Bitcoin has undoubtedly been on a tear over the past 45 or so days. Since hitting $6,400 in December, BTC has surged by almost 50%, hitting a local high of $9,550 on Thursday.
According to Mike Novogratz — a Wall Street name who used to be a partner at Goldman Sachs and now heads crypto fund Galaxy Digital — there is a confluence of reasons why Bitcoin will continue higher in the months to come.
He conveyed these reasons, or catalysts, in a recent interview with Bloomberg, though he was hesitant to give a BTC price prediction on air.
These Things Could Send Bitcoin Price Soaring In 2020
On January 30th, Mike Novogratz, a Wall Streeter-turned-Bitcoin bull, sat down with Bloomberg to talk Tesla, stocks, and BTC. Unsurprisingly, he was bullish on the leading cryptocurrency.
His optimism wasn’t unwarranted, though, as he cited an array of reasons why he expects Bitcoin to see price appreciation in the coming months and years. These reasons are as follows.
The debasement of fiat money: Novogratz mentioned that the copious amount of liquidity in capital markets, encouraged by low interest rates the world over, and the seeming debasement of fiat money should help Bitcoin, gold too. The idea here is that the potential inflation caused by lax central banks should prove the value of scarce assets, like Bitcoin, whose inflation rate will be cut in half in a few months’ time.
Becoming digital gold: Novogratz suggested that Bitcoin’s maturing into a form of digital gold, a digital store of value investment, could support prices moving forward. He specifically cited the asset’s performance amidst the brief Iran-US war fears and the ongoing coronavirus outbreak. The Galaxy Digital CEO is suggesting that BTC is showing it has investment potential, which could help draw in investors with time.
Increasing levels of infrastructure: The investor said that the increasing level of infrastructure in the crypto industry, which he dubbed the “plumbing” of the industry, could help boost Bitcoin. Indeed, there has long been a need for more robust crypto onramps. With the introduction of Fidelity Investments, Bakkt, and other service providers, BTC could see more investment inflows, correlating with higher prices.
Related Reading: Tesla is the Greatest Performing Asset In 2020. It Even Surpassed Bitcoin
Technical Factors Supportive of BTC, Too
It isn’t only the aforementioned fundamentals that may support Bitcoin bulls in the near future.
Over the past few weeks, NewsBTC has been chronicling Bitcoin price analyses from prominent commentators. Interestingly, the majority of the accurate commentators are bullish, citing technical factors that back the sentiment that an uptrend is rapidly forming.
Fundstrat Global Advisors — a market research firm that has fallen down the crypto rabbit hole — noted in a recent note that the leading cryptocurrency has crossed above the 200-day moving average of its price.
This, they claim, is an extremely bullish sign indicating Bitcoin has entered back into a bull phase, for crossing above this technical level gives the cryptocurrency an 80% six-month forward win rate.
Bitcoin moved back above its 200-day moving average on 1/27… positive milestone and reinforcing 2020 shaping up to be great year for $BTC #bitcoin
– whenever BTC >200D, win-rate (6M forward) jumps to 80% and essentially "re-entering" bull market (>200D)#BTD #bestasset2020 pic.twitter.com/YbpQYHpLaj
— Thomas Lee (@fundstrat) January 29, 2020
Also, eerily accurate trader Financial Survivalism said in a recent analysis that BTC recently printed a chart pattern suggesting its price will reach over $11,500 in the coming two or so weeks.
Related Reading: Andrew Yang Just Mentioned Crypto, Again. He Says Bitcoin Can’t be Stopped
Featured Image from Shutterstock The post appeared first on NewsBTC. origin »
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Bitcoin bull and founder of crypto merchant bank Galaxy Digital is of the opinion that the cryptocurrency’s upward trend is only getting started and has much more room ahead. Speaking to CNN during the SALT Conference in Las Vegas, Novogratz said that after crossing the $6,000 level, the next target point will be $10,000.
Bulls have control over the crypto wheel. In a miraculous move, Bitcoin (BTC) has surged past $6,000 after hitting $3,150 just months prior — a near-100% move in under half a year’s time. For some reason or another, however, analysts are divided about how this strong uptick will play out — in the short-term anyway.
By CCN: After hitting a new 2017-high, bitcoin price could struggle around $6,000 before moving higher, according to Mike Novogratz. The billionaire chief executive officer of Galaxy Investment Partners LLC said bitcoin was the only store of value while the rest of the cryptocurrencies still had to prove their particular use-cases.
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The Litecoin (LTC) price continues to surge following an impressive run over the past month — but is it ripe for a pullback? Let’s take a look. Fibonacci Retracement If we take a look at the Fibonacci retracement tool and draw a simple line from the all-time high to its most recent bottom, we can see that the price of Litecoin (LTC) against Bitcoin (BTC) has largely respected each channel while stair-stepping upwards.
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Summary For the better parts of last week, the various Altcoins were on a Bullish Run, with Bitcoin finally hitting the $4000 mark. However, over the last 24 hours, a bearish outlook has engulfed the markets with investor confidence taking a dip.
Just when the bulls were coming out to play bitcoin has dropped a huge $400 in the space of just 30 minutes. The 3. 3% decline has no particular trigger except for profit taking. From hitting. .
Bitcoin is still hitting a roadblock at the $4,100 area but is forming higher lows to signal that bulls are trying harder. This appears to be a bullish pennant formation, with a break past the. .
Bitcoin price has had a blistering start to the week up 10. 6%, hitting highs on Tuesday of $4,000, stirring some distant memories of the 2017 bull runs. We take a pause mid-week to consider what might be next now we have already hit the target discussed on Monday.
The market has been on an uptrend in the past two days, gaining $14 billion. Bitcoin is on the cusp of hitting the $4,000 level for the first time in five weeks. Ethereum is trading just a dollar shy of $150, with EOS gaining 30 percent in the past two days.
Perhaps the bulls have returned, perhaps they haven’t. Either way, the big bulls has intensified its momentum in many ways than one. In trading price, volume and market capitalization, Bitcoin has increased by more than 5% since the week began.
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]Что, если Amazon решит вложить свои миллиарды в Биткоин? Звучит любопытно. Именно этого требуют акционеры компании, предлагая инвестировать 5% активов в криптовалюту. По мнению акционеров, компания должна последовать примеру Tesla и MicroStrategy, чтобы защититься от инфляции и сделать излишки средств более полезными.
Тим Кук, глава Apple, признался, что уже три года держит Bitcoin в своем личном инвестиционном портфеле. Но тут есть важный момент: это его личное дело, и к Apple это никак не относится. В недавнем интервью он четко заявил: Apple не планирует внедрять криптовалюты ни в платежные системы, ни в рамках корпоративных инвестиций.
