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Boston-based investment giant Fidelity Group is injecting a heavy dose of hopium in the market with its latest âvery specialâ webinar, where it took a deep dive into Bitcoin and its possible effects on the market.
Fidelity, which also has its own crypto arm, Fidelity Digital Assets that builds enterprise-grade bitcoin custody services for large institutions, isnât new to the space as it first started mining BTC in 2014 and then Ethereum (ETH) as well.
Now, the firm is putting out bullish reports on Bitcoin and sees the leading digital asset hitting $1 million before this decade is over and a whopping $100 million by 2035.
In other trending Bitcoin News today: Belarus President Urges Belarusians to Mine Cryptocurrency Rather Than Pick Strawberries Abroad!
President Alexander Lukashenko has advised workers to stay in their home country instead of emigrating to fill low-paid farming jobs in Poland and Germany. The Belarusian leader pointed to an alternative source of income, noting thereâs enough electricity in Belarus to power cryptocurrency mining.
âCreate something on electricity. In the end, start mining cryptocurrency or whatever itâs called. There is enough electricity in the country.â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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THREE ARROWS CAPITAL CEO SAYS BITCOIN CAN HIT $2.5M IN SUPERCYCLE TOP!! BTC WILL HIT $100K BY MAY!!
đ° BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Su Zhu, the co-founder and CEO of fund management firm Three Arrows Capital, is revealing an astronomical Bitcoin price prediction of $2.5 million per BTC.
In a new interview with UpOnly, Su Zhu compares Bitcoin to gold, asserting that gold is likely undervalued and that in the long run, Bitcoin is primed to take over a large portion of the precious metalâs market share.
âI mean, I think thereâs an argument that gold itself is very undervalued. If it was the dominant store of value cause this thing was at like $1,700 years ago⊠and letâs say gold should have 5Xâd if there wasnât Bitcoin, then really weâre looking at a $50 trillion market cap.
So then youâre already halfway there to $100 trillion and that will get you to $2.5 million per BTC and I think that that is definitely possible.â
The CEO says he expects BTC to jump up in sudden price surges along the way and, due in part to institutional investors, simply refuse to return back down to previous levels.
Eventually, says Zhu, the asset will likely look like gold does now â relatively stable.
âI think that at the top of it, it will behave like how gold is now, so low volatility-ish. And I think the way that people should think about how that process will go is that it will be [in] bursts, right. Where the markets look linear in like the short term â itâs always up $1,000, down $1,000 and then you get these bursts. And you get these big repricings and people can never buy again [at the same price].â
As for what Zhu believes will come of the meme crypto asset Dogecoin (DOGE), a project that has caught the eye of Tesla CEO Elon Musk, the Three Arrows co-founder says that it could have a significant amount of upward potential with Muskâs support.
âElon [Musk is] shilling DOGE a lot and he must have a plan for it. So itâs tough to say. It can go up high.â
In other trending Bitcoin News today:
FRACTAL FROM LAST BULL RUN SAYS BITCOIN WILL HIT $100K BY MAY
Hereâs a look at the similarities between the two cycles, and the roadmap that takes the price per BTC to $100,000 and higher within the next couple of months.
Bitcoin volatility is picking up, starting with an explosive move from $10,000 to $50,000 in a few short months. The complete repricing of the coin has been due to institutional investors scrambling to buy what they can of the scarce crypto asset.
At only 21 million coins and a market cap of under $1 trillion, Bitcoin is expected to grow in the long-term reliably. And in an economic climate where growth is challenging to come by, the cryptocurrency has become especially attractive.
But as Bitcoin price discovery takes place, volatility is bound to ensue and is has in recent weeks as the cryptocurrency recently shed 20% in a single day. At prices of $50,000 per coin, a 20% dive means $10,000 in value apiece evaporating into thin air, compared to the $1,000 per plunge crashes during the last bull market.
If the same path is followed, Bitcoin could see further collapse before experiencing a sharp rebound to more than double the price. The price action will play out quickly, taking Bitcoin price first to $75,000 in April, then $100,000 by the time May rolls around.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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Previous macro tops have occurred when thousands of transactions worth 5 to 7 million dollars each were flooding the blockchain. True FOMO. Currently, no such FOMO in sight for $BTC. pic.twitter.com/s9Cbgn4n8Q
â whalemap (@whale_map) February 25, 2021
#Bitcoin doesn’t look too great for a bull continuation coming period.Still, retest at $54,000-55,000 could happen, but I’m cautious when we get there. If we lose $47,000, then I’m looking at $42,000-44,000 and $37,000-38,500 next.
That should be the low.
â MichaĂ«l van de Poppe (@CryptoMichNL) February 25, 2021
Fractal From Last Bull Run Says Bitcoin Will Hit $100K By May
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BITCOIN IS AN âINSURANCE POLICYâ AGAINST THE FED SO EXPECT A #post_titleM BTC PRICE WARNS CRYPTO BILLIONAIRE!
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Former Facebook executive-turned Bitcoin billionaire venture capitalist, Chamath Palihapitiya, has warned neither Biden nor Trump will help U.S. dollar â but holding BTC is an âinsurance policyâ that helps him to âsleep soundly at night.â â
The reality is that [the Federal Reserve and the U.S. Treasury] have printed so much money that the likelihood is that weâre going to continue to see asset price inflation independent of whoâs in the White House,â Palihapitiya told CNBCâs Squawk Box this week, adding he holds bitcoin just âin case the central banks and governments of the world step on a landmine.â
The Fed and the Treasury have embarked on massive stimulus programs this year, injecting trillions of dollars in the financial system in an attempt to offset the economic damage caused by the coronavirus pandemic.
This unprecedented intervention, propelling the stock market to record highs even as unemployment has spiked and businesses struggle nationwide, has sparked fears among some investors that a severe bout of inflation is on the way.
Palihapitiya, who began his VC career while still at Facebook in 2011 and has backed the likes of big data analytics firm Palantir and Richard Bransonâs space exploration company Virgin Galactic, has long argued Bitcoin serves as a long-term store of value and should be included in every investorsâ portfolio.
âI still think that what I talked about sort of eight or nine years ago still holds, which is as a 1% hedge in our portfolio.â Chamath, who purchased 1,000,000 Bitcoinâs back in 2013 at about $80 per BTC says he expects the Bitcoin price to climb as high as $1 million per coin over the next 20 years.
However, Palihapitiya warned against the buying and selling of bitcoin for short-term profit, advising investors to hold it and âhope that you never need it because the amount of actual chaos that will drive bitcoin appreciation is not something we actually really want to see.â
âThe reality is [bitcoinâs] fundamentally not [correlated with stock markets] because it is underpinned by a set of beliefs that are completely orthogonal to the orthodoxy that runs the world today, and it is completely the inverse of how the financial infrastructure of the world operates,â Palihapitiya said.
In other trending Bitcoin News today:
Crypto Strategist Who Called Bitcoinâs Massive Collapse in 2018 Says BTC Poised to Flash Major Buy Signal
A veteran commodities trader known for accurately predicting Bitcoinâs epic fall from $20,000 says that the leading cryptocurrency is on the cusp of flashing a major buy signal.
Peter Brandt, CEO of trading firm Factor Trading Co., is sharing a chart that shows the crypto king is poised to break out of a symmetrical triangle dating back to 2017.
BTC now needs to close out the week above the $11,100 mark for confirmation.
Brandt cites large Bitcoin purchases from payments giant Square and business intelligence company MicroStrategy as significant fundamental factors driving Bitcoinâs price.
Collectively, the two companies have bought $500 million worth of Bitcoin within the last month.
âIt is a major development that a global corporation is now putting BTC onto its balance sheet. The weekly and daily charts a poised to flash a big buy signal.â
Back in January, Brandt said Bitcoin could surpass $100,000 in its current long-term cycle.
However, as the COVID-19 pandemic continues to hit financial markets, the veteran technical trader revealed last month that he exited the crypto market and moved his assets to the US dollar.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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Bitcoin Price Forming a Bull Cross; Now Targeting ,700 | BTC Starts Strongest Quarter Q2
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Following a brief selloff that led the Bitcoin price down to lows of $5,800 overnight, BTC has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region.
It now appears that bulls are in the process of attempting to form an EMA bull cross, which could bolster its price action in the hours ahead.
Furthermore, bulls are also attempting to surmount a key resistance level that was recently established, leading one analyst to note that a weekly close above this level could lead the BTC price to rally up towards $7,700.
As for what could push Bitcoin above this resistance, Big Cheds â a popular cryptocurrency analyst on Twitter â explained in a recent tweet that he believes it is flexing a âpotential 8/34 EMA bull crossâ on its 4-hour chart.
âBitcoin 4 hour -Flexing a potential 8/34 EMA bull cross,â he noted while pointing to the chart seen below.
This formation could significantly bolster the cryptoâs near-term price action if it is confirmed in the coming several hours.
As for how high a confirmed break of the current resistance that Bitcoin is facing could send it, one analyst is noting that he is eyeing a movement up towards $7,700.
Teddy, another popular cryptocurrency analyst on Twitter, recently shared a chart showing two potential paths for the crypto, noting that it is currently in the process of taking the bullish route.
âLooks like BTC picked the green way,â he said while pointing to the below chart.
The upside target seen on the chart he references exists at roughly $7,700, which would mark a notable climb from where BTC is currently trading at.
Bitcoin Starts Strongest Quarter Q2 With Price Down Just 10% YTD
Bitcoin (BTC) has in total suffered just 10% from the coronavirus outbreak which obliterated stocks and caused the United States to print $6 trillion.
That was according to the latest quarterly price data from monitoring resource Skew.com on March 31, which showed that for Q1 2020, BTC/USD is only down by around 10.7%.Â
At press time, the pair remained higher after seeking new support at $6,500 on Monday.Â
At those levels, the pair is just $700 lower than its position at the start of 2020, and $3,800 beneath its current year-to-date all-time high of around $10,300.Â
Bitcoin has advanced 75% in the two weeks since hitting its quarterly low â in a volatile period, that recovery at one point reached 90% as markets peaked at over $7,000 on some exchanges.
As such, Bitcoin now looks increasingly resilient as an investment option versus traditional markets, which are still trailing much more as a result of coronavirus.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/bitcoin-starts-strongest-quarter-q2-with-price-down-just-10-ytd
https://cointelegraph.com/news/bitcoin-stocks-rise-as-us-economy-grinds-to-a-halt-furloughs-soar
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