BITCOIN BULL TOM LEE STILL SEES $100K BTC BY YEAR-END, SAYS VOLATILITY IS ITS OPPORTUNITY!!!!!

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Bitcoin can offer protection against the “depreciating value of money,” newly bullish BTC investor Ray Dalio says.

In a Reddit “Ask Me Anything” session on Dec. 8, Dalio, who last month abandoned his skepticism of Bitcoin, said that the cryptocurrency could complement gold as an investment.

“I think that Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth,” he wrote.

“So it could serve as a diversifier to gold and other such storehold of wealth assets.”

Dalio shed light on his opinion of various aspects of the global economy, including the United States’ current position, China and the state of fiat currency.

Continuing, he argued that money printing would spur asset inflation, implying that simply holding wealth in cash would lead to losses.

“We are in a flood of money and credit that is lifting most asset prices and distributing wealth in a way that the system that we’ve come to believe is normal is unable to, and that is threatening to the value of our money and credit,” he warned.

“Most likely that flood will not recede, so those assets will not decline when measured in the depreciating value of money. It is important to diversify well in terms of currencies and countries, as well as asset classes.”

His perspective conspicuously mimics that of Bitcoin proponents, notably Michael Saylor, CEO of MicroStrategy, who is guiding the company toward BTC reserves of nearly $1 billion.

Saylor, in an interview with The Bitcoin Standard author Saifedean Ammous in September, stressed that asset inflation was far outstripping that of cash, and that large paper money holdings were thus akin to a “melting ice cube.”

Dalio thus departs further and further from the Bitcoin-skeptic position he held just weeks ago, which began to thaw when he admitted that he “may be missing something” about its true nature. Nonetheless, he stopped short of advocating a “full Bitcoin” portfolio.

“The main thing is to have some of these type of assets (with limited supply, that are mobile, and that are storeholds of wealth), including stocks, in one’s portfolio and to diversify among them. Not enough people do that,” he reasoned.

On the topic of gold, Dalio was more opaque. Choosing between the precious metal and Bitcoin would depend on central banks’ behavior.

“As far bitcoin relative to gold, I have a strong preference for holding those things which central banks are going to want to hold and exchange value in when they are trying to transact,” he concluded.

In other trending Bitcoin News today: 

Bitcoin Plunges Below $18,000 – Here Are The Levels To Watch Next

Bitcoin fell below $18,000 on Dec. 9 in the latest continuation of its bearish comedown from all-time highs.

At press time, new lows near $17,600 were appearing, with 24-hour losses totaling more than 7%.

The situation was tenuous for Bitcoin after support was lost higher up, with exchange data showing buyer interest only lined up in significant amounts at $16,200. Converse selling pressure had provided an instant rejection at close to $20,000 last week.

“Third test of support and breakdown,” summarized Cointelegraph Markets analyst Michaël van de Poppe to his Twitter followers on Wednesday.

“Testing levels multiple times doesn’t make the level stronger. Downtrend likely to continue? I think so, unless $18,500–18,700 is reclaimed, I think we’ll continue correcting.”

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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:

Averaged out, Bitcoin has 10x’d every 2 years.2008 .012010 .102012 1.002014 10.002016 100.002018 1000.002020 10,000.00

h/t @FreakieF

— Dan Held (@danheld) December 8, 2020

Citi downgraded MicroStrategy because of its plan to accumulate a significant amount of #Bitcoin in its corporate treasury.

Never forget this is one of the ratings agencies that rated subprime mortgages AAA right before the housing market crashed and destroyed the global economy

— Vijay Boyapati (@real_vijay) December 9, 2020

BIG UPDATE: @RayDalio, Founder of Bridgewater (world’s largest hedge fund) just said in Reddit AMA: “I think that #Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives.”https://t.co/0yqia9frvy

— Cameron Winklevoss (@cameron) December 8, 2020

Watch how traders, shitcoiners and weak hands transfer their #bitcoin to strong hands like Grayscale, Paypal, Square, MicroStrategy etc. These BTC will disappear from the market and go into deep cold storage and stay there for years. pic.twitter.com/McpnqEelV0

— PlanB (@100trillionUSD) December 8, 2020

Third test of support & breakdown. Testing levels multiple times doesn’t make the level stronger.

Downtrend likely to continue? I think so, unless $18,500-18,700 is reclaimed, I think we’ll continue correcting. $BTC

— Michaël van de Poppe (@CryptoMichNL) December 9, 2020

https://cointelegraph.com/news/bitcoin-plunges-below-18-000-here-are-the-levels-to-watch-next

https://cointelegraph.com/news/a-flood-of-money-and-credit-ray-dalio-new-bitcoin-praise-echoes-microstrategy

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A closely-followed crypto trader is predicting giant rallies for Bitcoin and Ethereum before the turn of the new year, but there’s a catch. In a series of tweets, the pseudonymous trader and analyst known as Kaleo lays out gargantuan predictions for BTC and ETH in the coming months.

Among other things, Kaleo predicts that before 2022 rolls around, Bitcoin shatters $100,000 and Ethereum breaks through $10,000, all while altcoins rally hard.

“My predictions for the second half of 2021:

– $BTC enters 6 figure price discovery

– $ETH breaks above $10K

– We see one more major alt season

– More institutional / government adoption 

– More institutional / government FUD

– Cryptunez gets a girlfriend

– Bears remain bearish”

In other trending Bitcoin News today: Here’s When the Altseason Rocket Takes Off, According to Crypto Trader Tyler Swope! Even though Bitcoin can’t seem to recover the $40,000 level and Ethereum is toying with dropping down to $2,000 again, Swope tells his 253,000 subscribers that there will be another altseason, and it will come sooner than some may think.

“There will be more than a few other altseasons coming this year, and a big one I project happening begins in July – around the middle of it. There are already signs the market wants this to happen.”

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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:

My predictions for the second half of 2021:

– $BTC enters 6 figure price discovery

– $ETH breaks above $10K– We see one more major alt season– More institutional / government adoption – More institutional / government FUD– Cryptunez gets a girlfriend

– Bears remain bearish

— K A L E O (@CryptoKaleo) June 17, 2021

https://cointelegraph.com/news/bitcoin-price-dips-below-34k-as-grayscale-starts-giant-btc-unlocking

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Compared to the Bitcoin price analysis of the previous two weeks, this weekend has been relatively relaxed for Cryptocurrency traders.

On Saturday the BTC price came within $10 of $10,000 before pulling back to $9,794.

Despite the inability to hold above $9,900, the shorter timeframe also shows Bitcoin (BTC) price painting higher lows since the drop on Feb. 19 to $9,352 and the price is also holding well above the 20-MA of the Bollinger Bands indicator.

A high volume surge could easily push the price to the upper Bollinger band arm at $10,126 but Bitcoin would still have some challenges ahead.

If Bitcoin can hold the $9,850 support and push above $9,883, we could see the price rise to $10,200 as it is currently sandwiched between VPVR nodes at $10,210 and $9,892.

In an earlier analysis, Cointelegraph contributor Keith Waring explained that $10,000 is a less important level to attain when considering that a significant resistance at $10,300 awaits.

Waring also notes that even though Bitcoin’s current setup strengthens the probability of the price retaking the $10K mark, the CME close at $9,740 on Feb. 21 means traders believing in the CME gap narrative will hold their powder with the expectation of the price revisiting the gap.

Meanwhile, crypto analyst Micheal Van De Poppe has taken a more bullish point of view, tweeting the above chart and saying:

“Retest done. As long as this level remains support, I’m expecting continuation towards $11,000 / $11,600.”

WHY BITCOIN MAY NOT SKYROCKET IMMEDIATELY AFTER HALVING

To form a Bitcoin price prediction analysts generally look at previous market patterns and events.

The two BTC halvings that have already occurred may offer some indication as to what will happen after the next one, and there might not be the big pump that is expected.

With less than 78 days to go to the halving, the debate is raging on as to whether prices are already factored in or not.

Opinion is pretty evenly divided between those that believe prices are not factored in and there will be a pump, and those that think the opposite will occur.

Binance boss Changpeng Zhao appears to be leaning towards the latter group with a recent post depicting charts that show flat markets following previous halvings.

“History may not predict the future, and correlation does not prove causation… Watch what happens AFTER halving. Markets are inefficient, at least, historically.”

Markets did indeed remain flat for several months following the first halving in 2012.

Only in 2013 did they start to run with an epic gain of around 8000% from $13 to over $900.

A bear market followed in 2014 then momentum started to build the following year in the lead up to the 2016 halving.

Following that one there was very little activity until 2017 when momentum started building again and bitcoin surged from around $1,000 to over $20,000.

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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.

Show Notes / Resources:

History may not predict the future, and correlation does not prove causation.

Here are just 2 charts around the previous #bitcoin halving. Watch what happens AFTER halving. Markets are inefficient, at least, historically.

Just data, draw your own conclusions. pic.twitter.com/AwChmAGvrK

— CZ Binance 🔶🔶🔶 (@cz_binance) February 23, 2020

https://www.tradingview.com/chart/BTCUSD/rpbLc78K-Bitcoin-ready-for-retest-of-9-400-before-move-towards-11-000/

https://bitcoinist.com/why-bitcoin-may-not-skyrocket-immediately-after-halving/

https://cointelegraph.com/news/bitcoin-price-rebounds-but-cme-gap-103k-remain-big-obstacles