BITCOIN ONLY IN ‘HALFWAY INTERMISSION’ ON TRACK TO GO ABOVE $300K THIS BTC BULL CYCLE SAYS ANALYST!!

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Morgan Creek Digital co-founder Anthony Pompliano says Bitcoin’s status among traditional investors is starting to change.

In an interview with Yahoo Finance, Pompliano says the longer BTC continues to thrive and prove naysayers predicting its demise wrong, the more people will take notice of its remarkable rise in value over the last decade.

He points to the fact that JP Morgan is now providing banking services to crypto exchanges Coinbase and Gemini as a sign of what’s to come.

“Bitcoin is not going away. You’re starting to see a lot of Wall Street investors actually putting it in their portfolios. And they’re starting to also have some track record for these exchanges or businesses, so they can see the financial performance.

So I think ultimately, what you’re really going to start to see is banks can’t ignore this space.”

Pompliano says he’s seeing institutional investors increasingly view Bitcoin as a hedge against the volatility of other financial markets.

“About a year ago, it started to be a thing like, oh, that hasn’t died yet? Maybe I should do some more work and get educated on it. Now what we’re seeing is two separate groups of people. Some that have done that work and are now gaining exposure. So you see someone like a Paul Tudor Jones come in and say he’s got 1-2% of his portfolio. And he’s worried about inflation given all the printing that’s going on…

In the second bucket, what you’ve got is a lot of institutional investors that are sitting there saying, ‘Look, I’m just doing asset allocation and this asset is very unique in that it, over a long period of time, has been non-correlated to other assets. It’s able to improve my Sharpe ratio and can actually drive on a risk reward standpoint a significant increase in my performance by only allocating a small amount of capital.”

Pompliano says he’s not wavering from his personal Bitcoin prediction price path through 2021.

“My guess is we’ll continue to grind up for the next 18 months or so, and I do expect it to be the best performer coming out of this crisis. I’m on record as saying I think Bitcoin will hit $100,000 per BTC by 2021, which is obviously more than a 10x increase in a relatively short period of time in the traditional financial world.”

In other trending Bitcoin News today:

Top Analyst: Bitcoin, Ethereum and XRP on the Edge After Halving – Here’s What to Watch for Next

Crypto analyst and author of An Altcoin Trader’s Handbook, Nik Patel, is updating his outlook on Bitcoin, Ethereum and XRP.

Patel says Bitcoin is facing a crucial moment at the $9,500 level. If the king of crypto can hold above that line, he believes a push to $10,550 is on the horizon.

If not, he believes the bears will likely mount a comeback.

“This is why 9450-9500 is going to be super important post-halving… There will be a lot of sell pressure coming in from everyone who’s been shafted after longing the breakout [and] retest. Overcome that and I think 10550 and higher is on the cards.”

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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:

$BTCThis is why 9450-9500 is going to be super important post-halving on Tuesday.There will be a lot of sell pressure coming in from everyone who’s been shafted after longing the breakout > retest.

Overcome that and I think 10550 and higher is on the cards. pic.twitter.com/ZLNnrZmAb5

— Nik Patel (@cointradernik) May 10, 2020

https://cointelegraph.com/news/forget-btc-price-its-now-possible-to-trade-bitcoin-hash-rate-futures

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A $250,000 – $500,000 Bitcoin price is conservative according to CMDX Smart Currency founder Tom McMurrain.

In this exclusive interview with our sponsor, Tom shares his thoughts on the future of BTC and the Cryptocurrency 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.

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The Bitcoin price is facing its final resistance zone until the bull market is on fire.

However, will BTC break through this resistance zone in one attempt?

The charts suggest that the $11,600-12,000 area is a crucial level to break if the BTC price is to continue moving higher. 

As the price of Bitcoin couldn’t break through that resistance zone, a slight drop occurred on Friday from $11,900 to $11,350, after which BTC has managed to pare most of the losses since.

BTC/USD is still fighting at the resistance zone at $11,800-12,000.

Unfortunately, no breakout just yet, while silver and gold have been showing more strength recently. 

The chart shows that there’s a clear resistance zone at $11,800-12,000.

This is a significant level as it is the final untested level until Bitcoin enters open air.

If there’s a breakthrough in this resistance zone, Bitcoin’s price can easily run toward $15,000-16,000.

Such a run would only increase the FOMO, or fear of missing out, in the markets. 

The bullish scenario for Bitcoin Breaking $12,000 underpins the bullish scenario.

If the resistance area finally breaks as resistance, $15,000 then becomes a likely target for the bulls. 

However, a clear breakout through the $12,000 area can only be confirmed with a support/resistance flip.

This would suggest that buyers are stepping in as the previous resistance transforms into new support. 

The bearish scenario for Bitcoin The bearish scenario means that $12,000 was not broken.

If the resistance continues to be resistance, a renewed range-bound structure will likely occur in the coming weeks. 

Another argument can be found in the forex markets.

The recent breakout of Bitcoin occurred while EUR/USD broke upwards from 1.14 to 1.19.

This breakout led to a drop of the USD against other currencies, which essentially triggered the massive breakouts in Bitcoin, gold, and silver prices. 

If EUR/USD starts to correct from 1.19 to lower numbers, the USD is getting stronger.

Such a relief bounce will most likely trigger a further corrective move on the crypto and commodity markets, leading toward the scenario described above. 

A range-bound period wouldn’t be bad for the markets, however, as altcoins have been doing relatively well in these times.

If Bitcoin’s price starts to correct, the focus could once again shift to altcoins. 

In other trending Bitcoin News today:

Massive Short Squeeze Prompts Chainlink (LINK) Price to Rally 52%

Chainlink (LINK) price continues to set new records as the DeFi-related token surged 52% to reach a new all-time high at $13.8799 today. 

Over the last 24-hours, LINK has surged by 52%, rallying from $9.05 to as high as $13.8799 on Binance exchange. 

As Chainlink demonstrated a strengthening uptrend, its competitor Band Protocol (BAND), which also operates as a network for oracles, spiked 50% to reach a new all-time high at $14.30.

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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:

Bull divergence, BTC Dominance, expecting BTC to gain over alts in coming weeks. Waiting for the top indicator to reverse (detects volume movements). ETH currently more bullish than other alts. In that regard, I believe we’re in an era of dual pumpage. pic.twitter.com/hUuIoinfm5

— Willy Woo (@woonomic) August 9, 2020

https://bitcoinexchangeguide.com/bitcoin-wrap-up-4-big-things-that-happened-this-week/

https://cointelegraph.com/news/the-price-of-bitcoin-is-facing-its-final-resistance-zone-before-15k

https://cointelegraph.com/news/massive-short-squeeze-prompts-chainlink-link-price-to-rally-52