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Want to Win 100000 in Bitcoin by Eating Pizza? Here’s Your Shot

Want to Win $100,000 in Bitcoin by Eating Pizza? Here’s Your Shot

Pizza: A Bitcoin Staple

Pizza has long been an integral staple of the Bitcoin and cryptocurrency industry.

Back when Bitcoin was trading for literal cents, a computer programmer famously made the first real-life purchase with BTC, using 10,000 precious (then effectively worthless, as the market for them was so nascent) coins to purchase two pizzas from a user on BitcoinTalk, who ordered him Papa John’s. While 10,000 BTC was then chump change (then $40) for the programmer, Laszlo Hanyecz, that same sum of cryptocurrency is now worth some $100 million. Youch.

The trend of Bitcoin and pizza has continued years later. Earlier this year, Bitcoin payments upstart Fold recently released a fun portal based on the Lightning Network. Fittingly dubbed Lightning Pizza, it allowed consumers to purchase Domino’s with Lightning transactions, which are near-instant, effectively free, and (eventually) secured on-chain. Fold’s product lead, Will Reeves, told CoinDesk the following about his company’s newest venture:

“We’re trying to make bitcoin fun again and illustrate that lightning is at a point where it is mainstream-ready.”

And the crypto community celebrated.

Want To Win $100,000? First, Go to A Domino’s In France

The pizza motif has continued to make its presence known. As first spotted by Decrypt, the French branch of Domino’s Pizza is giving away $110,000 worth of Euros to celebrate its 30th birthday, giving customers of the chain a chance to win their prize in either fiat or Bitcoin. According to the website for this surprise competition, users will have a chance to enter into the draw from September 4th to October 6th.

The Importance of The Story

While some see the Bitcoin Pizza story as one that should be heeded as a warning not to spend BTC as a medium of exchange, some have begged to differ.

At an event in Los Angeles, Mati Greenspan, a lead analyst and cryptocurrency commentator at retail brokerage eToro, told a crowd that without Laszlo’s unfortunate run-in with pizza, “we likely wouldn’t be where we are today”.

Indeed, Laszlo’s showed the world — or all of BitcoinTalk at the time — that Bitcoin can actually be used as a medium of exchange, especially in a digital context.

While the dream of global payments hasn’t been had yet, with the CEO of Twitter even saying that Bitcoin currently isn’t equipped to become the Internet’s money, solutions like the Lightning Network are well on their way.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Price Recedes to 10000 Analyst Expects Another 4 Drop

Bitcoin Price Recedes to $10,000; Analyst Expects Another 4% Drop

Bears Take Over Bitcoin Price

Sorry bulls, it seems that bears want to play now.

In the past few hours, Bitcoin has shed $400, printing large red candles on short-term price charts as bears managed to take control of the market. While Bitcoin is still up by 4% over the past week, it seems that bears have managed to kill the uptrend that brought BTC from $9,300 to $10,900.

As of the time of writing this, Bitcoin is trading at $10,100, which implies a 3% to 4% loss over the past day.

Analyst Financial Survivalism believes that the recent price unwind could result in further losses for the leading cryptocurrency. In a recent tweet, he noted that Bitcoin has just dropped below the lower bound of a low time frame symmetrical triangle, which has a measured downward move of $9,620. Since BTC has managed to close under the triangle, a strong collapse to the aforementioned level — some 5% lower than the current price — could be had in the coming day.

That’s not all. According to Bytetree, a crypto analytics firm, Bitcoin’s “fair value”, which is derived from its network effects and transaction values, is currently around $7,500, implying that the cryptocurrency’s premium is at around 35%. While there is unlikely to be a full retracement to that level, BTC always ends up interacting with its fair value in the long run. So should the lack of usage of the Bitcoin network continue, a further drawdown could be observed.

Altcoins Strong In Pullback

What’s interesting about this pullback is that while Bitcoin has shed 4%, altcoins have managed to outpace the market leader, even in a dump.

For those unaware, in all previous flash crashes seen over the past three months, Bitcoin managed to outpace its crypto ilk, often resulting in short-term BTC dominance surges.

This latest unexpected divergence could be seen as a sign that altcoins are starting a return to their former glory. And while some say that this fabled “altseason” is coming far too soon, the technicals support a recovery in the value of the cryptocurrency asset class against BTC.

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According to Bitcoin Bravado’s former lead analyst, Jack, selling altcoins at this point in time is nonsensical.

He argued that BTC dominance, which recently hit a two-year high, is poised to “fall off a cliff”, potentially to collapse back to the low-60s or mid-50s. Jack backed his point by citing the fact that the aforementioned metric is currently looking as it did prior to altcoin’s strong bounce in April of 2018.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Investors Will Wake Up to Bitcoin at 1 Trillion Market Cap: Macro Investor

Investors Will Wake Up to Bitcoin at $1 Trillion Market Cap: Macro Investor

What Will Draw Investors to Bitcoin?

For the most part, investors abiding by traditional investment strategies have avoided Bitcoin like the plague. Legendary investor Warren Buffett, for instance, once called the cryptocurrency “rat poison squared”, later explaining that there isn’t much inherent value in the project. Other notable players in finance and politics, including U.S. President Donald Trump, have echoed this analysis, using phrases like “thin air” and “unbacked” to get their point across.

Unlike traditional stocks and assets, Bitcoin doesn’t provide a fixed yield, a dividend, or generate cash flow. And compared to traditional and modern fiat currencies, BTC isn’t backed by the power of a government or the scarcity of an underlying asset. The foreign elements of the cryptocurrency have thus led most traditional investors to cast it aside.

However, analysts are saying that investors may begin to flock to Bitcoin — if one requirement is fulfilled that is.

In a recent tweet, Dan Tepiero, the founder of investment fund DTAP Capital and co-founder of Gold Bullion International, argued that there is one thing that will drive investors to Bitcoin: a market capitalization of over $1 trillion, which BTC is still around 400% away from.

He wrote that if you boil down the demographics of the world’s largest money managers, you get “guys over 55”, most of whom he claims “can take the ‘leap’ to believe in the investment case for BTC as an asset”. But, once the cryptocurrency reaches the $1 trillion milestone, it may awake something in investors.

For those unaware, Tapiero is a global macro investor and hard money advocate that believes Bitcoin is seriously undervalued — being a secure network that can reach anyone with an internet connection. The investor made his case for the cryptocurrency in an interview with Real Vision, a finance media outlet run by some of the world’s largest fund managers and investors:

While a $1 trillion valuation for the world’s first cryptocurrency seems quite lofty, it may not be that far away. Twitter analyst PlanB’s seminal price model for Bitcoin, the stock-to-flow (SF) ratio model, has shown that after the May 2020 block reward halving, BTC’s fair market capitalization will swell to $1 trillion. This translates to $50,000 per coin.

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Why BTC?

So, what will draw investors to Bitcoin?

Well, to be frank, the first and foremost factor in getting traditional investors to allocate capital to this space is pure FOMO. We already saw this on a relatively small scale in 2017.

But also important is the fact that the leading cryptocurrency provides benefits in traditional portfolios. Delphi Digital, a crypto research outfit, found in late-2020 that “using a simple tiered-allocation analysis,” a portfolio that is made up of 57% stocks, 40% bonds, and 3% Bitcoin yielded the highest Sharpe Ratio (a popular measure of a portfolio’s risk-return potential).

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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JP Morgan Expects US Dollar to Lose Traction: Boon for Bitcoin

JP Morgan Expects U.S. Dollar to Lose Traction: Boon for Bitcoin

Drop USD?

According to JP Morgan, the U.S. Dollar may be on its way out. This may be bullish for Bitcoin.

Jan Nieuwenhuijs, an analyst of gold, recently tweeted out a report from JP Morgan — one of the world’s largest banks. The jaw-dropping report revealed that the famous bank believes that the USD could “become vulnerable to a loss of value relative to a more diversified basket of currencies, including gold”. The bank’s analysts cite the “persistent and rising deficits in the U.S. (in both fiscal and trade.)”

Indeed. Forecasts currently chart America’s fiscal deficit to reach $1 trillion within the next decade. This could result in a relative devaluation against a diversified basket, as the bank writes, and may actually be a catalyst for the U.S. Dollar to start to recede as the world’s reserve currency.

JP Morgan’s harrowing report echoes comments made by Mark Carney, the head of the Bank of England — the monetary authority behind the Pound. As reported by Ethereum World News previously, the central banker said that the world is in need of an entirely new monetary and financial system, citing his sentiment that the U.S. Dollar-based system that exists today is quite archaic. In fact, Reuters reports that Carney said the USD is currently playing a “destabilizing” role in the world economy, citing the effects of globalization and trade spats.

He added that with the dollar being the de-facto reserve asset of the world, with USD being a primary settlement tool for international trade and central banks hoarding the currency, “developments in the U.S. economy, by affecting the dollar exchange rate, can have large spillover effects to the rest of the world.”

To Aid Bitcoin

According to Raoul Pal, this next global system will be a boon for Bitcoin and gold. The former head of Goldman Sachs’s hedge funds sales division and current Real Vision CEO explained that this new infrastructure, which will nearly definitely by digital, will act as an on-ramp for the cryptocurrency market.

Indeed, the wide adoption of a digital form of money will acclimate society to transition to Bitcoin and decentralized solutions, especially if governments are encroaching on the privacy and safety of citizens.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin to Continue to 20000 After Retracement to 9000s: Analyst

Bitcoin to Continue to $20,000 After Retracement to $9,000s: Analyst

Bitcoin Has Bottomed, Ready to Bound Higher

Once again, Bitcoin (BTC) has stagnated, finding a foothold around $10,000 for the umpteenth time in a matter of weeks. While this is a positive development, especially considering the bearish momentum seen last week, there remains some expecting for the cryptocurrency market to continue lower.

But, Murad Mahmudov of prominent crypto fund Adaptive Capital, which is run by the analyst, Willy Woo, David Puell, and Misir Mahmudov, has recently proposed that bears, not bulls, are finally losing grip of the crypto market.

In the below tweet, which Mahmudov posted on Friday, it was argued that $9,080, which Bitcoin hit a number of weeks back in a massive 35% retracement from $14,000, is the short-term bottom for this phase of the cycle.

In a tweet which he headlined “Contrarian view”, the former Goldman Sachs analyst explained that from how he sees it, Bitcoin is most likely to test $9,750 — the 0.618 Fibonacci Retracement of this whole cycle — in the following month in a bout of sideways price action, then “continue steadily upwards” to flirt with the $20,000 all-time high around the end of 2020.

He backed his prediction by looking to August 2016, when BTC was in a similar situation then as it is now: BTC had just rallied out of a bear market, but bears wanted one last hurrah. Then, Bitcoin tested its 0.618 Fibonacci Retracement prior to skyrocketing higher.

Also back in 2016, trend indicators, like historical volatility and the Relative Strength Index (RSI), hit certain levels that they are trending to at this moment.

And, to put a cherry on the cryptocurrency cake, the analyst recently noted that the Fishnet indicator (similar to the Guppy) is tightening as BTC has entered a wedge. This pattern was last seen in 2012 and in 2015/2016, back when Bitcoin was breaking out of bear markets. History repeating will see the cryptocurrency break out in the coming two months prior to commencing a grind higher.

Mahmudov’s analysis lines up with the thoughts of John Bollinger, which Ethereum World News reported on yesterday. As detailed by this outlet on Friday, the creator of the Bollinger Bands technical indicator stated that he is under the belief that Bitcoin and its ilk are “working on trying to forge a short-term tradable bottom”.

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Bollinger stated that while the bottoming “process is [not] completed yet,” he is currently eyeing a range of “someplace between $10,000 and $9,000” for BTC to find a low.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bank of England Admits Crypto is the Future US Dollar to Fall

Bank of England Admits Crypto is the Future, U.S. Dollar to Fall

Crypto is here to stay and the greenback is on its way out. That was the sentiment portrayed by the Bank of England’s Governor, Mark Carney, at the central bank meeting in Jackson Hole, Wyoming on Friday. Crazy, right?

Crypto a Topic at Central Bank Meeting

Over the past few days, the leaders of the world’s economy, the chiefs of and advisors to central banks the world over, have descended in a little town in (the pro-blockchain state) Wyoming, Jackson Hole. Financial media is also in attendance. There, these world monetary leaders are convening to talk about monetary policy and macroeconomic trends. This comes at an important time, as a growing number of Wall Street analysts and retail investors have begun to call for a recession, just as trade wars have raged and central banks have embarked on money printing sprees.

One interesting comment came from Mark Carney of the Bank of England, According to a report from Bloomberg, the leading central banker said that a Libra-like crypto asset has the capacity to replace the U.S. dollar as the world’s reserve currency. In other words, he’s saying that a digital asset backed by a diverse range of government assets, including bonds and fiat monies, has the potential to usurp the world’s go-to currency.

While he wasn’t exactly specific with his comment, Carney made it clear that the current system isn’t working in his eyes, saying that “in the longer term, we need to change the game”.

Of course, he didn’t explicitly say that a decentralized crypto asset is the future. But, the sentiment that a digital currency has the ability to literally overtake the world’s economy shouldn’t be taken lightly, even if it was made in reference to something as seemingly centralized as Libra.

t is important to note that if a consortium of central banks do go ahead with a Libra-like project, it is unlikely to be as corporate or decentralized/uncontrollable as Facebook’s David Marcus claims Libra will be.

Not His Only Interesting Comment

That wasn’t his only interesting comment. According to the same Bloomberg report, the U.K. monetary leader also stated that he believes the world is currently seeing “heightened economic policy uncertainty, outright protectionism and concerns that further negative shocks.” If you believe that Bitcoin is a proper store of value or safe haven/hedge, this comment should be seen as bullish for the “orange coin”.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Bleeds Out 6 Falls to 10500: Case for Bounce Growing

Bitcoin Bleeds Out 6%, Falls to $10,500: Case for Bounce Growing

Bitcoin Sheds 6%

Over the past few days, bears have managed to wrest the wheel of the proverbial Bitcoin car from bulls. And since then, this class of investors has been driving BTC off a cliff.

As per the time of writing this article, the cryptocurrency has found itself changing hands for $10,560 apiece, having shed 6% of its value in the past day. Data from Coin360 suggests that Bitcoin is down around 11% in the past week, marking one of the larger weekly losses in this bull market.

This dramatic move lower comes shortly after countless cryptocurrency investors on Twitter were calling for bulls to commence their next leg to the upside. In fact, just the other day, an analyst from Goldman Sachs — the world-renowned investment bank — eyed a “short-term target at $13,971” for BTC. Should the cryptocurrency encounter that level, that would mark a double top, as $14,000 is where Bitcoin reversed in late-June.

The analyst continued, writing that Bitcoin’s potential move to tap $13,971 may be the “first leg of another five-wave count similar to the trend that lasted from December 2018 through June 2019.”

And thus, they advised their clients to buy any retracement from their aforementioned short-term target, barring that BTC “doesn’t retrace further than the $9,084 low.”

BTC Likely to Bounce

While the drop may seem like it has no end in sight, analysts are starting to expect a bounce — at least one in the short term. Analyst Crypto Hamster recently explained that Bitcoin’s recent drop reminds him of BTC’s drop in late-2018 to $3,000 from $6,000. In other words, a bounce may ensue in the coming days.

He explained that structurally, the moves look similar. The legs lower are losing momentum, as marked by declining volumes; the RSI, Stochastic RSI, and MACD histogram hit “extreme lows” and have started to print bullish divergences; the biggest sell volume occurred a while before; sentiment is overly bearish. This may imply Bitcoin could soon see a relief bounce.

That’s not all. The Bitcoin Fear & Greed index has reached the December lows. The indicator, which aims to measure how the market is feeling about BTC’s price action, reads an 11 — “extreme fear”.

According to the makers of Bitcoin Fear & Greed Index, a bounce — a short-term one at least. A description of the index from the website reads:

“The crypto market behavior is very emotional. People tend to get greedy when the market is rising which results in FOMO. Also, people often sell their coins in irrational reaction of seeing red numbers. Extreme fear can be a sign that investors are too worried. That could be a buying opportunity.”

Indeed, the last time the index had such a low reading, Bitcoin bounced higher in the weeks that followed. In fact, when this indicator last flirted in the low 10s, BTC gained 20% in the weeks that followed.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Bull Draper Doubles Down on 250000 BTC Price Target

Bitcoin Bull Draper Doubles Down on $250,000 BTC Price Target

Bitcoin to Surge 20x In Four Years?

Bitcoin is still trading 40% below its all-time high of $20,000. Despite this, investors in the industry still are star-struck, looking to lofty price points that they one day believe BTC will manage to reach.

Tim Draper, a prominent Silicon Valley venture capitalist, recently doubled down on one of these lofty price predictions. Speaking to Yahoo Finance’s “YFi PM” segment, the cryptocurrency pundit, who bought his first Bitcoin over five years ago and famously participated in the government’s auction of Silk Road-sourced BTC, explained that he believes that the cryptocurrency will hit $250,000 by 2022. He added that should the 2022 timeline not work out, he’s expecting Bitcoin to achieve that price by Q1 2023 at the latest.

For some perspective, Bitcoin rallying to $250,000 from current levels would imply an approximated 2,000% increase. Four years may seem to short for such appreciation, but, remember, cryptocurrencies are a paradigm-shifting technology with an absurd amount of volatility.

In previous interviews, he reasoned that using fiat monies, which he calls “poor” (referring to their quality), are illogical, citing their controllability, lack of transparency, and subjectivity to political and social whims on the day-to-day. And as the American investor argues that most of the brightest developers, engineers, and academics are working on digital assets, Draper opines that there could be a large capital flight from fiat to crypto over time. He elaborates:

“My belief is that over some period of time, the cryptocurrencies will eclipse the fiat currencies. That would be a 1,000 times higher than what we have now.”

Not the Only $250,000 Caller

Draper isn’t the only industry insider to be eyeing a $250,000 Bitcoin. As reported by Ethereum World News previously, Trace Mayer, one of the earliest public Bitcoin investors (like 2010/2011 early) and an investor in prominent crypto exchange Kraken, explained earlier this year that he believes that BTC is soon to embark on a rally that will “blow your hair back”. In fact, the investor stated that Bitcoin could easily hit anywhere from $100,000 to $250,000 in the next bull rally.

What Mayer used to back his call is the stock-to-flow ratio (SF ratio), popularized in the industry by Saifedean Ammous and Raoul Pal. Twitter statistician PlanB has since adapted the SF ratio to a price model for Bitcoin. The analyst claims that there is an exponential relationship between a rare commodity’s inflation rate (SF ratio) and its market capitalization.

His model suggests that after Bitcoin’s next block reward reduction — also known as a halvening or halving — BTC will have a fair value of a $1 trillion market capitalization, which translates to approximately $55,000 per coin. So no, maybe $250,000 isn’t inbound just yet, but by the next halving, maybe so.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Institutional Investment Advisor: Bitcoin BTC Will be Bought by Hedge Funds

Institutional Investment Advisor: Bitcoin (BTC) Will be Bought by Hedge Funds

Bitcoin Makes No Sense to Wall Street

For the most part, traditional hedge funds have avoided Bitcoin like it’s the plague. Just look to the front page of CNBC and other mainstream business news outlets, which often push articles that cite mainstream economists and legendary fund managers — like Warren Buffett and Ray Dalio — in which it is stated that the subjects don’t believe in Bitcoin in the slightest.

Other notable players in finance and politics, including incumbent U.S. President Donald Trump, have echoed this analysis, using phrases like “thin air” and “unbacked” to get their point across. You see, unlike traditional stocks and assets, Bitcoin doesn’t provide a fixed yield, a dividend, or produce cash flow. Thus, to most in the traditional investment world, it makes no sense, and thus fits into no existing investment theses or strategies.

The technology itself is also abstract. “What’s a blockchain?” Traditional fund managers likely ask whenever they see it appear on their Bloomberg Terminal.

BTC to Become Part of Hedge Funds’ Portfolios

But this may be changing. Speaking to CNBC, Don Steinbrugge, the chief executive of Agecroft Partners — a hedge fund and institutional investment consultancy firm — made it clear that BTC should (and does) make sense for traditional funds, despite their hesitancy.

He explained to the outlet that he believes that Bitcoin has had an “amazing run” and sports “fantastic technology”. It wasn’t clear which part of the Bitcoin blockchain he was referring to, but BTC, compared to traditional fiat systems, is faster, cheaper, decentralized, and more transparent. Steinbrugge went on to point out that some investors have been using BTC to hedge against inflationary risk, likely touching on the mass usage of the cryptocurrency in nations stricken with unsustainable levels of inflation, which includes Venezuela.

He went on to note that macroeconomic uncertainty and tumult is worrying him. Bitcoin, of course, is widely becoming recognized as a hedge — a gold 2.0 if you will — that has the potential to perform well in tumultuous times.

Interestingly, he did call Bitcoin “very expensive”, adding that it is hard to “value” (maybe look to PlanB’s stock-to-flow model). But, he asserted that Bitcoin is “going to be here for a long time”, adding that eventually, it will become a part of the portfolios of “a lot of hedge funds”.

This may just make sense. Delphi Digital, a cryptocurrency research firm, discovered a few months back that adding 3% of Bitcoin to a traditional portfolio actually improve its Sharpe Ratio — a financial measure used to gauge risk-return profiles. And Binance Research recently echoed this, revealing in a report that including BTC in “traditional multi-asset class portfolios provides overall better risk-return profiles.”

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Investor: If Bitcoin Falls Under 6000 I’ll Get Real Nervous

Investor: If Bitcoin Falls Under $6,000, I’ll Get “Real Nervous”

Mainstream media outlets have been incessantly covering the crypto space over the recent weeks. Most notably, CNBC has hosted countless executives, investors, and commentators in the industry to talk about Bitcoin, Libra, and other facets of this budding ecosystem.

After hosting prominent names like Meltem Demirors, Anthony Pompliano, Kevin O’Leary, Jeremy Allaire, and countless others to talk about cryptocurrencies on-air, the outlet’s “Squawk Box” called on Mike Novogratz on Thursday to divulge his thoughts on where Bitcoin is sitting today.

Bitcoin Price Expectations

Novogratz, the incumbent chief executive of Galaxy Digital, recently sat down with the “Squawk Box” panel to comment on recent developments in the cryptocurrency space, focusing on the recent tumult in the Bitcoin markets, which brought BTC below $10,000.

He told the panel that if Bitcoin heads below $8,500, which is currently a scenario being floated in the analysis of many traders, he will “get nervous”. And if it goes below $6,000, Novogratz adds that would make him “real nervous”.

For those who missed the memo, this is in reference to recent comments he made to Bloomberg last week, claiming that he expects for Bitcoin to enter healthy consolidation between $10,000 and $14,000.

What’s interesting is that Novogratz leaning bullish overall. In the CNBC interview, he mentioned that he has well over 7% of his personal wealth in Bitcoin. And in the Bloomberg interview, which Ethereum World News covered in a previous report, he stated that $20,000 for Bitcoin in the coming months could be possible. He backed this pseudo-prediction by touching on the fact that institutional involvement should catalyze a new wave of investment in cryptocurrencies, especially Bitcoin. He stated:

“I’m not selling the next time we hit $14,000. The second time we reach that level, [there may be] a move to $20,000. I don’t expect this to happen in the next few weeks: I don’t expect it to the middle or the end of the fourth quarter. But the next wave will come when the institutions — the state of X, Texas Teachers Union, and those guys — come in, and then you will see Bitcoin hit $20,000 and higher.”

Is $6,000 Possible?

With Novogratz’s comments in mind, it would be prudent to point out that there has been some legitimate talk of a return to $6,000. Dave the Wave, a prominent analyst on Twitter that focuses on Bitcoin’s long-term growth trends, recently explained that a move to that level is entirely logical.

He notes that around $6,000 is where Bitcoin’s logarithmic growth trend, which BTC has historically flirted with to kickstart a bull run, is currently sitting. Moving back down to these levels would also put BTC back on a path to proper “price discovery” and would ensure that the cryptocurrency doesn’t violate any historical cycles.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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