The cryptocurrency landscape is currently experiencing a whirlwind of emotions as Bitcoin’s price hits $53,000, sending shockwaves through the market and triggering a state of extreme fear among investors. The article at the center of the discussion highlights the wild divergence between Bitcoin’s sentiment and the reality of its current valuation, prompting a “Buy The Dip” (BTFD) alert among savvy traders.
The Fear and Greed Index, a popular metric gauging market sentiment, is sounding alarm bells with an indication of extreme fear. This divergence from the underlying reality of Bitcoin’s value creates a unique scenario, as market sentiment often plays a crucial role in shaping short-term price movements.
The term “BTFD” has become a rallying cry for opportunistic investors during times of market downturns. It encourages a strategic approach to buying assets at a perceived low point, capitalizing on potential undervaluation. The extreme fear triggered by Bitcoin’s dip to $53,000 has prompted some investors to consider this a buying opportunity.
However, the situation also prompts reflection on the factors contributing to the wild divergence between sentiment and reality. Is this fear warranted by fundamental market conditions, or is it an overreaction to short-term fluctuations? The crypto community finds itself at a crossroads, evaluating the impact of external factors such as regulatory developments, macroeconomic trends, and overall market sentiment.
For seasoned investors, extreme fear can signal potential buying opportunities, but caution is advised. The cryptocurrency market is notoriously volatile, and factors influencing sentiment can change rapidly. Traders need to balance the allure of buying the dip with a careful assessment of the underlying factors influencing Bitcoin’s current valuation.
As the crypto community navigates this period of extreme fear, it’s essential for investors to remain informed, exercise prudence, and make decisions based on a comprehensive understanding of the market dynamics. Whether this situation resolves with a market rebound or introduces new challenges, only time will tell.
In the grand theater of cryptocurrency, where sentiment and reality often dance a complex tango, the extreme fear triggered by Bitcoin’s descent to $53,000 is but one act in the ongoing drama. As the narrative unfolds, traders and enthusiasts alike will be watching closely to see if the BTFD alert rings true, and whether Bitcoin can weather the storm and emerge stronger in the face of market uncertainty.
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‘NO DEBATE’ THAT BITCOIN WILL INCREASE 20-30X PUSHING PRICES AS HIGH AS 0K SAYS GOLD INSIDER!!
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Gold Bullion International co-founder Dan Tapiero believes that it’s only a matter of time before Bitcoin surges into the six-figure threshold as $15 trillion in institutional capital could flow into BTC, pushing the Bitcoin price as high as $500,000.
Speaking to Anthony Pompliano on the Pomp Podcast, Tapiero asserted that in terms of price appreciation, Bitcoin is king, even though he believes investors should own both gold and Bitcoin:
“In the next five years, I can see gold at $4,000, so that’s double. But if gold is at $4,000, Bitcoin is probably somewhere between $300,000 and $500,000, so that’s a 20, 30x.”
He went on to add, “I don’t really think that anyone in the gold world […] they are not going to debate that.”
Tapiero believes that institutional investors and finance whales are likely to invest between 5% and 15% of their portfolios in Bitcoin, and noted that the sector was currently worth $100 trillion:
“That’s a huge chunk. I mean, 15% of $100 trillion is $15 trillion.”
But gold is a store of value, and that is only one aspect of what Bitcoin is. Bitcoin is an entire network, and that’s why he believes it will be much bigger than gold:
“There is no question that Bitcoin is going to outperform gold.”
Other analysts are similarly bullish about Bitcoin, with Off the Chain Capital chief investment officer Brian Estes telling Reuters today that it “is not a stretch” for BTC to surpass $100,000 in one year, and predicted that it could go as high as $288,000 by the end of 2021.
CNBC host Jim Cramer also believes in the future of Bitcoin, as revealed on another podcast with Pompliano. Cramer, who was a Bitcoin skeptic during the 2017 bull market, recently stated that he had since realized that Bitcoin is a good hedge against inflation and also one that his kids can understand:
“I think that my kids, when they get my inheritance, won’t feel comfortable with gold, and will feel comfortable with crypto.”
In other trending Bitcoin News today:
Bitcoin Could Be On Track To $74,000, Trader Says As Cryptocurrency Approaches All-Time Highs
“It’s hard to give Bitcoin an intrinsic fundamental value because there’s pretty much a finite supply,” Todd Gordon, founder of TradingAnalysis.com, told CNBC’s “Trading Nation” on Tuesday.
Only 21 million bitcoins will ever be produced.
“The point of all this is a reliable relationship in the Elliott wave theory is the percent distance traveled in that first wave in 2014 is often equal to the percent change in wave five,” Gordon said.
Seeing as the first wave was a roughly 658% rally, Gordon’s target was a lofty one.
“I can’t believe I’m going to go out on CNBC and say this, but it’s about 74,000,” he said. “The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at 34,000.“
Another trader saw even loftier heights ahead for the crypto play.
“I’ve always had to own some,” Mark Tepper, president and CEO of Strategic Wealth Partners, said in the same “Trading Nation” interview.
“It’s like a FOMO concept for me,” he said. “If I never owned any and bitcoin hits 100,000 per coin, I’d probably cry myself to sleep every night for the rest of my life if I didn’t own some.”
“You can kind of compare this to Tesla,” he said. “Tesla’s up over 500% this year. In my opinion … I think bitcoin could potentially be the Tesla of 2021. It could, in my most bullish case possible, get to 100K by the end of next year. That’d be my bull case. I think my base case is a little closer to it doubling up to about 40K by the end of 2021.”
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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:
it is not too late for Bitcoin.. great alternative to gold… which i have always believed in
— Jim Cramer (@jimcramer) November 24, 2020
https://cointelegraph.com/news/2-counterarguments-for-cnbc-s-brian-kelly-who-sees-a-19k-bitcoin-top
https://www.cnbc.com/2020/11/24/bitcoins-on-track-to-74000-trader-says-as-crypto-nears-records.html
https://cointelegraph.com/news/no-debate-that-bitcoin-will-increase-20x-says-gold-industry-insider
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MAX KEISER SAYS BITCOIN WILL HIT $220K IN 2021 IF HYPERINFLATION COLLAPSES FIAT!! $100K BTC JUNE?!!
💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Bitcoin pioneer Max Keiser, RT host of the Keiser Report and Orange Pill podcast says “Bitcoin price is signaling fiat money around the world is in a hyperinflationary collapse against BTC. Please keep boosting inflation so my 2021 target of $220,000 comes sooner!”
Regarding the Bitcoin bulls short term BTC price target, Max tweeted…
“$77,000 short term in play bitcoin”
Currency instability and hyperinflation seemed unreal until a global pandemic struck, sending many nations into economic turmoil. Most economists began to wonder if the end of the pandemic would mean the birth of another Venezuela, which is currently facing a 438% (hyper) inflation rate.
However, like several other Bitcoin enthusiasts, podcaster, Max Keiser thinks inflation and the price of Bitcoin are correlated. Where fiat holders lose out, Kaiser thinks Bitcoiners will gain from the phenomenon. In a tweet, Keiser said that Bitcoin will surge in price, possibly to the $222,000 mark, within this year itself due to inflation.
Keiser’s opinion probably stems from the fact that companies and retailers look to the crypto as a store of value asset, making it a perfect hedge against inflation. Recently, experts even argued that since Bitcoin is immune to political shocks, more people will prefer the asset to decouple trade from “global events.”
Even though the price of Bitcoin may indeed surge, its path to the target could be volatile. In the past, the asset’s price has appreciated and even collapsed several times. But some stated that even as Bitcoin increased in price, the rate of inflation, and forecasts for inflation, “remained stable.”
Some provide a contrary opinion that economies need a bit more inflation, not less. At the same time, they do not expect hyperinflation to occur again, after the last great recession.
Bitcoin’s finite supply, which may overcome inflation risks is what comforts many. However, this narrative keeps evolving as well. A case can be made for alts such as Ether to be a potential deflationary asset too. For instance, even without a hard supply cap, Ethereum could have a fee-burning feature that reduces its coins from circulation, allowing it to be another potential hedge, like Bitcoin.
In other trending Bitcoin News today:
Top Trader Says Five Altcoins Primed To Erupt As Bitcoin Sets the Stage for Explosion to $100,000
A closely-followed crypto trader who built his reputation after nailing the 2020 crash in Bitcoin says he’s looking at five altcoins that can potentially explode this month while Bitcoin undergoes a pullback.
The last coin Capo’s eyeing is Ethereum (ETH). Capo believes that the leading smart contract platform is brewing a bullish move against Bitcoin (ETH/BTC).
As for Bitcoin, the crypto strategist believes it will revisit support below $50,000 before resuming its ascent and climbing above $100,000 by June. Capo makes his prediction based on Bitcoin’s performance in March 2017.
“BTC possibility.”
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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:
#Bitcoin price is signaling fiat money around the world is in a hyperinflationary collapse against Bitcoin. Please keep boosting inflation so my 2021 target of $220,000 comes sooner! 👍😎 https://t.co/NTqMmiH9YQ
— Max Keiser (@maxkeiser) March 15, 2021
December close: $28,992January close: $33,141February close: $45,240March 17 price: $55,000
We are only 3.5 months into the #bitcoin bull market. IMO BTC will not stop at $100K and will continue to S2FX $288K average price level (ATH will be higher). pic.twitter.com/skS6a7pepu
— PlanB (@100trillionUSD) March 17, 2021
https://cointelegraph.com/news/bitcoin-s-price-doubled-in-75-days-how-long-until-the-next-100-leg-up
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THE AVERAGE BITCOIN TRANSACTION VALUE IS NOW WORTH 1K!! PAYPAL TO OFFER BTC AND CRYPTO PAYMENTS!!
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The average value of Bitcoin transactions has increased dramatically since July this year.
The average BTC transaction value was sitting at approximately $25,000 per transaction four months ago, but posted a yearly high on Oct 20 at $151,000 per transfer — representing an increase of more than 500%.
The latest spike, as shown by crypto analytics platform BitInfoCharts’ data, saw the average value of a transaction increase almost $50,000, up from $105,000, in the last 48 hours.
This surge in transaction value comes shortly after Bitcoin’s trading dominance rose to levels not seen since 2017.
The $151,000 average value is 190 times more than Ethereum’s average transaction value of $793, suggesting a significantly greater institutional presence in the Bitcoin markets.
However, the number of daily Ethereum transactions increased by 30% amid the DeFi boom in August, reaching a 2-year high of 1.29 million on Aug 10.
Over the same period, Bitcoin transactions consistently hovered between 300k and 350k, suggesting the Ethereum ecosystem was the primary magnet for new crypto users.
The number of Bitcoin active addresses also showed no significant changes, fluctuating between 650k and 970K over the last 4 months.
Accumulation figures show that institutional investors are starting to take notice as large investment firms, like Grayscale and Microstrategy, increased their accumulation of large amounts of Bitcoin and other cryptocurrencies over the last few months.
By the end of September, Grayscale controlled at least 449,900 BTC or 2.4% of the current supply of Bitcoin, and Microstrategy owned 38,250 BTC.
Two weeks later, Jack Dorsey’s Square purchased 4,709 BTC (approximately $50 million) in Bitcoin.
In other trending Bitcoin News today:
“PayPal To Offer Crypto Payments Starting In 2021”
PayPal announced on Wednesday its entry into the cryptocurrency market, according to multiple reports.
PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021, the company said.
The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay.
This means that the merchants will be receiving fiat, as PayPal will take care of the conversion.
The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said.
The payments giant partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as the BitLicense.
In addition to cryptocurrency payments, PayPal users will also be able to purchase crypto directly through the app.
PayPal will thus feature a cryptocurrency wallet, letting users buy, sell and hold crypto via the PayPal apps.
PayPal is one of the largest global payment providers, with 346 million active accounts and $222 billion in volume processed in Q2 2020.
It was one of the initial founding members of the Libra association, though it subsequently dropped out after regulatory pressure mounted for the project.
Rumors of a planned crypto integration surfaced earlier this year.
The company is nevertheless often criticized in crypto circles due to perceived unfair practices and the amount of control it has within its own network.
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Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
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:
Finally!PayPal joins the bitcoin space race.+ 346 million users+ 26 million merchants + 20th largest “bank” by deposits
Between them, Square, and Grayscale, it’s safe to assume that all remaining BTC will be hoovered up by public companies. https://t.co/d3oEk0LLgv
— Ryan Selkis (@twobitidiot) October 21, 2020
https://cointelegraph.com/news/bitcoin-average-transaction-value-increases-500-since-july
https://cointelegraph.com/news/paypal-to-offer-crypto-payments-starting-in-2021
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