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âIf Bitcoin repeats the pattern after the last consolidation â we could see $147k BTC price by mid-Mayâ, the Bitcoin Archive shared on Twitter to its 119,000 crypto followers.
In other trending Bitcoin News today:
Michaël van de Poppe Unveils Bullish Price Target for Ethereum, Says Bitcoin Must Remain Above Crucial Breaker
In a new tweet, Van de Poppe says that as long as Bitcoin can remain above the $61,000 range, he believes the asset is set to keep climbing towards new all-time highs and also says that Ethereum looks primed to continue breaking out against BTC. If it follows his anticipated trajectory, ETH will hit $4,000 or higher this summer.
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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 is the most important asset every created. If I had to choose one thing to hold, it would be $BTC.
That said, if you are a TRADER (not investor), the disproportionate upside from this point is likely in altcoins. They are far more likely to make you insanely wealthy.
â The Wolf Of All Streets (@scottmelker) April 14, 2021
https://cointelegraph.com/news/switzerland-s-largest-insurer-axa-starts-accepting-bitcoin-as-payment
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JP Morgan Says Bitcoin Is 25% Below Its Intrinsic Value Of Around ,500 | BTC Risk Falling to K
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Although JP Morgan may not trade Bitcoin (BTC) or offer crypto-specific services to its clientele, the company does analyze this nascent market once in a while.
This much was made clear very recently. One individual this week shared a report from JP Morgan, dated May 22nd, that included a post-halving analysis of the Bitcoin mining scene.
Analysts at the multinational financial institution found that through their analysis of Bitcoinâs intrinsic value, BTC is currently trading â25% below what the intrinsic price would be after the halving.â
The intrinsic price JP Morgan found was derived through the average cost of mining one BTC.
While the analysts suggested that no concrete signals can be garnered from the fact that the cryptocurrency is below its intrinsic value, analysts think BTC will eventually catch up.
As it stands according to JP Morgan analysts, Bitcoinâs intrinsic value sits somewhere around $11,500 â over $2,500 higher than the current market price.
While this price may seem miles away, itâs attainable due to fundamental trends.
Blockchain insights firm Santiment shared on May 21st that Bitcoinâs Network Value to Transactions Ratio (NVT) remains âhealthy,â suggesting prices may soon resume higher despite the recent drop:
âIn spite of BTCâs mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. The amount of unique tokens being transacted on Bitcoin network is slightly above average for in May, according to where price levels currently sit,â Santiment wrote.
BlockTower Capital, a cryptocurrency and blockchain investment fund, echoed the optimism.
In a note, the firm said that the âmacro caseâ for BTC has ânever been more obvious.â
It attributed its optimism to multiple trends, such as growing distrust in central banks, the worldâs adoption of digital technologies amid the ongoing illness, and growing geopolitical tensions as economies break down.
JP Morganâs latest report about Bitcoin comes as JPMorgan & Chase â the banking division of the firm â has begun to service âcrypto-nativeâ clients for the first time ever.
As reported by the Wall Street Journal ten days ago, the bank has taken on two top Bitcoin exchanges, Coinbase and Gemini Trust, as clients.
âPeople familiar with the matter,â said that the accounts were opened and approved in April, and transactions through the account have just started to be processed.
âThe bank is primarily providing cash-management services to the firms and handling dollar-based transactions for the exchangesâ U.S.-based customers, according to the people.â
According to Mike Novogratz â CEO of Galaxy Digital and a former partner at Goldman Sachs â this news is a massive deal, a âbig dealâ in fact.
The Wall Street investor remarked that the firmâs acceptance of cryptocurrency clients is a sign of ârecognition that the future will include crypto currencies, digital assets, and blockchain based systems.â
In other trending Bitcoin News today:
Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential âBig Shortâ
A bearish fractal in the S&P 500 that historically leads the index lower may prove equally fatal to Bitcoin.
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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:
The JPM announcement that they will provide banking services to Coinbase and Gemini is a big deal. Go $BTC. It is recognition that the future will include crypto currencies, digital assets, and blockchain based systems.
â Michael Novogratz (@novogratz) May 12, 2020
Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential âBig Shortâ
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Bitcoin Billionaires Blast Goldman Sachs After Financial Giant Says BTC Not a Viable Investment
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Goldman Sachs just wrapped up a highly anticipated investor call that focused, in part, on its outlook for Bitcoin (BTC).
The investing giant is not impressed with increasing institutional investments in cryptocurrency and says the digital assets do not âconstitute a viable investment rationale.â
Goldman says BTC is not an asset class because it canât create a cash flow, as bonds do. According to the analysts, the worldâs leading cryptocurrency has a number of other factors working against it: it does not generate earnings through exposure to economic growth; it has not proved itself to be a reliable hedge against inflation; and it has been used to facilitate money laundering and purchases on the dark web.
Billionaire Bitcoin entrepreneurs and co-founders of the crypto exchange Gemini quickly responded.
Tyler Winklevoss says Goldman may not have the moral high ground when it comes to the illicit use of capital.
âGoldman Sachs: In 2019, $2.8 billion in Bitcoin was sent to currency exchanges from criminal entities. Fun Fact: Goldman Sachs facilitated $6 billion in money laundering via 1MDB scandal between 2012-13. Double standard much?â
According to a report published last year by the United Nations Office on Drugs and Crime, banks carry the torch for the money laundering industry.
Cameron Winklevoss also points to Bitcoinâs official status as a commodity, implying its researchers need to get with the times.
âHey Goldman Sachs, 2014 just called and asked for their talking points back. Bitcoin was declared a commodity by the CFTC in 2015 in the Coinflip orderâŠso yea itâs an asset whose price is set by supply and demand. Just like gold. Just like oil. Itâs a commodity.â
The Winklevoss twins, who are strong advocates for a smart global regulatory framework for blockchain and crypto technology, did not stop there.
Here are a few additional hot takes from their ongoing tweetstorm.
âGoldman Sachs: We do not recommend bitcoin on a strategic or tactical basis for clientsâ investment portfolios⊠Google Translate: We donât want our clients to buy bitcoin and realize they donât need us anymore.â
âPaul Tudor Jones isnât waiting around for approval from the establishment to buy bitcoin. And neither should you. Do your own research, build your own conviction, avoid groupthink.â
âGoldman Sachs aka Bankers aka Wall Street still donât get (or want to get) Bitcoin. Itâs ok, because everyone else does.â
âBitcoin does ânot generate cash flow like bonds.â Because itâs not a bond. And the sky is blue.â
Goldmanâs report also addresses the economy as a whole, saying global markets have hit a bottom and have not entered into a depression.
However, the firmâs analysts say âsignificant uncertaintyâ on the path to recovery remain, centered on the question of whether people who have been laid off will be able to get their jobs back.
In other trending Bitcoin News today:
Crucial Fundamental Data Shows Bitcoin Will Break Out of $10,500
Resistance Analyst Nunya Bizniz recently noted that Bitcoin is currently trading below a crucial resistance level at $9,200.
The technical level he indicated marked three previous highs, one in July, one in August, and one in February of this year.
âThe VWAP anchored to June 26th high has been formidable resistance. Flirting with it again. Note: All breaks above the AVWAP have always resulted in lower highs. A close above $9,944 would change that,â the analyst commented.
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Trezor: âș http://trezor.cryptonewsalerts.net
Ledger: âș 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:
Goldman Sachs: In 2019, $2.8 billion in Bitcoin was sent to currency exchanges from criminal entities.Fun Fact: Goldman Sachs facilitated $6 billion in money laundering via 1MDB scandal between 2012-13.
Double standard much?
â Tyler Winklevoss (@tylerwinklevoss) May 27, 2020
Goldman Sachs is a large organization with many different divisions. The Wealth Management division’s opinion on Bitcoin & Crypto doesn’t necessarily reflect the company’s view pic.twitter.com/PpmYrRLkAy
â Ethan Vera (@ethan_vera) May 27, 2020
Crucial Fundamental Data Shows Bitcoin Will Break Out of $10,500 Resistance
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TEEKA TIWARI: PALM BEACH QUANT | Lightning Network Will Drive Bitcoin to 0K by 2023 – Tim Draper
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In other Crypto news todayâŠ
Doubling down on previous claims, Tim Draper added he still believed BTC/USD would hit $250,000 by 2022 or 2023.Â
âI think Bitcoin payment processors are really going to open the floodgates,â he summarized.Â
On the topic of why Bitcoin would reach new records within just the next three to four years, Draper continued:
âItâs because of Lightning Network and OpenNode and maybe others that are allowing us to spend Bitcoin very freely and quickly, so that itâs not just a store of value but it can be used for micropayments; it can be used for retail, it can be used all over.â
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đ„ [IMPORTANT] â Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: âș http://trezor.cryptonewsalerts.net
Ledger: âș 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://cointelegraph.com/news/lightning-network-will-drive-bitcoin-to-250-000-by-2023-tim-draper
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