

Interestingly, $50,000 isn’t as crazy as it may sound from an outsider’s perspective.

A price model from Twitter analyst PlanB, which has been accurate to a 95% R2, has shown that after the May 2020 halving, BTC’s fair market capitalization will swell to $1 trillion. This market capitalization translates to $50,000 per coin as aforementioned.

That’s not all. ByteTree’s Charlie Morris wrote in a note earlier this year that Bitcoin is currently trending above a trendline that has an internal rate of return of 115% per annum. Should this trend continue, the analyst remarked that Bitcoin could “touch a trillion dollars by 2025”.

By Nick Chong September 22, 2019

David Ogden – Http://markethive.com/david-ogden