JOHN MCAFEE: ‘I Never Cared About The Price of Bitcoin (BTC)’ | Exclusive Interview

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Bitcoin Readies for Next Leg Higher

Bitcoin (BTC) seemingly moves without rhyme or reason, but the cryptocurrency, just like any other asset, has patterns, has rhythms, that may lend insight into future price trends.

Mohit Sorout — a partner at crypto hedge fund Bitazu Capital — shared once such pattern when he published the chart below, indicating that Bitcoin “loves to paint” this price action.

According to Sorout, Bitcoin followed this exact schematic twice last year, once prior to rallying from $5,000 to $7,000, and another time before rallying from $8,000 to the $14,000 yearly highs.

Considering Bitcoin’s price action over the past few days matches the left side of the schematic perfectly, a near-term rally towards ~$11,500 has been made that much more likely, Sorout’s chart indicated.

Sorout’s schematic isn’t the only sign suggesting that Bitcoin will soon make a run past $10,000 to new all-time highs.

The same trader that predicted Bitcoin would bottom at $3,200 six months before it did argued this week that BTC’s chart implies an imminent upswing towards the $12,000 region.

In reference to the chart below, the analyst remarked that “Bitcoin [recently] smashed past” a key technical resistance while the cryptocurrency has held crucial technical levels.

This led him to the conclusion that a move towards $11,500 in July is possible.

More recently, he added that the historical downtrend from Bitcoin’s 2019 high of $14,000 was just broken just days ago.

Bitcoin holding key technical levels while crossing the downtrend indicates that BTC’s price action over the past few days constitutes consolidation above a level of resistance — a sign deemed bullish by the trader.

Bitcoin could also be buoyed by positive fundamental events, such as billionaire hedge fund manager Paul Tudor Jones’ entrance into the cryptocurrency space.

The Wall Street veteran revealed this week that he is investing around $100 million worth of his personal wealth in Bitcoin.

The investor attributed to his newfound belief in the benchmark cryptocurrency to central banks, which are not printing more money than ever before to save the flagging economy. 

In other trending Bitcoin News today:

Hedge Fund Manager Predicts Bitcoin’s Post-Halving Trajectory

Hedge fund manager Matt D’Souza thinks patience is the key for Bitcoin holders looking to capitalize on the halving. D’Souza, who’s also the co-founder and CEO of the crypto mining operation Blockware Solutions, says it’s not the time to day trade.

“In 2016, Bitcoin rallied ~67% into Halving. It corrected 33% & bottomed within 3 weeks only to begin a 17-Month Bull Market. In 2020, we didn’t rally going into Halving as we recovered losses from a Global Market Melt Down. The Fundamentals for Bitcoin have never been better. Halvings are typically Buy the News, Sell the Rumor Events.

In 2020, I expect a shallower sell-off than 2016 (we already corrected 20%) & only a 1.5-3 week duration max. Now is the time to be patient & Hold – NOT day trade. The big money is in the sitting & capturing the Cycle.”

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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:

I don’t understand bitcoin. Please explain it to me.

— J.K. Rowling (@jk_rowling) May 15, 2020

The decoupling is underway:•Stocks selling off and back below where they started May

•BTC bounce continues with slow & steady rise https://t.co/FUYbF8k4h3

— Luke Martin (@VentureCoinist) May 13, 2020

4) The Supply Side Economics has improved w/ the Halving & Demand Side is robust due to the exceptional fundamentals: $SQ‘s Cash App had a record quarter in BTC Sales – signaling retail participation (H/T @IgNoffs)
Paul Tudor Jones is a strong signal of what’s to come from funds

— Matt D’Souza, CPA (@mjdsouza2) May 13, 2020

the rise from 3-14k was clearly an impulsive move.

sure, you could wait for the downtrend from 20k to be broken but you will simply just be jumping in later

— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) May 15, 2020

The Paul Tudor Jones letter is the single most bullish thing ever written about bitcoin, and it came from Tudor himself. I see it as a game changer. Think many macro investors will follow. Mandate changes and onboarding take time. PTJ will be on CNBC this week.

— Alex (@classicmacro) May 11, 2020

Hedge Fund Manager Predicts Bitcoin’s Post-Halving Trajectory

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Bitcoin billionaire Tyler Winklevoss says the Bitcoin price will ‘at least’ 45x from here surging to $585,000 per BTC in his recent tweet on Crypto Twitter:

“JP Morgan analysts think Bitcoin could triple in value and challenge gold. While I think its at least like a 45x from here, not a 3x, at least we can agree that bitcoin is going up. It’s hard to understand why anyone wouldn’t own BTC by now.”

The Bitcoin bull was referencing the following Fortune article entitled:

“For years J.P. Morgan was skeptical of Bitcoin. Now the bank’s analysts say its value could triple, challenging gold”

A team of analysts at J.P. Morgan’s Global Markets Strategy group are touting Bitcoin’s emergence as an alternative to gold among millennials, suggesting a “doubling or tripling” in the price of the cryptocurrency if current trends continue.

The prediction, which came in a research note published on Friday, is remarkable given the bank’s onetime skepticism toward Bitcoin, which included CEO Jamie Dimon calling it a “fraud” in 2017 and saying he would fire anyone trading it for being “stupid.”

J.P. Morgan’s bullish stance is driven in part by PayPal’s recent decision to offer Bitcoin to its customers and Square’s recent move to add $50 million of the cryptocurrency to its balance sheet.

Another major factor for its position, though, is the demographic trend in which younger generations are choosing Bitcoin over gold.

“The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an ‘alternative’ currency,” says the research note.

The analysts go on to observe that, if this trend continues, there could be a challenge to gold in the long term—with important price implications for Bitcoin.

“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the Bitcoin price from here,” the note states.

Bitcoin is currently trading at around $13,000.

That falls well short of its all-time high of nearly $20,000, which occurred during the crypto bubble of late 2017, after which Bitcoin fell to around $3,400 the following year.

The current price run-up has been more stable, however, with Bitcoin staying above the $10,000 mark for an unprecedented three-month stretch. Millennials’ embrace of Bitcoin has been underway for a while.

Late last year, a Charles Schwab survey found that shares of GBTC, from Grayscale—a company that holds Bitcoin in trust—were more popular among the cohort than famous names like Netflix and Disney.

Meanwhile, Grayscale has been fanning the trend with a national TV campaign called “Drop Gold.”

In other trending Bitcoin News today:

Bitcoin Just Posted Biggest Buy Signal in More Than Two Years, Says Top Crypto Analyst Nicholas Merten – Here’s What’s Next

DataDash founder and crypto analyst Nicholas Merten says Bitcoin just flashed its biggest buy signal in over 24 months.

“What we need to do is set a close, and I would like to see a substantial close above the yearly high close here which is $13,880. If we can get $14,000, $15,000 for Bitcoin just by the end of the year, going through October, November, up until December…

That’s all we need to see folks. It is a clear telltale sign in price in the simplest form of analysis. Again, simplicity wins out. It is the simplest key sign here that we’re setting up for a substantial move in the market.”

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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:

JP Morgan analysts think #Bitcoin could triple in value and challenge gold. While I think its at least like a 45x from here, not a 3x, at least we can agree that bitcoin is going up 🚀. It’s hard to understand why anyone wouldn’t own BTC by now. https://t.co/FurucyrVMV

— Tyler Winklevoss (@tyler) October 26, 2020

https://fortune.com/2020/10/26/jp-morgan-chase-bitcoin-predictions-analyst-jpm-cryptocurrency/

https://dailyhodl.com/2020/10/27/bitcoin-just-posted-biggest-buy-signal-in-more-than-two-years-says-top-crypto-analyst-nicholas-merten/

https://www.btctimes.com/news/can-october-record-bitcoins-highest-monthly-close

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As Bitcoin inches closer to its previous $20K all-time high, Bloomberg analyst Mike McGlone shared on Bloomberg TV that he’s bullish on what’s next for the benchmark cryptocurrency in the future and even predicted a $170,000 BTC price point by 2022.

Bitcoin closed Thursday at $17,821, slightly above the previous day and also a new 2020 high. It’s also the highest it has reached in the last three years. 

With Bitcoin now less than $2,000 away from its previous high of just below $20,000, analyst Mike McGlone from Bloomberg believes the dominant crypto is not yet finished in its ascent.

McGlone said that since Bitcoin added one in front of its number compared to last year, it will likely add a zero to the back of its number next year or by 2022. 

“If you look at past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number,” he said on Bloomberg TV.

Bitcoin ended 2019 at $7,000 and is now at $17,000. This means McGlone was right that the cryptocurrency added a one at the front of its number. 

If Bitcoin adds zero at the back of its number, that’s a price of $170,000, as McGlone predicted.

McGlone pointed out that Bitcoin’s price increase is because of people’s perception that it is digital gold, Cointelegraph reported. 

Gold, a store of value, has also breached past $2,000 in a new all-time high and is now consolidating.  

With that, Bitcoin could likely be consolidating at this price point as well, with $20,000 only acting as short-term resistance. 

“I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since,” McGlone continued.

Finally, McGlone mentioned that institutional FOMO (fear of missing out) is also the likely reason why the new price run is different from the one in 2017. 

Both Microstrategy, a billion-dollar company, and payments firm Square announced that they have put Bitcoin as part of their reserves. PayPal Holdings Inc. recently allowed U.S. customers to purchase Bitcoin. 

In other trending Bitcoin News Today:

“Price Target $300K? Bitcoin Has No Top Because Fiat Money Has No Bottom – Max Keiser”

The hosts of RT’s Keiser Report, Max Keiser and Stacy Herbert, look at Citibank coming out with ‘moonmath’ on bitcoin with a hugely bullish price target of $318,000 by December 2021.

Max says that he can’t believe what Citibank is saying because it is becoming “even more aggressive” on the price than John McAfee who has always been “crazy beyond the pale price predictions.” According to Max, Citibank is now kind of “taking the price prediction crown.” 

According to Max, more banks will be competing with each other to come up with higher and higher price predictions. 

“But none of them are going to capture the ultimate bull market number because remember, bitcoin has no top because fiat money has no bottom.”

4 Reasons Why Bitcoin Price Is On The Verge Of A New All-Time High

Earlier today the price of Bitcoin (BTC) hit $18,815 on Binance for the first time in nearly three years. Following the breakout, BTC is on track to see a new all-time high in the near term for four significant reasons.

The factors that make a new record high likely are growing institutional demand, reduced selling pressure, a spot-driven market rally, and the significance of the $18,500 resistance breach.

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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:

https://www.ibtimes.com/bitcoin-price-prediction-btc-may-reach-170000-2022-bloomberg-strategist-says-3085760

https://www.rt.com/business/507167-bitcoin-price-has-no-top/

https://cointelegraph.com/news/4-reasons-why-bitcoin-price-is-on-the-verge-of-a-new-all-time-high