Connect with us

Bitcoin

Bitcoin Price Will Tank Below $3,000, Says Trader Who Predicts Mass Sell-Off

Published

on

The bitcoin price will crater below $3,000 amid a mass sell-off. That’s what futures trader Anthony Grisanti predicts about the ongoing Crypto Winter.

“I’m looking for a move down to $3,000, which would represent a real weakness in this market,” Grisanti told CNBC. “It could be the driver that gets people to bail out of this and push it even lower.”

Trader: ‘People are Liquidating Their Positions’

Grisanti is a CNBC analyst who previously traded energy futures at Bear Stearns. Like other crypto bears, Grisanti believes it’s only a matter of time before bitcoin collapses.

He attributed the recent price volatility to investors selling off their bitcoin holdings as they head for the exits. “Every time this market does run, people are liquidating their positions,” Grisanti says.

Whether or not they’re liquidating outright or the futures, they are liquidating. So I’m looking to sell this. At $3,800 is where I want to sell it. There’s some resistance around $4,000, $4,100.

CNBC scott nations anthony grisanti talk bitcoin
CNBC commentators Scott Nations and Anthony Grisanti: Bitcoin is dying.

Grisanti’s fellow CNBC commentator, Scott Nations, also bashed bitcoin, saying it has no value and that he’d short it if he could.

“There’s no value there,” says Nations, a former member of the Chicago Mercantile Exchange. “I absolutely want to be short [on bitcoin].”

‘Baby, This is a Bubble!’

Nations also dissed millennial crypto enthusiasts, saying they’re too clueless to understand the bubble they’re witnessing now.

“If you are in your 20s, you have never seen an asset bubble,” Nations says. “You were a teenager during the housing bubble. You were not even a teenager during the dotcom bubble.”Well, baby, this is a bubble! And right now, it’s coming unglued.

I hope that people don’t lose too much money on bitcoin, but that they do learn the lesson: This is a bubble, and this is how it unwinds. Unfortunately, it’s a bit painful, but we have not reached the bottom yet.

Analysts: Interest in BTC Futures is Waning

Both Anthony Grisanti and Scott Nations say they believe that interest in bitcoin futures is waning because of the current market slump.

As CCN reported, Nasdaq — the world’s second-largest stock exchange — plans to launch bitcoin futures in the first quarter of 2019 through a partnership with investment firm VanEck.

Similarly, Nasdaq’s rival ICE (Intercontinental Exchange) — the parent company of the New York Stock Exchange — also plans to roll out a physically-settled bitcoin futures product in the first quarter of 2019.

Crypto Bear: BTC Fans Are like Trump Supporters

But the CNBC bitcoin bears are skeptical that there’s a market for BTC futures, and that believers are merely deluding themselves.

“I think the interest is out of the market,” Grisanti says. “Yeah sure, like Trump supporters, there are a few that believe this thing is going higher, [even] as they have their losses every day.”

Grisanti says this is not the right time for bitcoin. “Maybe another currency comes to the forefront,” he speculated.

Grisanti says the bitcoin price is fluctuating between lows of $3,300 to $3,500 and highs of $4,000 to $4,100. And he doesn’t see any hope of a breakout.

These Trump Supporters Are Bitcoin Bulls

For the record, Trump supporters include billionaire Peter Thiel.

Thiel — the openly gay co-founder of PayPal — has touted bitcoin as “digital gold.” Thiel’s net worth tops $2.5 billion.

Trump supporters bitcoin bulls Mick Mulvaney Peter Thiel
These Trump supporters are bitcoin fans: Mick Mulvaney and Peter Thiel. (YouTube)

Another Trump supporter is this guy: Mick Mulvaney, the acting White House Chief of Staff. Mulvaney has been a bitcoin advocate since 2014.

Mulvaney is currently director of the Office of Management and Budget (OMB). His job as OMB boss is to prepare the US President’s budget proposals to Congress.

It is a very influential position at the right hand of the most powerful executive in the world. And the guy who holds that job is a bitcoin fan

.Source. ccn

Advertisement

Bitcoin

BTC Could “Easily” Surpass Gold in 20 Years. Mike Novogratz Says

Published

on

Many people believe that cryptocurrencies represent a revolution of similar or superior importance to other significant events such as the appearance of the Internet. The introduction of Bitcoin (BTC) and its characteristics have enthused thousands of investors and influencers with increasing effusivity.

While some believe that cryptocurrencies will disappear due to their lack of intrinsic value, others like Mike Novogratz think that blockchain technologies, and especially Bitcoin, can surpass gold as the primary means of storing value in the world.

BTC MARKETCAP COULD EASILY HIT 8 TRILLION

In an interview with Anthony Pompliano, Mr. Novogratz explained that in a span of about 20 years, Bitcoin could “easily” increase its marketcap by 100x, if technological and legal developments continue to facilitate its adoption. This would imply that we would be talking about figures close to 8 Trillion dollars in total marketcap for Bitcoin alone in the next two decades:

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet

Novogratz has always defended the idea that Bitcoin will start a new Bull run when governments develop more specific regulations that appeal to institutional investors. In this regard, he explains that it is only a matter of time before large capital investors enter the space:

“I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.

Listen, the regulatory framework isn’t there yet on security tokens. We’re working really hard on our security token business and we’ve got, I think, some cool things in the hopper.”

BOW DOWN AND THANK SATOSHI!

Finally, in the climax of the interview, Novogratz’s enthusiasm was such that he even said that people should bow down and thank Satoshi Nakamoto for creating Bitcoin (BTC).

News Source

Continue Reading

Bitcoin

Bitcoin Price Consolidation Continues, Downside Break Looks Likely

Published

on

View

  • Bitcoin’s current trading range of $3,920–$4,055 could be breached to the downside, as last week’s doji candle created at the key 21- week moving average resistance is signaling bullish exhaustion.
  • A downside break of the trading range, if confirmed, could yield a sell-off toward the support levels lined up at $3,775 and $3,658.
  • On the higher side, a UTC close above $4,055 is needed to put the bulls back into the driver’s seat, although that looks unlikely at press time.

Chart signals of bullish exhaustion suggest bitcoin’s (BTC) narrowing trading range could soon be breached to the downside.

The leading cryptocurrency by market value is sidelined below $4,000 for the fourth straight day, and has been restricted to the narrow range of $3,920–$4,055 since March 17, according to Bitstamp data.

More importantly, prices clocked a high and low of $4,055 and $3,920, respectively, last week before closing Sunday (UTC) largely unchanged at $3,970. The price swing formed what’s termed a doji candle on the weekly chart, which is usually taken to represent indecision in the marketplace.

The candle, however, has appeared following a 20 percent rally from lows near $3,300 seen at the end of January. So, it could be argued that the indecision, as represented by the doji, is predominantly among the buyers.

As a result, the probability of BTC ending the ongoing consolidation with a convincing break below $3,920 appears high.

As of writing, BTC is trading at $3,970 on Bitstamp, largely changed on a 24-hour basis.

On the daily chart, the short-term MA studies are now biased toward the bears, with the 5-day MA having dropped below the 10-day MA. Further, with the price well below the March 21 high of $4,055, the bearish outside-reversal candle created on that day is still valid.

So, the sideways channel seen in the 4-hour chart could be breached to the downside in the next day or two.

A range breakdown if confirmed would open the doors for a deeper drop toward $3,658 (Feb. 27 low).

A UTC close well above $4,055 would revive the short-term bullish view and could yield a rally toward $4,200, although gains may be short-lived, as the 21-week MA is still trending south.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

source:coindesk.

Continue Reading

Bitcoin

What will it be for Bitcoin? $5,500 or $3,000?

Published

on

Although the world’s most popular cryptocurrency is still trading in its long-established range between $4,000 and $4,100, some analysts believe the moment of truth for Bitcoin is near. What will it be for Bitcoin? $5,500 or $3,000?

Bitcoin has been trading between the $4,000 and $4,100 range for the last 10 days, and today Bitcoin’s trading behaviour was no different. Bitcoin is currently trading at a price of $4,020 while showing a minor loss of -0.24%, according to coinmarketcap.com.

Most analysts are looking at the upper bound of BTC’s current trading range, the $4,200 price mark, which will most likely act as a level of serious resistance again.

However, a Switzerland-based cryptocurrency analyst, who goes by the Twitter handle, Crypto Krillin, recently took to Twitter to state that the moment of truth for Bitcoin is very near. According to the crypto trader, or BTC will fly straight towards the $5,500 price mark, or we will re-visit $3,000.

Read more: Bitcoin or Gold? Or both?

The Swiss cryptocurrency trader is not the only crypto analyst who seems to be convinced that Bitcoin’s upside target currently exists around the $5,500 price mark.

Just a few days ago, Chepicap reported that Galaxy, another popular cryptocurrency analyst on Twitter, explained to his nearly 50k followers that Bitcoin is pointing to a promising potential for the number one cryptocurrency, hinting to an imminent surge of 35% to $5500.

Despite many analysts reporting optimistic views on Bitcoin’s near-future upward breakout, another widely recognized cryptocurrency trader known to the Twitter community as ‘The Crypto Dog’, recently came forward stating that it is still possible for Bitcoin to drop to $3,500 in the short term, adding that the market conditions haven’t changed over the last several days.

Read more: Bitcoin can surge as high as $400,000

According to crypto technical analyst known as DonAlt, we can only conclude crypto winter is over until Bitcoin crosses the $4,600 threshold and moves towards $5,000 and $6,000.

‘Volume isn’t what will convince me that the bear market is over’, he said. ‘A bullish market structure along with a break of at least $4.6k is. It’s interesting that we’ve had so many altcoin pumps while the general market cap hasn’t really changed. That makes me think there is very little new money coming in.’

Source:chepicap

Continue Reading
Advertisement
Advertisement
Open

Close