BITCOIN PRICE WILL NEVER HIT 0K?! | 5 Reasons Why BTC Is Crashing Right Now!

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Former Wall Street hedge fund manager and prominent investor Mike Novogratz recently said that the Bitcoin price could break the coveted $10k mark soon and jump to $20,000 per BTC.

He also noted that the digitalization of money had begun worldwide, and the US needs to catch up with other nations such as China.

Novogratz is the CEO of the cryptocurrency investment firm Galaxy Investment Partners and a long-time Bitcoin proponent.

In mid-2019, he predicted that BTC would return to its all-time high price of $20,000 by the end of the year, which didn’t happen.

The primary cryptocurrency descended in value towards the end of 2019, and Novogratz made another forecast that it will finish 2020 at about $12,000.

In a recent interview, however, he appeared much more bullish regarding the upcoming price developments.

While he refuted any assumptions that Bitcoin could displace the dollar as the main currency in the US anytime soon, he noted that people are turning to BTC and gold for the same reasons, which could ultimately boost the prices:

“Why are people buying Bitcoin? They are buying it because of the same reason they are buying gold. Gold is on the highs, Bitcoin has come from being sold-off below $5,000, and it’s back at almost $10,000. Because people worry that the Fed and the Treasury are printing and buying too many dollars. We got this unholy alliance between huge fiscal stimulus by the Treasury and the Fed financing the whole thing.”

Therefore, as excessive amounts of USD continue to flood the economy, the dollar could experience a massive devaluation, Novogratz added.

To fight these adverse consequences, people “are using Bitcoin as a hedge for that.”

As such, he continued that “it will surprise me if we don’t take down that $10,000 soon, and after that, you are going to see $14,000 and then $20,000.”

Novogratz also touched upon the topic of transitioning into a financial system entirely dominated by electronic transactions. He said that 93% of all transactions in China are completed electronically, while the US seems to be falling behind.

“We’re moving into a digital era. And we’re still talking quarters vs. nickels. We need to get our act on the ball fast, or the US is going to fall way behind.

In other trending Bitcoin News today:

PayPal Bitcoin Rumor Boosts $12K BTC Price Rally Chances

Sudden suggestions that Bitcoin support is coming to PayPal and Venmo is causing traders to reassess the likelihood of a BTC price bull run.

Bitcoin (BTC) coming to PayPal and Venmo may be just a rumor, but some of the cryptocurrency’s best-known names are turning bullish.

As the news hit that the payment processor was allegedly planning crypto buying and selling for its 305 million users, BTC/USD spiked to test resistance at $9,600.

Despite PayPal declining to confirm its plans, a wave of optimism has since flooded social media, with various figures welcoming the move while highlighting its irony.

“Slowly, then suddenly,” the Bitcoin Twitter account summarized. For RT host Max Keiser, the move appeared tied to competitive advantage. 

Square, the sister company of Twitter, rolled out Bitcoin support with great success last year.

“Bitcoin’s built-in game theory strikes again. Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences,” he tweeted. 

“Global Hash War is coming!”

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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’s built-in game theory strikes again.

Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences.

Global Hash War is coming!

— Max Keiser (@maxkeiser) June 22, 2020

“PayPal seized my bitcoin, how do I get it back?!”

– Some poor pleb in the future

— Jameson Lopp (@lopp) June 23, 2020

https://cryptopotato.com/novogratz-bitcoin-price-to-reach-20000-as-fed-prints-and-buys-too-many-dollars/

https://cointelegraph.com/news/paypal-bitcoin-rumor-boosts-12k-btc-price-rally-chances

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Crypto analyst spotted this strong Bitcoin bullish harmonic structure in an advanced form.

The pattern is pointing towards a $32,000 BTC price as the next bull run target.

Yesterday, Bitcoin price reclaimed its critical $12,000 resistance before suddenly dropping by $500 in seconds to fill futures gap.

A bounce off $11,500 saves investors from serious pain but $12,000 remains a problematic level to flip to support.

Data from Cointelegraph Markets and Coin360 showed BTC/USD nosedive 4% during Monday trading, bouncing off $11,500 and since returning to $11,700.

In doing so, Bitcoin neatly filled the latest gap in CME Group’s Bitcoin futures markets, which lay just below $11,700. 

A classic move, Cointelegraph predicted on the day that markets would likely attempt to go lower on short timeframes to fill the gap, in line with standard behavior.

The event caused a dramatic spike in liquidations on derivatives giant BitMEX, data from monitoring resource Skew confirms.

For Cointelegraph Markets analyst Michaël van de Poppe, the sudden dip suggested that Bitcoin was returning to the pattern of behavior seen in recent months. 

“Smaller timeframe chart explaining what just happened. Essentially, we’re back into the ranging gameplan,” he told Twitter followers. 

“Ranging” within a certain price corridor has become a feature of BTC/USD in 2020, with recent gains upending a protracted period, which slowly narrowed to point — a process known as compression.

Going forward, lower levels could see a retest, with significant support just above $10,000 still apt to form the price floor, Van de Poppe thinks.

“Larger timeframe; still expecting such a scenario,” he continued. 

“If we break $12K however, I assume we’ll see $13k.”

Attention will thus now focus on bulls’ ability to cement $12,000 as a support zone, something which has yet to occur on any meaningful level for Bitcoin. 

Nonetheless, the latest weekly close marked the highest since January 2018 and the initial fall from Bitcoin’s all-time highs of $20,000.

In other trending Bitcoin News today:

‘Capital Flight out of Asia Is Taking Bitcoin Express’ Says Max Keiser

Capital flight out of Asia is one of major reasons for Bitcoin (BTC) hitting new 2020 highs in August, a major Bitcoin advocate believes.

Max Keiser, a famous American broadcaster and known Bitcoin bull, is confident that rising tensions in Asia are one of factors for Bitcoin’s rally up to $12,000.

In an Aug. 10 tweet, Keiser argued that Bitcoin is a solid method to move big amounts of money abroad while crossing borders.

According to Keiser, a number of people in Asia are using Bitcoin to move their money out of the continent as geopolitical tensions risk affecting markets.

“Capital flight out of Asia taking the Bitcoin express,” Keiser wrote. Comparing Bitcoin to gold — one of the world’s most popular safe-haven assets, Keiser argued that Bitcoin is one of the few ways to move a fortune abroad. Keiser said, “You can’t take it with you, unless it’s Bitcoin – then you can take IT ALL with you. (Something near impossible with gold).”

The news comes amid reports of Chinese citizens illegally crossing into the United States with $28,000 worth of gold bars.

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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 up as tensions rise in Asia

Capital flight out of Asia taking the #Bitcoin express

You can’t take it with you, unless it’s Bitcoin – then you can take IT ALL with you

(Something near impossible with Gold)

— Max Keiser (@maxkeiser) August 10, 2020

$BTC #BITCOINSmaller timeframe chart explaining what just happened. Essentially, we’re back in to the ranging gameplan.

Larger timeframe; still expecting such a scenario. If we break $12K however, I assume we’ll see $13k. pic.twitter.com/vjnJzJfVzC

— Crypto Michaël (@CryptoMichNL) August 10, 2020

https://www.tradingview.com/chart/XBTUSD/CtL1HlXn-Bitcoin-to-32k/

https://news.bitcoin.com/year-end-gold-and-bitcoin-price-predictions-from-regular-everyday-people/

https://cointelegraph.com/news/bitcoin-price-suddenly-drops-by-500-in-seconds-to-fill-futures-gap

https://cointelegraph.com/news/capital-flight-out-of-asia-is-taking-bitcoin-express-says-max-keiser

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A prominent crypto trader Eric Choe, aka Mr. Swing Trade, believes that the Bitcoin price may be heading to the moon soon and sets the next BTC price target at $12,500.

After Bitcoin (BTC) surged over the $9,000 threshold on January 28, traders are expecting the leading Cryptocurrency to keep appreciating, however, some still believe that Bitcoin may reverse and hit the bottom.

Eric Choe, who works with analysis based on Elliot Waves, has shared a chart which shows that Bitcoin is on its way to reaching a higher level in the short term.

Bullish on BTC, the trader names the $12,500 area.

‘The bottom for BTC has been in’ In his recent tweet, crypto trader BTC_Macro addresses those who believe Bitcoin has not reached the bottom yet and may still plunge as low as $1,000.

He insists that, as per the charts, the bottom of the Bitcoin price is well behind us already and it has been obvious for months now.

“Sure, maybe the bottom isn’t in yet. Sure, maybe we’ll go to $1k. Sure, maybe $XRP will pump to $589. Sure, maybe Unicorns exist. However, as a trader I prefer reality – and it’s been obvious for MONTHS now that the bottom has been in. Trade what you see, not what you think!”

Bitcoin Is “Screaming” For a Massive Surge: Factors That Will Send BTC Price Surging Past $20K

According to cryptocurrency content creator The Moon, Bitcoin’s hash rate “just hit” a new all-time high at over 123 exahashes per second – an astronomically large number of hashes being computed each second to process BTC transactions.

This, he claims, is a clear sign that BTC is “screaming for a huge bull run leading into the halving,” referencing the sentiment that Bitcoin will surge into the block reward reduction event, which will result in a 50% decrease in the asset’s inflation.

“The Bitcoin hash rate JUST HIT a new ALL-TIME-HIGH! A whopping 123,011,832 TH/s!!! The $BTC fundamentals are screaming for a huge bull run leading into the halving! BULLISH!!”

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Trezor: ► http://trezor.cryptonewsalerts.net

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:

Sure, maybe the bottom isn’t in yet.Sure, maybe we’ll go to $1k.

Sure, maybe $XRP will pump to $589.

Sure, maybe Unicorns exist.However, as a trader I prefer reality – and it’s been obvious for MONTHS now that the bottom has been in.

Trade what you see, not what you think!

— Bitcoin Macro (@BTC_Macro) January 29, 2020

https://u.today/bitcoin-btc-prices-next-target-12500-top-crypto-trader-predicts