Analysts at Bloomberg are projecting BTC to return to its highs by the end of 2020
- say that the crypto has many favorable factors, both fundamental and technical
- and that “something needs to go really wrong for bitcoin to not appreciate”
- “Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend”
Also that maturation of the cryptocurrency is fuelled by
- growing acceptance of digital currencies
- the ability to trade bitcoin futures
- a steady decline in volatility
- should all help it appreciate.
- has a portion of his portfolio invested in gold
- could go “substantially higher” if inflation spikes
- “When I think of bitcoin, look at it as one tiny part of a portfolio. Itmay end up being the best performer of all of them, I kind of think it might be,” he said. “But I’m very conservative. I’m going to keep a tiny percent of my assets in it and that’s it. It has not stood the test of time, for instance, the way gold has.”
- has “just over 1% of my assets in bitcoin. Maybe it’s almost 2. That seems like the right number right now.”
- “Every day that goes by that bitcoin survives, the trust in it will grow”
- “if you take cash, on the other hand, and you think about it from a purchasing power standpoint, if you own cash in the world today, you know your central bank has an avowed goal of depreciating its value 2% per year,” Jones said. “So you have, in essence, a wasting asset in your hands.” Bitcoin, on the other hand, isn’t subject to the whims of government spending, but is itself risky because it’s only 11 years old
If only there was a way to combine gold with bitcoin … oh, wait … and look where its made!!!!
It was already a tough day for bitcoin but news that the SEC has disapproved a plan to list a bitcoin ETF on NYSE ARCA is now breaking. Regulators cited concerns over Bitcoin manipulation.
There are a few people trying to get an ETF approved, I’m not sure exactly which one this is but it doesn’t bode well for anyone who is trying to convince the SEC.
Trades at the highest level since October 28.
The price of bitcoin reached a high today of $9885 on the Coinbase exchange. That was the highest level since October 28 and just $115 away from the magical $10K. The last time the price trade above 10,000 was on October 26 when the price spiked up to $10,544 rotating quickly back to down. The last close above the $10,000 level was back on the September 22.
Looking at the hourly chart above, the price has been moving to the upside since bottoming on Tuesday at the $9078.05 level. The high today that the price up 8.84% from that low. It’s not Tesla but it still was a good rebound to the upside off of the low.
During the week, the price did trade below and that back above its 100 and 200 hour moving averages. Those moving averages tend to define the bias for the digital currency. Stay above is more bullish. Move below is more bearish.
In the trading this week the price did move below the 200 hour moving average on Tuesday, but on Wednesday when the 2 moving averages were converged near the $9300 level, and the price moved back above each, the sellers turned to buyers and the price extended higher.
The 100 hour moving average is currently at $9476.19 and the 200 hour moving averages at $9423.94 (with each rising) . It will take a move below each to turn the bias back to the downside. Until then, the buyers have more technical control.
Now, there may be sellers that lean against the $10K level. However, I would expect if broken, there would more by momentum in the direction of the break. So don’t risk a lot on the trade.
For now though, things are looking good for bitcoin investors with a key level looming above…. It may not be Tesla, but perhaps it is better it isn’t too.