2019-12-7 22:30 |
Bitcoin owners have had many things to worry about over the past months. For instance, the price of BTC has tumbled by some 50% since June of this year, falling as low as $6,600 from $14,000. Also, there’s been increasing regulatory scrutiny from some of the world’s most powerful governments and entities due to Facebook’s foray into cryptocurrency, along with China’s announced intentions to launch a digital currency.
Related Reading: Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is RiskyThough, a top researcher working in the industry has recently aimed to reassure BTC “HODLers,” releasing an extensive Twitter thread showing that the cryptocurrency’s long-term fundamental uptrend should remain intact.
Bitcoin’s Future Looking BrightHans Hauge, a senior quantitative researcher at Los Angeles-based crypto fund Ikigai Asset Management, recently gave a confluence of reasons why he remains bullish on the leading cryptocurrency.
He first drew attention to the below chart from a director of Visa about Bitcoin and cryptocurrency, which was published in a report written by Deutsche Bank, the 17th largest bank in the world. In it, they estimated that the number of users of Blockchain Wallet (blockchain.com) could surmount over 200 million — around six times higher than where the sum currently is — by 2030. (The same report also included an opinion from a Deutsche Bank analyst, who said that Bitcoin could replace fiat should issues persist in the financial system.)
Good morning, Bitcoiners! How have you been? In need of some holiday cheer?
Here's @ahkyee, a director at Visa sharing a report from @DeutscheBank on some wild predictions (including Bitcoin) for 2030. Do I have your attention yet?https://t.co/MNz9bymQnS pic.twitter.com/dQ14wqlafX
— Hans HODL (@hansthered) December 6, 2019
Hauge also looked to the fact that the CEO of Bakkt has just become a U.S. Senator, meaning that Bitcoin could get its own cheerleader in Washington.
He also noted that BTC is “actually pretty close to where it should be,” in reference to a model that takes the number of “Bitcoin transactions ever confirmed and use that as an input into a log-scale linear regression model.”
And that wasn’t all. The researcher also noted that with the halving approaching, HODLers keeping their coins locked up, the Reserve Risk indicator suggesting a long-term buying zone forming, and price holding relatively strong, he would be inclined to believe that the future looks bright.
Shared Bitcoin OutlookHauge’s cheery outlook is consistent with that of Ikigai’s CIO and founder, Travis Kling. The former Wall Streeter told Yahoo Finance in October that by late-2020 or early-2021 — around 18 months from now — the Bitcoin price is likely to have surmounted $20,000 for the first time ever.
Kling’s theses about the impending appreciation in the BTC price are centered around the idea that the world’s central banks will continue to adopt “unorthodox” monetary and fiscal policy, favoring a decentralized form of money and savings vehicle, that being Bitcoin.
Related Reading: Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern Technicals Also in Bulls’ FavorIt isn’t only the Ikigai researcher that has recently noted that the long-term trend favors bulls.
Per previous reports from NewsBTC, Philip Swift, the founder of cryptocurrency analytics site LookIntoBitcoin, recently issued a 10-part thread on the sentiment that BTC is trending long-term positive. He first drew attention to the fact that Bitcoin is holding above its 350-day simple moving average; this is important as the price moving and holding above this moving average “has always indicated the start of Bitcoin bull markets.”
2/ Price moving above the 350DMA has always indicated the start of Bitcoin bull markets.
Unusually we just came back to retest it – the price we pay for going up too high back in May this year. Thanks a lot Plustoken crew! pic.twitter.com/LU4GBF0jd5
— Philip Swift (@PositiveCrypto) December 5, 2019
He added that the Golden Ratio Multiplier, an equation that the analyst created to analyze the BTC price, implies that the cryptocurrency could see an explosive move to $12,000 to $13,000 by January of February. For some perspective, Bitcoin hitting $12,000, Swift’s low-end estimate, from current prices would require it to surge by some 65%, in three months’ time no less.
Related Reading: Over $5 Billion Worth of Bitcoin Moved in Minutes; What Happened? Featured Image from ShutterstockThe post Researcher: Bitcoin is Alive and Well, Price Still in Macro Uptrend appeared first on NewsBTC.
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