In a new interview, Bitcoin investor and ShapeShift founder Erik Voorhees predicts that Bitcoin will soar as high as $200,000 in 2020.
He also addresses why everyone is so consumed by speculation and Bitcoin’s price, which often appears to get more attention than the technology and the emerging use cases.
Voorhees tells YouTuber Crypto Beadles,
“It’s what brings people in. It’s what brought me in. I saw this article about Bitcoin and saw how it had gone up like 500% in a few months. Having known nothing about it, I clicked on the article because that sounded interesting.”
“Nothing has grown as fast in value as Bitcoin with the exception of a few private companies but they didn’t have their price ticker public from the very start. Imagine if Facebook’s share value was public and live in real time from the very first day that it got started. It would have been a fascinating assent. So yeah, it gets a lot of people interested. It pulls people in.
A lot of people only care about the price and that’s not the purpose. The price goes up because of the meaning behind it. Why is it rising? It’s because crypto is actually an amazing technology that’s changing how finance works around the world, and that’s far more interesting than the daily ups and downs – but I’d be lying if I said it wasn’t exciting when it’s rocketing up.”
His latest price prediction pushes Bitcoin into the stratosphere as the next bubble, he believes, starts to grow.
“I think we’re in the next bubble, at this point. We’re starting the next bubble, and I think this bubble ends between $100,000 to $200,000 per Bitcoin sometime in 2020. That’s what I would predict. But markets are great at making fools of people so we will see what actually happens.”
Having been in the market for over eight years, Voorhees has a long lens on how outlandish a 20x prediction within such a short time period can sound.
“I remember debating with people on the internet forums back in 2011 — could Bitcoin ever be worth $100? We’d have these ferocious debates about it. What that would take, how much adoption, how realistic that was. And then the really crazy ones said maybe it will get to $1,000. And it didn’t take that long. It felt like a long time in the process but here we are. It’s eight years later and we’re at $12,000 a Bitcoin. Totally crazy.”
Voorhees says adoption happens because people want to spend their Bitcoin wealth on real things.
“You can talk to the BitPays of the world, the merchant processors. You can talk to people that have crypto — they generally spend it most when it’s mooning, because they’re becoming wealthier. and because they want to use some of that wealth to buy real things.
Bitcoin ultimately is only useful because some day it will buy something, whether that’s tomorrow or 50 years from now. So at some point, you convert bitcoins into real things that you want to consume like a house or food or a car or entertainment or whatever. And when it’s mooning, that’s when people feel that wealth effect and when they actually do a lot of their spending with crypto.”
Voorhies says Bitcoin will become increasingly stable as the network gets bigger, and that he can imagine people wanting to collect their salaries in the digital currency rather than holding it in a fiat currency that can be debased.
“Twenty years from now I don’t think [Bitcoin] will be that volatile. I think it’ll be less volatile than gold is today.”
Bitcoin Cash (BCH), Stellar (XLM) and Litecoin (LTC) Cryptocurrency Price Analysis and Prediction
CRYPTOCURRENCY MARKETS ARE RESEMBLING THE STOCK MARKET THESE DAYS. TRADING SIDEWAYS ALL THROUGH LAST WEEK AND THIS WEEKEND. LET’S TAKE A LOOK AT BITCOIN CASH, STELLAR AND LTC AND SEE IF THEIR CHARTS TELL US WHAT’S TO COME AHEAD.
BITCOIN CASH PRICE ANALYSIS (BCH/USD)
The fifth-ranked cryptocurrency has today faced a mixed reaction that formed a sideways trend. Besides, the pair’s price volatility was very low that stood the current price at $221.9, having escalated it from where it opened the session at $222.1. That showed a slight drop of 0.09% over the last24hrs.
The horizontal movement defined vital resistance and support level at $223.6 and $218.6. The consolidation phase between $223.6 and 218.6 may proceed until the market showcase a potential breakout either on the downside or upside.
However, the parabolic SAR is giving a sell signal, while the moving averages that are currently below the prices, signal an increase in bullish momentum. In addition, the RSI is heading north that suggests positive outcomes.
BITCOIN CASH PRICE PREDICTION (BCH/USD)
An upside correction above $223.6 may trigger strong Bull Run near $300.0. However, a downside rally below $218.6 could extend a bearish momentum near $200.0.
STELLAR PRICE ANALYSIS (XLM/USD)
XLM/USD pair has lacked dominance, as reflected by the RSI indicator that hovered between the midpoints over the last 24hrs. The famous crypto began the session trading at $0.0593, unfortunately, is at the press time exchanging hand at $0.0593 that showed the indecisive mode in the market momentum.
The pair’s price failed to break above $0.0595 but later found a strong support near $0.0578 level. Afterwards, both support and resistance level was tested severally. However, during the last few hours, a price recovery was seen as bullish engulfing candles pushed the price a bit higher. This shows high interest on the upper sides of the price.
Also, the short-term SMA has crossed above the long-term SMA, the parabolic SAR is below the candles, and the RSI is heading north. All these are positive signs of incoming robust bullish outbreak.
STELLAR PRICE PREDICTION (XLM/USD)
A break above $0.0578 could result to further upside rally near $0.0650. Therefore, investors should wait to take a long position in the short-term.
LITECOIN PRICE ANALYSIS (LTC/USD)
LTC/USD pair has expressed a bullish outlook, with an intraday gain of 2.5%. It escalated from $55.6232 to now trading at $56.9726. Besides, the ascending channel formed reflected the bullish performance with support level being held near $55.5718. The pair’s price is currently struggling to breach above $57.2742 resistance level, so is for the bulls to up there game.
Looking at the technical, the short-term SMA has currently crossed above the long-term SMA that suggests unbeatable outlook. The RSI is above level 50 that also foreshadows a positive sign. Besides, the RSI also showed an increase in buyouts that indicates that buyers are dominating the momentum. Investor’s sentiments are thereby likely to increase since they are optimistic for better prices in the near term.
LITECOIN PRICE PREDICTION (LTC/USD)
A long position should be taken, if the price manages to break above $57.000. New targets should be set near $60.000 and $61.000.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
The Fate of Bitcoin, Altcoins, and Cryptocurrencies in General
According to Peter Brandthim, Bitcoin is the only cryptocurrency that has real, lasting value, while most of the altcoins are just ‘junk,’ as he calls them.
The future of Bitcoin remains as uncertain as ever, but current speculation about what might happen to the crypto king and altcoins can vary significantly. A recent poll and the opposite opinion of an expert are a perfect example.
It wasn’t too long ago when the fate of cryptocurrencies was uncertain as the entire crypto space was considered to be nothing but a bubble that would burst at any given time. Each time when the crypto space faced a new bearish period, a controversy, or an incident of some kind — skeptics were quick to announce the death of Bitcoin and the entire crypto space. And as we all know, they ended up being wrong every time.
To this day, Bitcoin continues to lead the crypto market and dominate over it, with its performance setting an example for the performance of most other coins, the altcoins. But, many are wondering whether or not this will change in the future, or even if it can change at all. And, since the crypto space depends on the public opinion so much, researchers decided to address the public with this very question.
According to a survey done by bitFlyer Europe, it was discovered that Europeans believe that digital currencies are not going away. Many of the participants expressed a belief that crypto will still be around in ten years. In fact, this was an opinion of 63% of 10,000 questioned individuals in ten different European countries.
While this does seem like a good thing for crypto, the situation is not so bright for Bitcoin, in particular. The topic of Bitcoin actually brought a surprising turnaround, with poll participants showing a lot less confidence in the king coin, with only 55% of respondents thinking that BTC will stick around for another decade.
However, this is likely the result of bad press which the media continues to pump out by continually claiming that Bitcoin is dead, reporting hacks, investment losses, and focusing more on the damage that is being done to BTC than to any other coin. This kind of behavior is only bringing even more damage to it along the way.
A well-known analyst disagrees
On the other hand, there is Peter Brandt — an American trader, writer, publisher of the weekly Factor Service (and more), who turned out to be a significant Bitcoin supporter and believer. In fact, according to him, Bitcoin is the only cryptocurrency that has real, lasting value, while most of the altcoins are just ‘junk,’ as he calls them.
Earlier today, on his Twitter, Brandt argued that altcoins are lead to Bitcoin’s gold while showing charts that clearly indicate numerous altcoins whose performance follows Bitcoin’s lead. However, he may not be ready to dismiss absolutely all of the altcoins just yet.
When another Twitter user pointed out that younger generations might choose some of the altcoins such as Ethereum or Litecoin due to their benefits over BTC, Brandt confirmed that LTC and ETH have a lot more chances of surviving than the rest of the altcoins. The veteran finance expert believes that Bitcoin will remain the best and largest coin, while the majority of modern-day altcoins won’t be around in the next five years.
The future remains uncertain
Interestingly enough, Brandt’s opinion seems to be a total opposite of the bitFlyer’s poll results, which indicate that BTC will be the one to go away, while the crypto itself will survive. Obviously, no one can tell the future of Bitcoin right now and say with any certainty what could happen.
However, it is interesting to see the differences in opinion, with a professional analyst on one side, and the public view on the other. It will undoubtedly be interesting to see how the situation will unfold over the following decade, and whether or not Bitcoin will manage to keep its dominance for another ten years.
Crypto market turns green as Bitcoin price crosses $10,400, BTC dominance above 70%
After spending a week in the dumps, the Bitcoin price is finally seeing an upward trend as the market is trying to bounce back and cross the $10,500 resistance levels.
Bitcoin price has been trading below $10,000 from the past few days but yesterday the trend changed. After trading close to $9,700 for most of the day, Bitcoin saw a correction in its price as the currency broke the $10,200 resistance and moved towards the major resistance of $10,500.
Bitcoin showed an impressive correction in the price as it moved upwards and traded at $10,416.18 by the end of the day. Today the trading started at $10,403.78 and an upward trend can be seen in the charts. If this trend continues, we can expect the BTC/USD pair to break the resistances present at major levels and trade at the yearly highs of $14,000.
The popular altcoin Ether(ETH) also showed an upward trend as the price reached $178.58 from yesterday’s $171.49. On the other hand, Ripple’s XRP token has been trading at a steady rate throughout the week, is currently trading at $0.2618, which marks a slight improvement from yesterday’s prices.
XRP has been performing poorly among all the other currencies this year, and most likely the reason behind this poor performance can be the continuous selling of XRP tokens.
Major player among the top-20 altcoins
In the list of top-20 altcoins by market capitalization, Ethereum Classic has seen an increase of 7.19% over time with the market cap of $761,723,682. Binance Coin is right after it with the market gain of 4.93% with its market cap at $3,517,208,447.
Bitcoin Cash and Bitcoin SV have shown gains of over 4% and the trade has reached $295 and $135 respectively. Litecoin has shown the small gains of about 1.84%. Bitcoin still dominates the market with a 70.1% share in the market, as the market capitalization is back over $265 billion.
Disclaimer: Coinnounce’s views are not necessarily reflected in the articles published, and they are the sole representation of the author’s opinions. Article’s information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.