2019-4-14 20:00 |
Bitcoin price steady above $5,000 Arthur Hayes projects Bitcoin at $50,000
Analysts are bullish. Of the many, Arthur Hayes of BitMex believes fundamentals are aligned pricing BTC at $50,000. With such a valuation, BTC will outperform traditional assets. Because of that, Wences Casares of Xapo suggests investing one percent of an investment portfolio in the digital asset.
Bitcoin Price Analysis FundamentalsPrice leads sentiment and right now, Bitcoin is on an uptrend. After 15 months when prices slid from $20,000 to lows of $3,200, there is relief that the market is bottoming up at last. Because of this optimism and newfound momentum, there are all sorts of analysts that are confident that the world’s most valuable coin will hit six or even seven digit valuation in the next few years. Arthur Hayes, the founder of BitMex, one of the few exchanges allowing margin trading as well as futures trading of Bitcoin prices, is unwavering. After last year’s projection didn’t come to pass, he still maintains a $50k price tag.
In the Venture Coinsight podcast with Luke Martin, the Hayes said Bitcoin prices could “materially go higher if the world plays out the way I think it’s gonna play out.” If that is the case, then the coin is undervalued, and the next parabolic wave would, therefore, lift the asset valuation by 10x of what it presently is.
For this reason, Xapo CEO Wences Casares believes that strong returns from Bitcoin should, therefore, translate to most portfolios investing at least one percent in the asset because of it continuously outperforming other traditional assets as indices and stocks:
“I suggest that a $10 million portfolio should invest at most $100,000 in Bitcoin (up to 1% but not more as the risk of losing this investment is high). If Bitcoin fails, this portfolio will lose at most $100,000 or 1% of its value over 3 to 5 years, which most portfolios can bear. However, if Bitcoin succeeds, in 7 to 10 years that $100,000 may be worth more than $25 million, more than twice the value of the entire initial portfolio.”
Candlestick ArrangementsAt the time of press, Bitcoin (BTC) is up one percent and a couple of dollars away from $5,100. All pointers hint at bulls, and to that end, prices may close above $5,000 at the back of light transaction volumes.
Because of the shifting sentiment and bulls flowing in, every low is technically a buying opportunity for risk-off traders aiming at $6,000.
On the other hand, risk-averse or conservative traders should wait for a close above $5,500 complete with high transactional volumes before taking with similar targets of $6,000 and even $8,000.
Technical IndicatorsVolume-wise, trading ranges are tight. Reflecting these are low transactional levels meaning our anchor bar is as per yesterday’s BTC/USD trade plan. Any bar lifting prices above $5,500 must be with high volumes exceeding 19k of Apr-11.
Chart courtesy of Trading View.
The post Bitcoin (BTC) May surge 10X and Xapo CEO Suggest Investment appeared first on NewsBTC.
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