Ray Dalio, the hedge fund manager, billionaire, and founder of Bridgewater Associates, recently admitted that the crypto-asset could be a good alternative for gold. Earlier, he has dismissed the idea of cryptocurrency has worth value. The Chairman of Sander Morris Harris George Ball, the ex-CEO of Prudential Financial and, who had criticized the Bitcoin regularly, recently said that the top cryptocurrency is a good bet for long-term investments. He stated that Bitcoin cannot be undermined by the government and won’t become worthless, so the traders and investors should revisit it. Due to the initial way of operating the cryptocurrency, BTC rewards for the miners reduced to half this year. Thus Bitcoin miners will now get only 6.25 BTC for solving a block.
This is due to major institutions buying up Bitcoin including PayPal, Grayscale, and Square as well as large hedge funds and corporations. Bitcoin currently has decent technical support between the 40k and 42.5k price levels. The image below shows a high concentration of bids, as noted by the lighter coloured bars.
Things To Help You Survive The Crypto Bull Market
Take time off to focus on other non-crypto aspects of your life. Spend time with your family and friends, who will still be there long after the bull run is gone. With that said, bull runs can be physically and emotionally exhausting.
This is where large finance companies looking to gain a first-mover advantage could be vital. Bitcoin was given added legitimacy in December whenPayPal and Square began allowing their users to buy and sell crypto on their platforms. According to Jeff Currie, Goldman Sachs’ global head of commodities research, only 1% of the $700 billion currently invested in bitcoin is institutional money.
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Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer.
Bitcoin has lost -26.3% and Ethereum -36.5% from peak-to-trough in the current correction prompting some to suggest the bull market is over. “Many detractors were quick to believe the bitcoin bubble had popped, as the price seemed destined to fall below $30,000 but this failed to materialise,” says Simon Peters, cryptoasset analyst at eToro. This may suggest that those accumulating coins now are more experienced investors looking to diversify their portfolios with crypto exposure. This makes the asset less prone to widescale sell-offs in the event of a pullback, compared to the 2017 bull run which was more driven by speculation and fear of missing out . Bitcoin is the in the midst of a bull run which has seen it shatter its previous all-time high of December 2017. The cryptocurrency broke through the $20,000 barrier at the end of November and continued to rise through December and into the New Year, eventually hitting a peak of $41,500 on 8th January.
Bitcoin: The Bull & Bear Case
In a world run by halfwits, Bitcoin is a great way for many people to preserve their value. This financial year Americans will suffer over 10% inflation; next year will be no different.
The price of bitcoin has surpassed $41,000 just as I am writing today’s article with no end in sight to this growth spurt. The natural assumption is that Bitcoin must correct at some point, and it will, but just not yet. It is important to read the market conditions; currently the market conditions are a perfect storm and they probably will be for the entirety of 2021. So the case seems solid that the crypto bull run is far from over. Eventually, the bubble will likely burst once again, but each time since 2011, my metrics have moved me to safety within a couple weeks or less from the peak, and sometimes nearly to the day. In consequence, the prediction I made in my keynote speech at the Geneva WealthTech event in 2017 of Bitcoin reaching $1,000,000 by the end of 2023 still stands. Based on S2F and other metrics, the current bull market should run through to at least late 2021 before the bubble, once again, blows apart, black swans notwithstanding.
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Site is easy to navigate, customer support resolved my issue quickly, they don’t hold my cash, and they keep their hands off my coins. In the previous article I referenced retail consumer interest in Bitcoin was rising. There are over 7 billion people in the world, and not even 1% of them hold Bitcoin, so it would be silly to think that this is the top for Bitcoin. The price of Bitcoin has not stopped rising astronomically since I started writing these articles. But really, the price action over the past month has come as a surprise. In the last article I discussed the fact that Bitcoin is in the process of completing its stock to flow and well, we are nearly halfway complete with the target for Bitcoin’s price being $100,000.
The above chart shows the recent rise in Bitcoin’s correlation to gold. This has led some weight to certain managers’ qualitative argument that going forward, more institutional investors may be encouraged to hold Bitcoin as an inflation hedge in a similar manner to gold. Everybody’s talking about Bitcoin – perhaps surprisingly, even the most traditional of multi-asset fund managers.
If the deep pockets of large banks and fund, asset and wealth managers flow into the space, currency will be less thinly traded which should help to ease the price volatility. The price of the virtual currency surged following the report, surging 7.5% to settle around $50,683 by 4 AM EST after hitting $51,369 hours earlier. As has become routine during Bitcoin bull runs, other cryptocurrencies saw surges of their own, with Ethereum and XRP climbing 11.3% and 7.4% respectively.
Like we said earlier, Bitcoin is the first cryptocurrency to achieve great success, and it also introduced blockchain technology to the world. So, essentially it had the first-mover advantage, and a lot of investors that got rich thanks to the subsequent bull runs have contributed to the popularity of Bitcoin. So, as new cryptocurrencies entered the market, it was extremely difficult to stand out when most people have associated the term ‘digital cryptocurrency’ with Bitcoin. When markets are ranging sideways or trending down, then you may need to work harder for your returns by trading crypto long and short (if that’s your thing). But in a major bull run, all you have to do is sit tight and follow the trend. I learned this the hard way in December 2020 when I tried to short bitcoin at around $20,000. I will not be shorting bitcoin until the bear “officially” comes out of hibernation.
A reminder of the inherent volatility of cryptocurrency was ready to pounce, however. Bitcoin promptly lost around 25% of its value, tumbling to £30,500 on January 11th before finding some support and recovering to over $36,500. At the time of writing, Bitcoin is priced at around $34,000. Bitcoin is the most valuable cryptocurrency in the world, with a value making up 60% that of the global crypto market. Bitcoin’s own price dropped 12.5%, falling back under the $50,000 mark. The firm stated that it plans to continually assess its aggregate investment in Bitcoin relative its other investments.
And, of course, its market capitalization increased over $614 billion. “Those celebrating the rise of competing chains in a rampant bull crypto market should do well to remember that they owe everything to bitcoin.” Bitcoin prices peaked above £27,100 ($37,000) earlier today after a recent downturn in the market. BTC is down more than $3,660 ($5,000) after it shot past ($40,000) on January 8 but market analysts believe the crypto is still showing signs of positive movement. As of 4.50pm on Wednesday, the token is trading for £25,261.66 ($34,489.50), according to Coindesk data.
- Bitcoin currently has decent technical support between the 40k and 42.5k price levels.
- Finance Monthly is a global publication delivering news, comment and analysis to those at the centre of the corporate sector.
- While I would not invest in all the same coins this time around, the same principles would still apply today.
- Responses from banking giants regarding what plans they have, if any, for crypto brokerage, trading or custody services, remain cagey.
- Mr Ardoino thinks there is also room for the bitcoin to join in on the crypto gold rush.
His metrics have called every major top & bottom in Bitcoin since 2011. He was up in 2018 vs the median performing crypto hedge fund at -46% and has since achieved returns in excess of gains in Bitcoin and Ethereum with risk spread across more than 30 top performing alt coins. Each time Bitcoin undergoes a correction of typically -25% to -40%, investors often give up as mainstream media dogpiles onto the FUD, marking a significant floor in Bitcoin each time. I cite various fundamentals and technicals as driving forces behind significant price moves. I have done this going back to 2011 for Bitcoin and 2015 for Ethereum as well as for alt coins.
Dr Chris Kacher, nuclear physicist PhD turned stock+crypto trading wizard / bestselling author / blockchain fintech specialist / top 40 charted musician. Co-founder of Virtue of Selfish Investing and Hanse Digital Access. The supply shortage of Bitcoin has been discussed in my prior reports and is well illustrated in the image below.
BITCOIN prices are soaring high today amid Ethereum reaching a record-high bull run this week. Crypto experts believe the sentiment around the flagship cryptocurrency remains bullish and could be a sign of better things to come. “Many traditional investors are still cautious of cryptocurrency’s volatility and have been cautious about adding it to their investment portfolios,” said Stephen Kelso, head of capital markets at ITI Capital. If you are going to make logical predictions of when you think this crypto bull market will top out, then you may want to only take some profits at these levels in case you are wrong. Accept that your portfolio “All Time High” will not be the final value at which you get out. But if you can capture a good chunk of the upside, then you would have done very well. In the past, bitcoin has remained in a strong bull market so long as it has closed the week above its 20-week moving average.
Doge Coin (DOGE-USD), a meme crypto that gained popularity in recent weeks thanks to Elon Musk, was down 10% to $0.0508. On the other hand, a drop below 32239.66 opens the door towards 29202.35 (50% Fibonacci retracement), and 26165.03.
The relatively steady price of Bitcoin and the long bull cycle are the main reasons institutional investors and individual investors were looking to get BTC. he bull run for Bitcoin showed no signs of running out of steam today as the cryptocurrency charged through the $18,000 barrier to near an all-time high. The markets have also been good for the world’s second-biggest cryptocurrency, Etheruem. 29 per cent of those surveyed for the report said that they would never have considered investing in cryptocurrency before the most recent Bitcoin bull run, but now they would invest.
They want to revise their plans by getting to know more about the top cryptocurrency. Hoards are investors started looking at it again in terms of immediate returns or the long-term investment.