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Bitcoin would still Outperform the S&P 500 in 2019 even if it Loses 50% of its current price – Pompliano

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There is a bit of chaos in the cryptocurrency space following the dip Bitcoin has experienced from well over $11,000 to the mid $10,000s. Whatever may be the reason for the crash, Morgan Creek partner and Co-Founder Anthony Pompliano says even a crash of 50% will still leave Bitcoin ahead of the S&P 500.

The current dip has raised some concerns as there is no clear direction as to what is causing it. However, the traditional stock market seems to be experiencing much worse as 27% of the total global market is trading at a negative rate. 

Bitcoin YTD performance 10 times better than S&P 500’s

Pompliano’s confidence could have come from the historical performance of Bitcoin and the S&P 500. According to data, the S&P 500 has only gained 16% YTD while Bitcoin has gained well over 200% from the December low. That is over 10 times the gains of the latter and a 50% crash will still leave Bitcoin with better gains than the S&P 500.

Bitcoin’s YTD performance is exceptional and unlike anything ever recorded for any asset class before, senior analyst at eToro, Mati Greenspan said. With the traditional market still operating at negative interest rates, Bitcoin could way out do companies in the arlet especially as institutional investors prepare to get into Bitcoin with the addition of Bakkt and Fidelity.

More money likely to flow into Bitcoin

As negative interest rates become a problem, investment managers may start to consider other sources of investment and may be forced to consider Bitcoin which is currently considered to be a safe haven. If they do decide to put some money into Bitcoin, a major price hike could happen that will further outshine companies in the S&P 500.

At the current price of $10,168, it is not certain where the price may be going next, but obviously, Pompliano expects a great recovery in the near future as he has always said Bitcoin is about to enter its biggest bull market yet. 

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Bitcoin

Bitcoin Price Analysis: BTC is On Price Recovery Mode; Gains 4.55% Overnight

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  • Bitcoin gained 4.55% in the last 24 hours and breached the resistance at 10,800 USD.
  • It may soon touch 12,000 USD and further, it is likely to get a price rally before the year ends.

Bitcoin has managed to reach its first resistance point at 10,800 USD with the help of a 4.55% hike. It is likely to rise more in the coming days and by the end of this year, the coin is likely to be near 15,000 USD. In the last three months, the journey of Bitcoin was full of shocks and volatility. The coin reached its peak towards the end of June and it has been trying to reach there since then. We will now analyze the current statistics of the coin before going into details of the price movement pattern.

Bitcoin Price Statistics-

e Comparison-

Bitcoin price chart August 20
Bitcoin Price Chart by TradingView

Bitcoin’s highest hike of this year has been the 85.70% hike between 04th June and 26thJune. This hike pushed the coin near 14,000 USD. From there, Bitcoin has been showing huge volatility. It was followed by a fall of almost 30% in the value against USD which deducted 4039 USD from the coin over just 5 days. After a week of growth, Bitcoin again took a dip to 9208.95 USD by 17th July. From there it has been a satisfying journey for the coin and it has risen to 12,196 USD by 06th August with the help of a 32% increase in the value. The market cap on 20th July was 186,505,443,026 USD and the value of the coin was 10,991.43 USD. The current market cap and the value of each coin are respectively 4.30 % more and 1.10 % less than the figures for the last month.

Bitcoin Price Prediction-

Bitcoin is consistently raging against 11,000 USD and the next big target should be 12,000 USD with so many little halts. But the coin is likely to get a good growth by the mid of next month. With the help of a price rally, the target of 15,000 USD by 2019 seems reasonable. The details of the resistance and support levels are given below.


Bitcoin (BTC)
1st Resistance11117 USD
2nd Resistance11317.95 USD
3rd Resistance11719.85 USD
1st Support Level10514.15 USD
2nd Support Level10112.25 USD
3rd Support Level9911.3 USD
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Winklevoss Twins Say They’re ‘In Talks’ About Joining Libra Association

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Tyler and Cameron Winklevoss — Bitcoin (BTC) bulls and founders of the Gemini crypto exchange — say they are open to partnering with archrival Mark Zuckerberg on Libra.

CNN Business reported on Aug. 19 that the twins are not allowing their notorious and drawn-outsettlement with Zuckerberg stand in the way of a potential collaboration.

In talks to join the Libra Association

Whether or not a partnership will finally materialize, Cameron told CNN that Libra represents a step towards mass adoption of cryptocurrency, underscoring:

“I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.” 

As CNN notes, the twins’ proactive promotion of crypto-regulatory matters could make the duo an attractive partner for Facebook, given the widespread alarm the latter’s Libra project has already sparked among governments and regulators globally. 

The twins revealed they have been in talks about joining the Libra Association — the newly-created, independent governance consortium for Facebook’s planned token —  which currently counts 28 founding members and should expand to 100 by the time of Libra’s launch.

Tyler and Cameron noted, however, that they still need to learn more about the details of the project before deciding whether or not to join the Association, as well as whether to list Libra on the Gemini exchange.

The Libra Association has reportedly declined to comment on any ongoing negotiations with partners.

All the internet titans will embrace crypto

According to Cameron, Facebook may be the first tech titan to attempt a native cryptocurrency launch — but it won’t be the last:

“I think that internet companies have to have a crypto strategy, and I think a lot of them are thinking about their own coin projects. They’re probably watching Libra and Facebook to see how that fares as they develop it.” 

He forecast that Amazon, Apple, Netflix and Google will follow suit, isolating Amazon in particular as a solid contender:

“Amazon can probably get packages to literally any place in the world, even if the last mile is on a dirt bike or something […] very ironic, that the physical stuff we can move all around the world and we can’t get money to a lot of places around the world.”

Earlier today, Cointelegraph reported that the design for the Chinese central bank’s planned state-backed cryptocurrency is reported to have been influenced by Libra’s unveiling.

Source:cointelegraph

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Bitcoin Price Fails to Break Through $11K — Altcoin Bull Run Fizzles 1809

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Bitcoin (BTC) price slid from levels near $11,000 Aug. 20 as momentum which sparked bullish sentiment at the start of the week fizzled.

Market visualization

Market visualization. Source: Coin360

Bitcoin lingers below $11K resistance

Data from Coin360 showed BTC/USD abandoning its shot at passing $11,000, having risen from levels near $10,700 on Monday.

The pair was trading back at those levels at press time, having dropped $350 over the past few hours. 

24-hour gains for Bitcoin thus remained tapered at 2%, while weekly performance still revolved around an overall loss of nearly 6%. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Anticipation had run high as $11,000 approached, analysts rating chances for a definitive upward trend to recommence.

“I wanted to see it over $10,800 and it did close, short term bullish,” regular trader Josh Ragersummarized in his most recent update on Monday. 

He added that BTC/USD remains under its weekly opening level from two weeks previously, an area which will now act as resistance. 

Meanwhile, another fellow market analyst and trader, Filb Filb, was more buoyant, telling followers of his dedicated Telegram channel about the possibility of a break to $11,400.

Altcoins return to flat performance

Altcoins meanwhile failed once again to capitalize on previous gains. A look at the top twenty cryptocurrencies by market cap shows most reversing progress made on Monday, when some outperformed Bitcoin itself. 

Ether (ETH), the largest altcoin, then dropped 1.6% to slide back below $200. Litecoin (LTC) dropped more at 2.3%, while XRP shed almost 5%. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Only Monero (XMR) and Bitcoin SV (BSV) showed signs of life, gaining 1.2% and 0.8% respectively. 

The overall cryptocurrency market cap was $276 billion on Tuesday, down $3 billion from the day before, while Bitcoin’s share remained over 69%.

Source:cointelegraph

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