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Placeholder Capital partner Chris Burniske says he believes a new Bitcoin bull cycle will bring the BTC price to at least $50,000.
Burniske says the prediction is designed to account for Bitcoin’s historic pattern of posting diminishing returns for each subsequent bull run.
“Why Bitcoin $50,000? As discussed in May 2019, if BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50K and $1 trillion in network value. $1 trillion has been a long time coming for this macro-asset.”
If Bitcoin can mount such a rally, Burniske says Ethereum will likely once again outperform BTC, as it did during the previous parabolic crypto cycle in 2017.
If that happens, he expects ETH to surpass $7,500 – a 3,132% increase from today’s price of about $232.
“Meanwhile, to the mainstream ETH will be the new kid on the block – expect a frenzy to go with that realization. Given ETH’s outperformance of BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for ETH/BTC to surpass ATHs. If BTC goes $50,000+ in the next cycle, and ETH/BTC returns to its former ATH, then expect to see ETH $7,500+.”
Burniske, who is a big fan of the Ethereum-based push to decentralize finance, says he thinks it’s still early days for crypto.
He expects mainstream retail investors to repeatedly jump into the market in a cyclical pattern on the path toward widespread adoption.
“Crypto is still off the radar compared to 2017-style interest, and that type of interest will come again, and again, and again, and… Each cycle with past narratives hardened + new narratives that drive further conversion of users, suppliers, developers, and investors.”
In other trending Bitcoin News today:
As Bitcoin Suddenly Surges 7.82%, Traders Spark Breakout Calls Above $10,500
Bitcoin bounced back on Tuesday after the Federal Reserve announced its plans to purchase corporate bonds to boost the financial markets through the pandemic.
The benchmark cryptocurrency surged by up to 7.82 percent from its Monday low below $9,000.
The move uphill took its price above $9,500, sparking calls towards an extended recovery run towards the $10,000-$10,500 area.
One pseudonymous analyst said earlier Tuesday that Bitcoin’s recovery from below $9,000 is a part of a “re-accumulation” strategy.
He concluded that the cryptocurrency would break above $10,500, a resistance level from June 1, 2020, and February 13, 2020, as the uptrend flourishes.
The analyst explained that bitcoin is testing 10,500 for the third time since February 2020.
Nevertheless, each downside break leads to an accumulation phase that causes Bitcoin to retest the red area, as shown in the chart above.
“We have been sitting under this level and consolidating now for a month,” he added. “Many believe that this sideways consolidation we have been seeing on $BTC for the last month or so is distribution before a larger move back down to 6-7k’s. I personally believe that this is rather re-accumulation before the inevitable break of 10.5k.“
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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:
No I think the lows are in. Here is the way I am counting it. This was shared when BTC was at 5-6k. A running flat for Wave 2 allows for a corrective move up off the lows rather than an impulsive one like most have been looking for. pic.twitter.com/ENxNFAAUlQ
— Credible Crypto (@CredibleCrypto) May 12, 2020