Connect with us

Bitcoin

CNBC’s Ran NeuNer asks Peter Brandt why Bitcoin crashed

Published

on

The host of CNBC’s Crypto Trader show, Ran NeuNer, has a chat with the experienced commodities broker, Peter Brandt, who became best known as being one of the first who accurately predicted the end of the bull run in December 2017.

The 71-year-old veteran trader, Peter Brandt, predicted that the December 2017 speculation bubble around Bitcoins price was too large and would soon burst, causing the asset to lose more than 80% of its value.

When the bull run was at its all-time-high Peter Brandt tweeted this to his almost 250K twitter followers:

‘General TA rule — a violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater’

‘I’ve seen that sort of thing take place so many times in the past and they always end the same, prices always fall 80% to 90%’, he said.

Brandt turned out to be spot on with his predictions, both at the end of January and ever since.

Not only did he call the bear market for Bitcoin, he was as well correct in calling Ethereum to $120, while everyone else thought this was impossible.

NeuNer asks Peter Brandt how he feels about the TA crypto charts that appear all over social media.

Well, he says, it is mainly fairydust, it is not real technical analysis, it is ‘make-believe’.

‘What I see are a bunch of charts that are posted that in no way reflect the old, tried and true principles of TA. People are reinventing TA, just to fit their own personalities and their own bets and pre-assumptions’

‘They frankly look like maps to an outer galaxy. They look like Star Wars maps’

Brandt says that technical analysis historically deals with what the market is telling us right now, relative to what happens next. These charts on social media are not based on anything Brandt would consider to be classical charting principles.

‘I look at these charts and ask myself, where do these people get this stuff? It is based on people’s hopes and dreams and that’s about it’

Read more: Peter Brandt on Bitcoin: ‘I know for a fact strong hands are buying’

NeuNer goes on to ask Brandt how come he had such a series of correct predictions on crypto Twitter last year, and what he is doing that others aren’t.

Brandt replies by saying that he thinks he is standing in the ‘here and now’.

‘You don’t do technical analysis based on presuppositions. You do it based on what the market is offering you as facts.’

‘Where is the bloodtrail leading you? You follow the bloodtrail in the snow.’

Brandt claims he tries to stay in the present and stay grounded in what the market is telling him now.

Read more: Will Bitcoin replace fiat money?

He further explains that predicting the end of the bull run in December 2017 was an easy one.

‘I look at Bitcoin, and Bitcoin has been through a series of historical phases. The last one being of course the parabolic advance that we had in 2016-2017.’

Brandt says that it is rare for a market to have a parabolic advance.

‘So when that parabolic advance was broken, it was an easy call to say Bitcoin is going down 80%.

In December 2018 Brandt predicted that there will be another massive drop. This new low will be a major test both for the industry.

Mr. Brandt expects this drop to stabilize at around the 1200 price range, undoubtedly testing the resolve of even the most committed of crypto fans.

‘Crypto won’t have any friends at that point. Even the crypto die-hards might start to think they are done with it’, he said.

Source. chepicap

 

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