GOLDMAN SACHS PREDICTS ETHEREUM WILL OVERTAKE BITCOIN AS STORE OF VALUE!! PAYPAL ALLOWS WITHDRAWALS!

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Bitcoin Price Can Hit $6K Then Rise to $20K in 2020 Crisis, Says BitMEX CEO.

Arthur Hayes called it right on the money, that Bitcoin (BTC) will likely hit lower levels of up to $6,000 but will avoid bigger losses.

In the latest edition of the exchange’s Crypto Digest on March 12, Arthur Hayes joined other trading sources warning that the BTC price was not safe from current market turmoil.

On Twitter, he described it as “a look into my trader brain during this time of intense market volatility.”

In the short term, Hayes thinks that BTC/USD is headed to a maximum floor of $6,000 as coronavirus panic takes its toll on sentiment. 

The situation will be compounded by hedge funds selling coins into an already downward-facing market due to distress calls from traders.

Hayes still believes in the cryptocurrency’s status as a safe-haven asset and added that $20,000 is a possible target for a bounce before the end of 2020. 

2020 Gains Wiped as Bitcoin Crashes below $5,600 Bitcoin crashed within minutes to erase all the gains it made heading into the year 2020.

The benchmark cryptocurrency plunged to $5,578 on Coinbase for the first time since May 2019.

The move downhill led its market cap down by about 30 percent to $117 billion, logging one of the biggest declines ever recorded since its inception in 2009.

At BTC’s intraday high, the valuation was $134.7 billion. The latest data revealed that the plunge came shortly after the derivatives platform BitMEX liquidated $680 million worth of XBT/USD long positions.

The spillover led traders on all the crypto exchanges to panic-sell their spot positions, with data portal CryptoCompare showing the average execution of 11,000 trades every second.

The panic was the same elsewhere in the cryptocurrency market. BTC’s 30-minute meltdown led its rival altcoins to erase up to $23 billion off the overall market, with the second-largest Ethereum tanking 30 percent.

Follow up tokens, including Ripple’s XRP, Bitcoin Cash’s BCH, and Bitcoin SV’s BSV too fell in the range of 29 to 32 percent.

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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:

Hot off the press the next issue of the Crypto Trader Digest. A look into my trader brain during this time of intense market volatility. https://t.co/sWmNnvMk25

— Arthur Hayes (@CryptoHayes) March 12, 2020

2020 Gains Wiped as Bitcoin Crashes below $5,600

https://cointelegraph.com/news/bitcoin-can-hit-6k-then-rise-to-20k-in-2020-crisis-says-bitmex-ceo

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Raoul Pal, the founder and CEO of Global Macro Investor who has more than 50% of his capital in Bitcoin, is anticipating a wave of institutional funds to push the BTC price to $1,000,000 in the next 5 years.

In an interview with Stansberry Research, the former hedge fund manager says that the world economy is moving from the “hope phase” to the “insolvency phase” as investors realize that the economy is going to recover from the COVID-19 pandemic much slower than originally expected.

Along with institutional adoption, he believes this narrative may create the perfect set-up for a huge long-term BTC bull cycle.

“…There’s no stimulus around, and we’ve got more problems to come in Europe, the US and elsewhere, and businesses don’t have enough cash flow. They’re closing in droves and that’s what I call the ‘Insolvency Phase’…

“Yeah, I think [$1 million is] about right. Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money. Just the pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everybody’s radar screen and there’s a lot of smart people working on it.”

Though Pal considers himself a “hybrid adopter” of both gold and Bitcoin, he still says that he’s considering selling his gold to buy more Bitcoin.

“When you get to the macro opportunity, when it’s all happening and Bitcoin starts breaking out of these patterns that its been forming, it is going to massively outperform gold. I am 100% sure of that, so in which case, why would I have a gold allocation?”

In other trending Bitcoin News today:

ANALYST: BREAKING THIS ONE LEVEL COULD SEND BITCOIN TO $14,000+

Bitcoin and the entire crypto market have been caught in the throes of a consolidation phase in the time following BTC’s surge from $10,600 to $11,400.

This move was significant and seemed to indicate a trend reversal working in favor of buyers.

BTC’s momentum has slowed, but this may mark bulls’ attempt to garner enough support to spark a continuation of this uptrend.

One analyst is now noting that a move past $14,000 could be imminent in the near-term if the crypto can surmount $11,600.

Bitcoin has remained strong despite bears attempting to thwart its uptrend. It is currently trading up nearly $1,000 from where it was just over a week ago.

This strength may extend further, as its ongoing consolidation phase does appear to be shifting the cryptocurrency’s trend and positioning it for further upside.

Despite Bitcoin’s slowing momentum as it hovers around $11,400, one analyst believes that it is on the cusp of potentially seeing significantly further gains in the days and weeks ahead.

He notes that it all depends on how BTC reacts to $11,600, a key near-term resistance level to observe.

“BTC: If $11,600 gets flipped I see a clean $14k+… Until then I think we reject/range around $11,600 and dump lower,” the analyst said while pointing to the below chart.

Because this level sits less than 2% above where Bitcoin is currently trading, a test of it could be right around the corner.

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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:

Analyst: Breaking This One Level Could Send Bitcoin to $14,000+

https://cointelegraph.com/news/dollar-dip-meets-hash-rate-boom-5-things-to-watch-in-bitcoin-this-week

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The Bitcoin technical charts suggest that BTC is heading for $90K levels but might witness a shake-off before that. The recent Taproot upgrade to the Bitcoin blockchain can fuel further rally to a $190K-$260K cycle peak in December. 

Also stock-to-flow model creator Plan B clarifies his $98K November BTC price prediction sharing the following:

“To clarify: 98K Nov prediction is NOT based on S2F model but on my floor model. As I said before (in tweets and latest podcasts), I use 3 models:

1) S2F

2) Floor model

3) On-chain model

If for example 98K Nov floor model prediction fails, that does NOT mean S2F or on-chain fails.”

In other trending Bitcoin News today: LA Lakers’ Home Staples Center Renamed to CryptoCom Arena in a $700M Deal!

“We are very excited about partnering 

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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 (BTC) Is Gearing Up for Rally to $90,000 as It Hovers Around Its All-Time High

https://cointelegraph.com/news/nydig-partners-with-houston-rockets-basketball-franchise-plans-to-pay-team-in-btc

https://cryptopotato.com/la-lakers-home-staples-center-renamed-to-cryptocom-arena-in-a-700m-deal

https://cointelegraph.com/news/bitcoin-toys-with-60k-as-crucial-price-support-level-sees-multiple-retests