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Crypto analyst Justin Bennett expects that crypto investors will face much more volatility in the weeks ahead and warns some traders will be shaken out of the market. Bennett argues that the recent Bitcoin crash in BTC price was driven by wealthy players who now have an opportunity to increase their positions in the flagship cryptocurrency.
In other trending Bitcoin News today: BTC Crash Reveals Resiliency of Crypto Markets, Lack of Systemic Risk, Says Macro Guru Raoul Pal! The former Goldman Sachs executive says the crypto industry largely absorbed the downtick in price without punishing anyone but speculators.
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Bitcoin Price To Reach K As Fed Prints and Buys Too Many Dollars | PayPal BTC 'Global Hash War'
âĄïžÂ Teeka Tiwari â Investment of the Decade:  http://2020.cryptonewsalerts.net
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 didnât 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:
âWhy 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 itâs 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.â
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 âare using Bitcoin as a hedge for that.â
As such, he continued that âit will surprise me if we donât take down that $10,000 soon, and after that, you are going to see $14,000 and then $20,000.â
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.
âWeâre moving into a digital era. And weâre 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 cryptocurrencyâs 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.
âSlowly, then suddenly,â the Bitcoin Twitter account summarized. For RT host Max Keiser, the move appeared tied to competitive advantage.Â
Square, the sister company of Twitter, rolled out Bitcoin support with great success last year.
âBitcoinâs 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,â he tweeted.Â
âGlobal Hash War is coming!â
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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:
#Bitcoinâs 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!
â Max Keiser (@maxkeiser) June 22, 2020
“PayPal seized my bitcoin, how do I get it back?!”
â Some poor pleb in the future
â Jameson Lopp (@lopp) June 23, 2020
https://cointelegraph.com/news/paypal-bitcoin-rumor-boosts-12k-btc-price-rally-chances
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Bitcoin Price Will Rip to ,000 – But Only After a Nauseating Purge | BTC May First Visit K
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This Bitcoin analyst says the Bitcoin price could surge as high as $50,000, but investors must stomach a nauseating purge first.
Nevertheless, Peter Brandt says that bitcoin bulls will likely face an even worse scenario, at least in the short-term.
The analyst predicts a move below $6,000, which would usher in an extended bear winter.
Even though bitcoinâs fundamentals have been making numerous advancements, Brandt says that a strong buy signal would only come once the Crypto Twitter bulls have all but disappeared.
A thorough cleansing might be required to jumpstart a full-blown bull market. Once the nightmare is over, Brandt expects that the Bitcoin (BTC) price would be ready to soar to $50,000.
Bitcoinâs Macro Outlook is Insanely Bullish, But BTC May First Visit Sub-$5,000
Bitcoin has been facing intense volatility over the past month, which first began when it incurred an explosive rally that sent it from $7,300 to highs of $10,600.
In the time since this occurred, BTCâs bears have been firmly in control, erasing nearly all of the gains that were produced in this rally.
In the short-term, analysts are noting that it seems nearly inevitable that BTC will dip below $5,000, but the long-term outlook still looks incredibly bullish, with one industry insider saying it is all but guaranteed that Bitcoin will eventually see $100,000.
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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:
I think you are correct â in terms of price anyway. My target of $5,500 is not far below today’s low. But I think the surprise might be in the duration and nature of market. I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.
â Peter Brandt (@PeterLBrandt) November 23, 2019
For those of you who can only see the dirt on my screen, here is a clean screenshot of Bitcoin’s head-and-shoulders top. The picture really doesn’t look any better if your long Bitcoin! pic.twitter.com/hXxCYMvu1R
â Peter Schiff (@PeterSchiff) November 21, 2019
https://www.ccn.com/bitcoin-price-will-rip-to-50000-but-only-after-a-nauseating-purge/
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BITCOIN TERMINAL VALUE IS REALLY $700K PER BTC, SAYS PANTERA CAPITAL CEO!!!!!
đ° BlockFi: (Up To $250 Bitcoin Bonus) https://blockfi.com/cryptonewsalerts
One early Bitcoin investor has crunched the numbers on BTC, and thinks the leading crypto is looking mighty undervalued at the moment.Â
âWe did a study showing the number of people using Bitcoin over the years and price of Bitcoin. Both of those data series went up by an order of magnitude every two years. If that kept going, that would put BTC at $700,000 when everybody with a smartphone uses it. Ten years time is a reasonable forecast,â Pantera Capital founder Dan Morehead said on Yahoo Finance Live.Â
Morehead launched his first crypto fund back in 2013. Today, the firm has $2.8 billion in assets under management that spans venture investments and early stage token investments.Â
In other trending Bitcoin News today: MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC!Â
MicroStrategyâs Bitcoin holdings are now worth more than $5.3 billion at the current BTC price.Â
With its latest purchase, Michael Saylorâs firm now holds 108,992 BTC, which cost the company about $2.918 billion to acquire at an average price of approximately $26,769 per âcoin.â
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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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https://cointelegraph.com/news/microstrategy-splashes-177m-on-bitcoin-now-holds-almost-109-000-btc
Post Views: 267