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Crypto analyst Justin Bennett expects that crypto investors will face much more volatility in the weeks ahead and warns some traders will be shaken out of the market. Bennett argues that the recent Bitcoin crash in BTC price was driven by wealthy players who now have an opportunity to increase their positions in the flagship cryptocurrency.
In other trending Bitcoin News today: BTC Crash Reveals Resiliency of Crypto Markets, Lack of Systemic Risk, Says Macro Guru Raoul Pal! The former Goldman Sachs executive says the crypto industry largely absorbed the downtick in price without punishing anyone but speculators.
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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 PUMPS 20%, ARE BULLS RUNNING INTO A TRAP?
With the BTC price registering gains of over 20% in the last 24 hours, many holders are getting excited.
But, it seems that the jury is still out on just how positive this latest pump is.
Could the bulls be running into a trap?
Bitcoin analysts canât agree on whether this latest pump will keep seeing BTC price soar.
Some seasoned traders are celebrating Bitcoinâs decoupling from the stock market while others are calling for caution.
Indeed, throughout its 11-year trajectory, bitcoin price has widely been regarded as uncorrelated with the stock market.
Weâre all well-versed in the safe haven narrative and comparing bitcoin to gold.
As stock markets plunge, Bitcoin has often held its own or even swung to the upside.
However, just days ago, that narrative appeared to have been called sharply into check.
The cryptocurrency market experienced a major sell-off alongside the S&P 500.
While there is a generally positive vibe in the air (at last), some traders are calling for caution.
After all, weâve been burned before. This could be another liquidity grab before the next major downswing.
That said, many seem to be in agreement that the key support level bitcoin price needed to flip was $6400.
Both Josh Rager and CryptoBirb cited the $6,400 level as crucial.
CryptoBirb even went as far as to predict that bitcoin price could bounce all the way back to $7,600 as there is âlittle resistance between 6.4k and 7.6k.â
Rager also points out though, that even breaking $6.4k, stocks selling off is not bullish for BTC. Coinbase also warns that if the S&P 500 correlation sustains again in the future, âBitcoin will enter uncharted territory.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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I can not express how bullish I am on bitcoin. We are at risk of losing the entire system right now. I know they will find a way to save it but all trust is lost.
Gold guys/girls â youâll be fine too. Itâs just that $BTC has bigger upside, by far but is riskier than gold
â Raoul Pal (@RaoulGMI) March 19, 2020
$btc tapping ex-range lows flipped to resistance. Positive for bulls is that there is little resistance between 6.4k and 7.6k
Intraday consolidation breakout retest towards 5.4-5.6k would be the most healthy to confirm price action is slowly recovering after Friday 13th PTSD lol pic.twitter.com/6u1fUZjpU6â Cryptoâżirb (@crypto_birb) March 20, 2020
$BTC rejected off the point of control (highest traded volume price) â a level that we saw act as support twice before the breakdownFor me to start to feel bullish, price needs to flip at least $6400 on high time frames
Even then, stocks selling off is not bullish for BTC pic.twitter.com/CjrlzqZtRe
â Josh Rager đ (@Josh_Rager) March 20, 2020
https://cointelegraph.com/news/raoul-pal-super-bullish-on-bitcoin-price-after-miraculous-80-rebound
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BITCOIN WILL EXPLODE TO $1 MILLION AND ETHEREUM $100,000, NO DOUBT, SAYS BILLION-DOLLAR CEO!!
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The CEO of an investment firm with $4.6 billion in assets under management is predicting that the Bitcoin (BTC) price will hit seven figures while Ethereum (ETH) will reach six.
U.S. Global Investors head Frank Holmes says that, due to Bitcoinâs scarcity and growing adoption, the flagship cryptocurrency can appreciate by around 1,600% from current levels over the next decade.
Regarding ETH, Frank says that he wouldnât be âsurprisedâ to see Ethereum appreciate by about 2,250% from the current levels, surpassing $100,000 per coin.
In other trending Bitcoin News today: Institutional Buys Will Put Bitcoin At $560,000 In Five Years, Says Cathie Wood.
Despite the rapid rate of investment among institutional investors, it is still estimated that less than 5% are allocated to Bitcoin. However, the trend is growing among big money and Wood explained that if âinstitutional investors move into BTC and allocate 5% of their portfolios,â then Bitcoin would hit $560,000.
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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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Institutional Buys Will Put Bitcoin At $500,000 In Five Years, Cathie Wood
https://cointelegraph.com/news/3-reasons-why-bitcoin-s-drop-to-56-5k-may-have-been-the-local-bottom
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Bitcoin Targeting Bitcoin Targeting $1,000,000 In Four Years: Former Goldman Sachs Exec. | BTC Decoupling From Stocks,000,000 In Four Years: Former Goldman Sachs Exec. | BTC Decoupling From Stocks
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Economist and former Goldman Sachs hedge fund manager Raoul Pal says unprecedented global economic downturns could help underpin Bitcoin as the worldâs reserve currency.
And what might that do for the Bitcoin price? Pal says he believes BTC could skyrocket all the way to $1 million before the next halving, which will occur in about four years.
Due to the devastation Covid-19 has caused the global economy, Pal says thereâs a high probability that a new financial system will emerge that relies on digital currencies in multiple formats.
Pal, the founder and CEO of the Global Macro Investor, believes the market is betting on the Covid-19 recession/depression to last six months.
He thinks, however, that itâs more likely to last three years.
âItâs not clear how long it will take, but if this is a recession or depression, which I think it may well end up morphing into, and it drags on three years, I think three years would be the time horizon where theyâre gonna have to do something, because I fear that the dollar is going to rise dramatically over this period of time, and basically thatâs a wrecking ball to the global economy, the U.S. economy, and creating deflation as we go and a whole bunch of other problems.âÂ
That global economic crisis could, however, correspond with a Bitcoin explosion. When utilizing a log price scale to get a long-term outlook, Pal says the BTC price is on a path toward $1 million.
âWhen you look at the chart in a log scale, it looks also very extraordinary, because whatâs useful about these kind of triangle patterns â I call them wedges â is that usually the size of the pole of the flag is repeated again. Now, if you did that using the log chart, it would take you to $1 million in this halving. Is that possible? Who the hell knows. I think it is. But it wouldnât match the stock-to-flow model which says it might spike to [$250,000] or something like that.â
In other trending Bitcoin News today:
Bitcoin Climbs Past $9.5K as Analysts Stress âDecouplingâ From Stocks
A fresh surge sees BTC/USD well on its way back to $10,000 as the impact of its weekend crash continues to dissipate.
Bitcoin (BTC) rose to reclaim $9,500 on May 14 as the recovery from last weekendâs $1,200 crash gained fresh momentum.
Bitcoinâs futures this week contrast it even further with traditional markets and macro assets.
This stock âdecoupling,â which Cointelegraph reported on previously, shows no signs of abating.Â
As Cointelegraph analyst Scott Melker wryly summarized on Twitter:
âRemember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. Theyâre not correlated now, and they werenât correlated before. Thanks.â
For fellow analyst Michaël van de Poppe, paying too much attention to correlating markets in times of crisis and afterward was a dangerous game.
âWhen shit hits the fan (which was in March), all correlations tend to go towards 1,â he tweeted on Thursday:Â
âSince then, gold, silver & Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets. Donât pin yourself on those correlations.â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
When shit hits the van (which was in March), all correlations tend to go towards 1.
Sinc then, gold, silver & #Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets.
Donât pin yourself on those correlations.$BTC
â Crypto MichaĂ«l (@CryptoMichNL) May 14, 2020
Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. Theyâre not correlated now, and they werenât correlated before.
Thanks.
â The Wolf Of All Streets (@scottmelker) May 14, 2020
https://cointelegraph.com/news/bitcoin-climbs-past-95k-as-analysts-stress-decoupling-from-stocks
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