Kategorie: Bitcoin News

Many Bitcoin (BTC) experts and bulls see the crypto hitting $100, 000 in the near time. But many also remain split on when exactly this will happen. The large-cap coin has experienced massive headwinds this year.

It hit its all-time high just last month after scaling well over $68, 000. However, the surge did not last long sine in early December, Bitcoin tumbled to $46, 000. But considering BTC started the year at $30, 000, it’s still outperforming a lot of assets. But could Bitcoin really hit $100, 000?

Bitcoin’s Bullish Sentiment

Conservative analysts at Fidelity Investments are looking at the $100, 000 price target by 2023. But optimistic bulls see this coming rather sooner. In fact, some even predict that the crypto will hit $100, 000 in Q1 2022. Much of this growth is expected to be driven by solid organic demand. Bullish analysts at Token Metrics feel that the currency will hit $75, 000 by year-end.

Data Source: Tradingview.com

Others like Parallax Digital, a digital assets marketing and consulting firm, are looking at $307, 000 by October 2021. This is by the most bullish prediction of them all. Analysts at Parallax argue that inflationary pressures occasioned by the COVID 19 pandemic and the supply chain crisis will push more investors towards cryptocurrency. So, here is an expected timeline of events based on these predictions:

• Bitcoin Starts the year at $30, 000 

• Hits an all-time high of $60, 000 in September 2021 

• Surges to $75, 000 by year-end and goes on to hit $100, 000 in Q1 2022

Short Term Volatility Still Remains a Concern

Despite these bullish predictions, the short-term volatility of Bitcoin is expected to remain a big concern for investors. This has been a feature of Bitcoin for the last three months or so, and analysts feel it will continue in the short term.

The looming threat of potential regulation also remains a risk factor. However, analysts say that if indeed the crypto hits $100, 000, it will trigger a “euphoric” bull run that could send it to incredible heights.

The post Experts Predict Bitcoin Will Hit $100, 000 – But When Exactly? appeared first on Coin Journal.

• Jesse Powell says he bought more Bitcoin when it dropped to lows of $30,000 a few months ago.

• He says Bitcoin is more a “buy and hold” investment, while his forecast for the US dollar is markedly bearish.

Kraken CEO Jesse Powell has said the current downward pressure would provide another buying opportunity for investors if the price of Bitcoin were to dip below the $40,000 level.

In an interview on Bloomberg TV, the Kraken chief talked about the crypto space and even revisited his earlier prediction that had BTC rallying to $100,000 by the end of the year. 

While he notes that’s unlikely to happen given the market outlook, he believes the froth seen over the past several weeks would lead to a crucial buy the dip chance if the bears pushed below $40k-ish.

“I was buying when we dipped close to $30k a few months ago and you know I think a lot of people have a lot of dry power on the sidelines just waiting to come in at rock bottom prices,” he told Bloomberg’s Emily Chang.

Bitcoin is a „five-year plus“ investment

Acknowledging that his previous predictions for Bitcoin might have been a miss, Powell noted that it’s hard to tell what happens next in the market. He however feels it’s better for anyone looking to invest in Bitcoin to look at it as a “five-year plus investment.”

He also talked about Bitcoin’s more volatile nature, noting that such an outlook is more pronounced on shorter time frames- its price can swing massively in a day or over a week. He believes the strategy should be to look at the crypto as a “buy and hold investment.”

Powell sees the dollar crashing to „zero“

But while he remains bullish on crypto, especially Bitcoin, Powell paints a grim picture for the US dollar. He says that with interest rates likely to go negative and the dollar towards “zero”, the best scenario for investors would be not to have their currencies held in the greenback.

Powell also mentioned Kraken’s plans as the crypto market sees more and more activity, noting that the exchange wants to help fight the misinformation likely to impact negatively on new investors. Kraken is also looking to unveil a non-fungible token (NFT) platform to seize on the opportunity provided by the great interest in the space.

The Kraken CEO also commented on the need for proper regulation in the sector, noting that the exchange is pro-regulation but these should be clear and designed to support the industry grow.

Bitcoin currently trades around $46,800 as bulls battle to reclaim the $50,000 support level. The cryptocurrency has declined by about 8% in the past week, though it’s 140% up over the past year. In September, Bitcoin bounced off the $40,000 level after a brutal sell-off, and despite a choppy October, reached an all-time high above $69,000 on 10 November.

This time, Galaxy Digital CEO Mike Novogratz says the $42,000 level might be a key support level for Bitcoin.

The post Bitcoin below $40K is a buying opportunity, says Kraken CEO appeared first on Coin Journal.

On 14th December, DOGE price went up by over 25% and became the only major cryptocurrency to deliver gains for the day as the rest of the coins including Bitcoin (BTC) and Ethereum (ETH) nose-dived.

After consolidating, DOGE is currently trading at $0.1819 and still in the green with a 13.17% rise in the last 24 hours.

Why is Dogecoin (DOGE) price rising?

Previously, DOGE had followed Bitcoin (BTC) and other major Cap tokens in the drop over the course of the week.  

The current DOGE price rise is attributed to Elon Musk’s announcement that DOGE will soon be accepted as payment for merchandise by Tesla.

The current turnaround for the meme coin that had been on a slippery slope has given DOGE holders 10% weekly gains.

Musk tweeted that Tesla will make some merchandise buyable using DOGE and see how it goes.

pic.twitter.com/tXh5YSq2lX

— أحمد (@A7imd) December 14, 2021

After the announcement, Tesla adopted the unusual way of only accepting one cryptocurrency (Dogecoin) out of all possible cryptocurrency options.

The move is seen as a risk by Musk to challenge Bitcoin supporters after he disqualified BTC purchases for Tesla vehicles allegedly due to environmental concerns.

Musk ‘’person of the year’’ as declared in the Time Magazine, said that Dogecoin is better for transactions than Bitcoin, adding to the longstanding public praise record for DOGE.

“The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin.” 

The post Dogecoin (DOGE) skyrocketing after Elon Musk says Tesla will start accepting it as payment appeared first on Coin Journal.

• Real Vision CEO Raoul Pal believes that the crypto market is yet to top and a fresh rally is likely in the first quarter of 2022, with institutional big money the likely driver before markets become frothy.

Global Macro Investor founder and CEO Raoul Pal has said that people getting extremely bearish as the crypto markets struggle should note that the game hasn’t changed.

In his opinion, much of the sell-off pressure is down to investors taking new positions and rebalancing, given the space has seen “a good year of owning risk.”

Bitcoin price reached highs of $69,000 in early November as did many other top cryptocurrencies following a fresh momentum on the back of regulatory tailwinds presented by the SEC’s approval of the first futures-based exchange-traded funds in the US.

A downturn has since followed, with Bitcoin breaking below $50,000 to highlight the general rout seen over the past month or so. Some analysts say the market is on the threshold of a bear market, but many, including the Real Vision CEO, suggest otherwise.

According to Pal, most investors will realise that cryptocurrencies have generally “gone nowhere since May,” with the exception likely to be with those lucky to have nailed a pump.

He notes that crypto’s bullish run from July lows currently sees most crypto assets trading well below their year-to-date peaks.

“But we haven’t seen a blow-off top with record participation. We have seen speculation of some size in NFT’s but that is mainly people who already have ETH and have profits to burn,” Pal said in a Twitter thread shared on Tuesday.

The investment strategist adds that the industry is seeing meaningful institutional adoption, with a spike in new use cases that should see more investments in Q1 push prices higher. If this happens, the analyst believes there’s likely to be an explosion of new money into the market and potentially see crypto become frothy.

Pal advises that it might be time to “sit tight, add on dips and if we see another sharp rise in the entire space, reduce your more speculative holdings and rotate to higher quality.”

https://twitter.com/RaoulGMI/status/1470553490166628360 

He also believes that the market is geared for a new investment phase that should see focus shift from retail to institutional adoption. The scenario has slowly built towards this end for much of the year, but the “big herd” will really make an entry in 2022.

The post Raoul Pal: Digital assets have gone nowhere since May appeared first on Coin Journal.