US Household Net Worth Rises to a Record $119 Trillion Level in Q2

The net worth of American households and non-profit organizations surged in the second quarter to the highest level ever, thanks to the rebound in stocks and fiscal stimulus following a record drop in the previous quarter.

Household net worth increased by 6.8%, or $7.6 trillion, to a record $118.96 trillion, according to a Federal Reserve report. This was the largest quarterly gain since 1952. This is also about $380 billion more than the net worth at the end of 2019.

This increase came despite a record drop of $7 trillion in the previous three months, quarter first, caused by an economic shock from the COVID-19 pandemic.

During the same period, the level of federal government borrowing also soared as lawmakers responded with massive fiscal relief. Additionally, the value of equities increased $5.7 trillion from the prior quarter, while real estate advanced about $458 billion.

In the first quarter, the pandemic and the subsequent shutdowns sent the economy into a recession, which was the deepest since the 1940s. This resulted in a record decline in the household net worth in the first quarter of 2020.

Since then, the economy has been seeing a gradual recovery. Not to mention, the S&P 500’s quick recovery to pre-pandemic levels in mid-August and fresh highs this month. While the Dow Jones Industrial Average remained about 1.5% away from its February peak, Nasdaq jumped 23% higher than the previous ATH.

However, not every American benefited from this growth, as about 45% of the US population doesn’t own equities, according to a June 2020 survey from Gallup.

In the second quarter, in comparison, Bitcoin recorded over 42% returns.

The housing sector also experienced a V-shaped recovery as pent-up demand and record-low mortgage rates boosted sales, but again, one-third of households don’t own a home.

Consumer credit excluding mortgage debt decreased $69 billion during the pandemic, for the first time in four years.

Low-interest rates that the Fed has announced to keep near-zero through 2023, meanwhile bolstered corporate borrowing during this period. While firms’ debt increased at an annualized rate of 14%, federal debt outstanding swelled at a rate of 58.9%.

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Author: AnTy

The ‘Worst is Yet to Come’ for Altcoins as Capitulation Expected Soon

Post halving, the price of bitcoin has surged more than 10%. However, cryptocurrencies with small-cap have been leading after surpassing bitcoin last week. The Small Cap Index is up about 10% so far.

The Large Caps Index continues to run behind which is also reflected in the market capitalization dominance this week with most coins losing their shares. From Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) to XRP, Litecoin (LTC), and Dash all saw a small decline in their share.

Mid-cap cryptos fared the worst and are still in red this month, down 1%. This index has been struggling since the beginning of May.

When Alt Season?

After making several attempts to take over $10,000, Bitcoin has found a place under $9,500, for now.

A drop in BTC price means altcoins are also boring right now. Top cryptocurrencies are in the mix while small-cap altcoins like Electronium (+64%), Hyperion (+11.61%) are enjoying gains while DigiByte (+7%), Ethereum Classic (+3.88%), Maker (+3.10%), and Hedge Trade (+2.34%) are also recording some greens.

According to trader SalsaTekila, altcoins will continue to capitulate in the coming couple of months. If during this time, bitcoin surged to new highs, it would set the stage for alt season.

“I hope BTC keeps mooning while ALTS capitulate in the next few months because that would be the perfect conditions for altseason. If bitcoin breaches ATH media coverage will give crypto a lot of visibility and retail newcomers just love owning 10 gazillions XRP over 1 BTC…”

But this also means altcoins will feel more pain in the coming months as analyst Pentoshi also sees the alt market getting ready to “capitulate soon.”

“Seems like the worst is yet to come but afterwards should provide huge opportunities,” he said.

Ether is currently heading for levels not seen since 2016 while Litecoin is trading below 2014-2016 prices and XRP is heading for levels from 2014, 2016, and 2017. Pentoshi said,

“If BTC breaks out and heads towards 10.5k. Have some absolute stink bids on alts. If we see the 19′ highs soon. Alts will likely be lower than you could have ever dreamed of. Holders, or people over exposed will unfortunately likely be in more pain than at any point in 3 years.”

Most of Bitcoin Investors End up in Altcoins

A recent report from Coinbase revealed that while bitcoin is a dominant cryptocurrency, the customers of the exchange show a relative preference to altcoins as well. It reads,

“Bitcoin’s position as the blue-chip asset has remained unchallenged. That said, we do see a trend where bull markets show increasing traction among alternative assets.”

Customers with at least five purchases, 60% of them start with bitcoin but only 24% stick exclusively to bitcoin. More than 75% of Coinbase customers eventually buy other crypto assets.

The reason for the same is largely psychological — winning investments. As seen in the 2017 bull run, with over 1,300% returns Bitcoin was the 14th largest gainer.

The winner of the bull run was XRP with 36,000% gains followed by NEM (29,800%), Ardor (16,800%), Stellar (14,400%), and Dash (9,200%).

However, during the market crash as fear grips the market as seen in 2018 and 2019, “a flight to crypto safety drove Bitcoin back to the forefront.”

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Author: AnTy

Decisively Bullish’ Bitcoin Breaks Into A New 6-Week High, Rising Above $7,750

In a sudden and strong move today, the world’s leading digital asset surged as high as $7,756 on Bitstamp. Currently, BTC/USD is trading above $7,500, up 2.55% YTD. Following bitcoin, altcoins surge higher as well, with Stellar in the lead with nearly 18% gains. DigiByte (14.60%), Cardano (9.31%), Tezos (8.13%), and Engine Coin (7.11%) also recorded significant gains.

Source: Coin360

Tuesday morning stock markets also extended gains with S&P 500 up 1.34% and Dow rose 1.42% only to pare after a hopeful coronavirus treatment from Gilead (GILD) failed in a trial.

Today, the Labor Department also reported that the number of Americans applying for state unemployment totaled 4.4 million last week, bringing the total tally over the last five weeks at 26.45 million, far exceeding the 22.442 million jobs added to payrolls since November 2009, when the US economy began to add back jobs after the recession.

Gold also went up 1.06% to $1,756.80 per ounce.

Most Buy Liquidated in a Month

Now, today as the price of bitcoin went up to the level just before the March 12 crash, shorts got heavily liquidated. As a matter of fact, BitMEX XBT/USD had the most buy liquidations in a month as the Bitcoin price went through $7,500.

The popular derivatives exchange which lost some of its market share to Binance since Black Thursday also has its Bitcoin balance down nearly 32% since the March top. But now that bitcoin has broken up to a new six-week high ahead of halving, the market is getting excited.

According to trader Josh Rager, “$7373 is still the level to close above on higher time frames to lead to more upside.” Neutral at the moment, Rager said,

“currently stuck under the Point of control (price with highest volume) over the past 6 months. A lower-high would form if Bitcoin doesn’t close above the POC at $7177.”

Meanwhile, trader Crypto ISO says,

“BTC reclaiming the 50 MA was a good signal. SPX en route to do the same. 61.8 fib on BTC is the barrier for now. SPX likely tests it and maybe 200 MA. 200 MA’s untouched. Equities seem strong. Will be looking for sustained pos funding, green delta, 70.5 fib. 84-8500.”

“Unlimited QE” Everyone

Keeping the price movement aside, there are various reasons to be bullish about the crypto market. With the number of addresses holding Bitcoin for over a year at their all-time high, long-term investors accumulating BTC, and new money flowing in stablecoins, the market is seeing constant growth.

Also, Weiss Cryptocurrency Rating shares its “decisively bullish” long-term outlook because of a favorable risk/reward ratio, the Federal Reserve creating a new surge in demand for crypto assets by printing fiat money at the fastest pace in history and supply shock coming in Bitcoin.

After the US, today, the Bank of Japan also announced “unlimited QE” and doubled its corporate bond purchases while maintaining a negative rate at -0.1%.

While the central banks are printing money to inject liquidity into the market, announce stimulus measures, and bailouts to fight the fallout from the coronavirus pandemic, millions of Americans are still struggling to pay rent and buy groceries but the wealth of billionaires only surged to “new heights.”

A latest report found that American billionaires actually got $280 billion richer since the start of the COVID-19 pandemic while millions are getting out of work.

This disparity amidst the macro backdrop of coronavirus, negative interest rates, money printing, banks using the average American’s stimulus money to pay off debt are all working in favor of the unseizable hard asset Bitcoin.

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Author: AnTy

Galaxy Digital’s Novogratz Remains Bullish as Ever on BTC: “This is the Time for Bitcoin”

The price of Bitcoin has surged 74% from the low the digital currency put on March 12. However, we are still down 36% from 2020 high of about $10,500. But according to billionaire investor Mike Novogratz instead of panicking, this should be taken as a buy the dip opportunity.

In a recent interview with CNBC, the Galaxy Digital Holdings’ CEO said, “If there was ever a time — debasement of fiat currencies, monetization of trillions of dollars of debt, this is the time for Bitcoin.”

The bitcoin bull predicted on Tuesday that the world’s leading cryptocurrency would rally this year as it was designed after the 2008 financial crisis to be an alternative when central banks “run amok.”

In recent weeks, we saw central banks around the world announcing trillions of dollars in stimulus to pump in the financial markets and promising every step necessary to combat the impact of coronavirus on their economies.

“It needs to rally this year,” said Novogratz. “If at the end of the year Bitcoin’s not a lot higher, I’m going to scratch my head and say, ‘Look, what the heck is going on?’”

Bitcoin Looking Promising

Currently, BTC/USD is trading under $6,700 after surging to $6,990 after the $2 trillion stimulus coronavirus bill was passed. The move yet again followed the stock market. Yesterday, the Dow Industrial Average had its historic rise only today to swing between gains and losses.

Meanwhile, one technical indicator, GTI VERA Convergence Divergence is flashing a buy signal. Moreover, according to Christel Quek, co-founder of Bolt Global,

“It could be very likely that traditional investors are seeking to regain liquidity through profit hunting from crypto assets as equities are negative worldwide.”

However, in the short-term, in the next 1 to 2 months, economist and trader Alex Kruger sees everything from equities, their volatility, bitcoin if it remains risk-on, and crude oil to be lower.

It’s worth noting, in less than two months, Bitcoin will experience its third reward halving that would cut down miners block rewards while the cost of mining bitcoin will surge between $12000 to $15,000.

In the next six months, the economist sees equities and gold higher while his 12 months’ view is everything from equities, its volatility, gold to bitcoin going higher. But the main risk he said is if the equities’ bottom is in because of the rising coronavirus cases and the period of lockdown in the US.

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Author: AnTy

Treasury Bill Yields Turning Negative Is “Mega Bullish for Bitcoin,” Says Macro Trader

Global stock markets surged higher on Friday after central banks around the world unleashed a torrent of stimulus measures to cushion the shock from coronavirus (Covid-19). With US stock futures sharply higher, Wall Street is expected to have yet another big swing.

Asian stocks closed with gains while European markets were on track to their second positive session in a row today.

The rally came after central banks including the US Federal Reserve, the Bank of England, and European central banks announcing huge new injections of funds into financial markets.

After closing with modest gains on Thursday, the S&P 500 was up about 0.5%, the Dow Jones Industrial Average 1% and the Nasdaq Composite ended 2.3% higher. Now, today the Dow futures jumped 4%, Nasdaq 4.5%, and S&P 500 futures gained 3.4% signaling another green day for Wall Street.

According to Jurrien Timmer, director of global macro at Fidelity Investments, markets are “very oversold” with much “forced selling” going on.

“We’re at the levels of ’08, of ’87 crash, 1970, even 1929, 1930,” he said, “So you can count almost, on one hand, the times that we’ve been this oversold.”

The fastest, sharpest decline in Treasury yield

Earlier this week, government bond yields cascaded to record lows amidst the liquidity issues in a sign of frightened investors flocking to safety.

“It’s the fastest, sharpest decline we’ve ever seen. It’s been contagious across all asset classes — bonds, credit, commodities, you name it,” said Timmer.

Last weekend, the Fed slashed interest rates to between 0 and 0.25% in response to the coronavirus outbreak. It’s “unbelievable,” said billionaire investor Warren Buffett.

The US Treasury bills dipped below zero as those maturing in one or less months are being seen as more like cash as they are easier to trade as “People are desperate for cash,” said Kathy Jones, chief fixed-income strategist at Charles Schwab.

“What you are seeing today is an example of a flight-to-safety on a massive scale,” said Jones.

While the yield on the one-month Treasury bill maturing in April slipped to minus 0.003%, those maturing in May fell to minus 0.020%.

Bullish for Bitcoin

Treasuries yield falling into negative territory has macro trader Dan Tapiero, co-founder of Gold Bullion International bullish on bitcoin.

Trader Mr. Anderson also believes the next high bitcoin won’t have any “bubble excuses’ but “It will happen in the face of currency wars & a negative-yielding environment, & unlimited QE. When it happens it will introduce the world to BTC.”

In a massive move up, Bitcoin is flying today, going as high as $7,139, up 60% from Monday’s lowest point of $4,445.

Just like bitcoin took a hit of about 50% in about two days, the same way bitcoin has recovered 85.4% of the losses since hitting the low of $3,850 last week.

“I can not express how bullish I am on bitcoin. We are at risk of losing the entire system right now. I know they will find a way to save it but all trust is lost. Gold guys/girls – you’ll be fine too. It’s just that BTC has bigger upside, by far but is riskier than gold,” said Raoul Pal, the CEO and founder of Global Macro Investor.

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Author: AnTy

Bearish Narratives Behind the Bitcoin Price Crash to $8,169

Earlier this week, the bitcoin price surged back above $9,000 after having a roller coaster ride last month. In February, Bitcoin climbed to $10,600 and then dropped as low as $8,420 at the end of the month.

Now, we are almost back to where we started the week. In the past 24 hours, the digital asset fell nearly 10% to $8,169.

Three potential reasons for this bearish momentum involves coronavirus, miners hoarding, and PlusToken scam dumping on the market again, said analyst Jacob Canfield.

Coronavirus Sell-Off

The deadly covid-19 continues to spread all over the world while the situation continues to get better in Wuhan, China, the epicenter of the coronavirus.

As we have been seeing since last week, the coronavirus led to a sell-off in the global stock markets. The US stock market has been experiencing the worst days since the 2008 recession. This led to the central banks around the world to announce stimulus but even that hasn’t been able to keep the market sentiment positive for long.

Meanwhile, the traditional safe-haven assets like gold and Treasuries have been seeing much demand and prices rising to yearly highs.

When it comes to bitcoin, last week we saw BTC reacting to the coronavirus just like the global market but this week, it took a turn. The price of a digital asset also has an inverse correlation with coronavirus.

According to crypto data provider, Santiments, the fear among the investors regarding the economic impact of the virus has been also playing into the crypto market but it has tapered off slightly since discussion in crypto boards peaked on Feb. 25th.

Cumulative Effect

Another potential bearish narrative adding to the selling pressure of bitcoin price is the Miner hoarding which Canfield says has “typically strong bearish indication.” Asset fund manager Charlie Morris said,

“Miners have recently started to sell less than they mine. Historically, that has coincided with negative returns and reflects a weaker market bid. Miners are hoarding because they want to protect the market which is too soft to sell into. Bottom row turned green.”

Bitcoin returns have been poor when the miners sold less than they mined and strong when they sold more than they mined.

This Mossis explained has nothing to do with the upcoming halving in May 2020, but counter-intuitive. “Historically, they have built up inventory during bear markets and sold it down during bull markets,’ said Morris.

This week, about 13,000 BTC has also been moved to new PlusTokens mix deposits. Though it does not necessarily mean a sell-off in the immediate future, there is certainly a rising probability of it now.

Also, the trading volume has been drying up since last week. We have been seeing less than the 2020 staple of over a billion-dollar exchanging hands-on top ten exchanges with real volume. Moreover, this sudden drop led to the liquidation of a whopping $19.25 million on BitMEX and $1.5 million on Bitfinex.

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Author: AnTy

Bitcoin Price to $9k ‘Inevitable’ But What Will Confirm the Next Big Uptrend?

  • Jump in BTC price resulted in Bitcoin futures recording $25 billion in volume, OI surged 15% to reach $3.5 billion & options volume on Deribit Exchange spiked 500%
  • Crypto Twitter feeling very bullish, a vast majority think 2020 high will be above $20k
  • “New year, new money, (or) new enthusiasm,” what got the altcoins going?

Yesterday BTC jumped about 10% to cross the $8,900 level. Altcoins, however, pumped harder than Bitcoin.

While former hedge fund manager Mike Novogratz isn’t sure what brought on this altcoin rally, if it was “new year, new money, (or) new enthusiasm,” It could just be the lack of liquidity in altcoins or “closely held BTC forks” that makes it very easy to pump them and drag the entire market up. Saifedean Ammous, author of The Bitcoin Standard notes,

“Altcoins have approximately zero liquidity, so when Bitcoin starts to rise, it only takes a little bit of money seeking “diversification” to make altcoins rally. As alt liquidity rises & their numbers swell, the effect dissipates.”

However trader Josh Olszewicz says for Litecoin (LTC), EOS, Zcoin (ZEC), and Ethereum Classic (ETC), it was a matter of technicals. Six month accumulation period after two-year downtrend combined with growing bullish divergence on RSI for most of the higher caps, and favorable trend metrics (Cloud/EMAs) drove the price up.

Volume Jumped Across the Board

Although the world’s leading cryptocurrency couldn’t sustain this level, along with price the volume across the board saw a substantial jump too.

According to crypto analytics firm Skew, Jan. 14 was the most active session of the year for Bitcoin futures. It has actually been the busiest one since Oct. 26. The company recorded over $25 billion in Bitcoin futures trading volume.

When it comes to open interest, it surged 15% to reach $3.5 billion on all the bitcoin derivatives exchanges combined.

The options volume on Deribit Exchange, the dominant force in the bitcoin options sector, saw an increase of 500% yesterday.

Crypto Twitter is Feeling Very Bullish

Bitcoin’s 10% rally in a day and nearly 19.50% gains YTD have turned the Crypto Twitter extremity bullish as can be seen in the result of the poll run by economist and trader Alex Kruger.

Over 47% of the 4,079 respondents think the high of 2020 will be above $20,000. It is followed by the $14k to 19k and then below $11,500.

The bracket price of $11,500 to $14,000 that received the least votes, 10.5%, is however, Kruger’s personal educated guess, the level he sees BTC topping this year.

What’s to Come?

After climbing to $8,900 yesterday, Bitcoin is currently trading at $8,747. As Bitcoin takes a rest with volume dragging down, altcoins have started cooling off as well.

According to investor and trader Josh Rager, $9,400 is the significant area for BTC to take as it held support for June-Sept. range. The next important level is $10,350 which is the point of control. At this price point, the highest volume was traded from May to Dec. He said,

“Breaking $10,350s, IMO, will confirm next big uptrend with 5-digit BTC for months to come.”

Meanwhile, trader CryptoSqueeze believes $9k is coming.

“BITCOIN CANT STOP WONT STOP. I think 9k is inevitable at this point. Back in my long. I’d be more concerned of not having a long than trying to time the dip.”

While many are still bullish…

Some are not feeling this rally…

The rally had BitMEX registering its highest daily funding rate yesterday since 11/6 but analyst Rptr45 notes, this was where “it subsequently sold off ~20% in the next 20D.”

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Author: AnTy

Wall Street Hits Historic Highs in Record Rally, But The Real Winner Gained 8,990,000%

  • Nasdaq breached the $9,000 level for the first time in history, S&P 500 also surged higher
  • Amazon’s “record-breaking” holiday shopping season revealed strong consumer activity
  • Gold is back on the rise while Bitcoin is the top-performing asset of 2019

For the first time ever, the Nasdaq composite index broke through the 9,000 thresholds on Thursday. While Nasdaq snapped its 11-day winning streak, the longest streak since 1997, after showing some weakness, S&P 500 and the Dow made record closing highs as well.

With only two days left for the year, the benchmark S&P 500 climbed over 29% so far in 2019, its biggest annual percentage gain since 2013.

All three major Wall Street indexes are posting record closing highs on the back of optimism over US-China trade relations and Amazon’s record-breaking holiday sales and a year-end stock-market rally.

The holiday sales figures revealed strong consumer activity and growing popularity in online shopping.

What’s behind this rally?

Shares of Amazon spiked 4.5% after a Mastercard report showed that US shoppers spent more online during the holiday season than in 2018, with e-commerce sales making a record high.

“Billion of items were purchased,” said the e-commerce giant with “tens of millions of Amazon devices” bought worldwide. More than 5 million new customers started paid memberships or Prime free trials, the company said in a statement.

US-China’s cooling trade tension as Beijing said it is in close contact with Washington about an initial trade agreement has also been fueling the last leg of Wall Street’s record rally.

Also, a Labor Department report showed the number of Americans filing applications for unemployment benefits fell, a sign of ongoing labor market strength.

Gold and Digital Gold meanwhile…

It wasn’t just equities index that soared, gold is also having its best week in the last four months. A popular hedge for investors expecting increased market volatility broke through the key psychological barrier of $1,500 per ounce.

The precious metal is up 17% year to date, which puts it on pace for its best yearly performance since 2010.

Digital gold meanwhile is the winner. While, Nasdaq Composite is up over 8,800% since its launch in the early 1970s, BTC gained 8,990,000% in its decade long life span.

Bitcoin is the best performing asset of 2019 with more than 90% gains recorded to date this year. Currently, Bitcoin is trading at $7,300 after climbing to $13,900 in June.

Moving into 2020

As we enter into 2020, strategists are expecting single-digital gains for the stock market as in most presidential elections. But these gains could be threatened if President Donald Trump’s victory is in doubt.

For Bitcoin, the next year brings the reward halving, which is a historically bullish event. With this supply shock, many are predicting the crypto asset to make a new high while others project this event to not have any effect on the price.

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Author: AnTy

Gold Value Surges Above $1,500 as Bitcoin Price Rises to $7,330 BTC/USD

Gold has just surged above $1,500 as investors are getting ready for the new year. Meanwhile, Bitcoin (BTC) is getting a nice post Christmas boost at $7,330. One of the most important things for investors is to understand whether the U.S. Federal Reserve (FED) will be cutting interest rates next year.

Gold and Bitcoin Are Getting Ready For 2020

Just after Christmas and getting ready to enter into a new year, both Bitcoin and gold have registered good performances throughout 2019. While gold surged 17% YTD, Bitcoin is up more than 90% since January, seeing a low of middle three thousand range to currently above $7,000.

Gold has been considered a safe-haven asset that is used by individuals as a store of value. In human history, gold was also used as a means of payment as well and is very useful for investors to hedge against volatility in traditional financial markets.

Meanwhile, Bitcoin wants to become a new store of value besides being useful to make cross border transactions. In the future, Bitcoin could be useful for investors if it becomes the new ‘digital gold’ as many enthusiasts are already calling it.

The current U.S.-China trade war could also be arriving at an end and the Fed may decide not to lower the rates further. In 2019, the FED cut rates three times. The U.S. economy and its financial markets are also expanding and reaching new records in terms of jobs created and stock market highs.

Some analysts consider that gold could continue growing in the future and further rate cuts could push the precious metal to over $1,600. This shows investors are still adding gold to their portfolios at current prices.

Regarding Bitcoin, the leading cryptocurrency is expected to be halving in mid-May 2020 which could eventually be the catalyst of a new bull market in the crypto space.

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Author: Carl T

Trader Predicts Bitcoin Bottom 10 Months in Advance, $16K Next Week?

In a sudden and strong movement, the Bitcoin price surged 18.8%, going from $7,393 — the lowest point of today — to as high as $8,784.

Currently, the leading cryptocurrency is trading at $8,563, as per Coincodex. Trading Volume is also increasing fast, currently registering $853 million on ten exchanges with real volume as per Messari, while last weekend we have been stuck below $200 million.

As we reported, several reasons could have been behind this surge, including China President Xi Jinping telling to “seize the opportunity” and take the leading position in blockchain technology to the expiration of CME futures contracts and massive short squeeze.

S&P making new records had Fundstrat’s Tom Lee reinstating his “unpopular opinion” that Bitcoin is “mostly retail, thus, mostly ‘risk-on’.”

But does the ongoing movement means Bitcoin is back to its bullish ways?

In Q2 of 2019, Bitcoin recorded an increment of 161% reaching a new 2019 high of $13,900. However, in the subsequent quarter, we lost 25% value and then went down to $7,350 level on October 24.

This drop, according to Looposhi, a well known Twitter commentator with 59,500 followers is the bottom of this cycle.

What’s interesting is this date was predicted by Looposhi in January, this year.

But not everyone is on board this boat. Crypto trader and investor Josh Rager says we gotta close above $7,861 first. This jump, according to him was expected, given that on Wednesday BTC lost about 10%.

“The trend is still down but in short term trades, sideways can allow a few alts to outperform BTC,”

Rager added.

Another analyst who feels the same way is Benjamin Blunts who says, “if you pull the TL from 7300 it just doesn’t look right.”

Trader Credible Crypto agree with this, and sees “local low like 7.2k or mid 6k’s.”

But what about the $16,000 Prediction?

A screenshot of a comment from January 2019 correctly predicted Bitcoin’s price twice, first in April at $5,300 and then in July at $9,200.

According to this anon BTC price predictor, the next stop for Bitcoin is $16,000 and it only has 5 days left to achieve that.

For starters, October isn’t over yet and we have seen BTC surging like crazy in a very short amount of time in the past. In 2017, Bitcoin went from $8,000 to $20,000 in about 2 weeks and the same from $3,200 to $10,000.

But even then it might not be possible in October. Moreover, “That was a different market,” as stated by the crypto trader and investor Josh Rager adding “The trend is down currently.”

But he also acknowledged that “BTC is a reflexive asset,” as we have already seen, in less than 24 hours we saw a nearly 19% increase in price.

It would be interesting to see after being correct twice and also with BTC bottom if 4Chain will make a hattrick or we would be waiting for a new 2019 high.

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Author: AnTy