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Novogratz Thinks 2019 Will Be Bitcoins Year

Novogratz Thinks 2019 Will Be Bitcoins Year
The CEO and founder of the cryptocurrency fund Galaxy Digital, Mike Novogratz has recently gone onto TV to talk about the ongoing developments in the crypto space. Novogratz went on television to do an interview with Bloomberg recently to explain why he believes the first two quarters of next year will be the time for Bitcoin to thrive. The Galaxy Digital CEO is well known for being pro-Bitcoin and has previously declared the bottom of the cryptocurrency market whilst being consistent on being bullish for the digital currency. Novogratz’s appearance on Bloomberg highlighted the latest news that one of the biggest financial service providers in the world, Fidelity Investments will be releasing a digital currency-related custody service. The firm is a manager to over $7 trillion in customer funds and became the biggest financial provider to officially announce a crypto custody solution. This all comes to Mike as a very positive thing. As Novogratz argues, financial firms all over the world try to decide if cryptocurrency is a safe asset class to trade in and custody brings them a step closer to joining the crypto movement.
“We’ve been saying for a long time that one of the things that will get institutional investors involved in crypto is custody solutions...And they’re coming out with a world-class custody solution aimed at institutions...that’s just another check.”
Said Novogratz. As reported by CrytpoGlobe:
“Novogratz also argued that institutions still don’t completely understand cryptocurrencies. Cryptocurrencies are bearer instruments, meaning that users personally hold the assets, and institutions are not used to this. Most of the time, a separate, trusted entity holds assets for investors. Quality custody solutions such as Fidelity’s means that institutions won’t have to worry about losing their cryptocurrencies due to improper key management.”
This is great news for Novogratz, he made it clear that the price might take a while to catch up to the news though. Fidelity’s custody product won’t be up and running until the first quarter of next year and even then the investors might not be pouring in. They will most likely want to see Fidelity build a track record as an initial step and as their custody team gets more experience, more funds will come into invest. What are our thoughts? Do you think that 2019 is Bitcoin’s year? Let us know down in the comments below?

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BTC/USD Priming for Another All-Time High? Sally Ho's Technical Analysis 2 December 2020 BTC

BTC/USD Priming for Another All-Time High? Sally Ho's Technical Analysis 2 December 2020 BTC

Bitcoin (BTC/USD) moved higher in today’s North American session as the pair appreciated to the 19165.94 area after trading as low as the 18335.00 area in the Asian session, a test of the 200-hour simple moving average.  The pair traded at an intraday high around the 19340 area during the European session, above the 61.8% retracement of the recent depreciating range from 19915.14 to 18109.00BTC/USD established a fresh all-time high at the 19915.14 area earlier this week after Stops were elected above the previous all-time high of 19891.99.  Traders are eyeing the 20311.36, 20534.46, and 21909.24 areas as upside price objectives.  The pair stopped short of testing the 15808.49 area during the recent move lower, representing the 23.6% retracement of the wide appreciating range and recent absolute 2020 range from 3858 to 19500.  Significant Stops were elected during the recent decline including below the 18605.14, 18275.16, 18016.74, 17604.12, 17517.42, 17156.69, 17099.13, 16905.00, 16603.10, 16357.50, and 16292.58 levels

Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 16092.69 and 15935.90 areas.  Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a relative historical depreciation from 19891.99 to 3128.89.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18371.71 and the 50-bar MA (Hourly) at 19137.33.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19915.14/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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Willy Woo: “I’ve never been so bullish for 2021“

Willy Woo: “I’ve never been so bullish for 2021“

Quick take

1 minute read

  • Willy Woo believes that the leading cryptocurrency reaching $300,000 in 2021 isn’t completely unreachable.
  • Writing in a thread of tweets earlier this week on the 1st of December, the analyst said that he has “never been so bullish“ when it comes to bitcoin and how it will perform in 2021.

Well-known analyst and Twitter commentator Willy Woo believes that the leading cryptocurrency reaching $300,000 in 2021 isn’t completely unreachable.

Writing in a thread of tweets earlier this week on the 1st of December, the analyst said that he has “never been so bullish“ when it comes to bitcoin and how it will perform in 2021.

He even went on to add that he was looking at a six-figure bitcoin by December next year.

“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question.”

Before we go any further though, it is worth noting that we are not financial advisors and this is not financial advice. Investing in crypto can be very risky so it’s always worth doing your research before putting your money into a digital asset such as bitcoin.

Bitcoin has had an exciting few weeks. At the start of last month, the United States presidential election pushed bitcoin to new heights and since then, it hasn’t stopped growing. Earlier this week, the leading coin was rejecting the $20,000 key resistance level but many people are still very excited about it surpassing this price range in the near future.“ 

Woo said,

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Gemini’s Tyler Winklevoss believes “cash is trash“ and that bitcoin will come out on top one way or another

Gemini’s Tyler Winklevoss believes “cash is trash“ and that bitcoin will come out on top one way or another

Quick take

1 minute read

  • “Cash is trash“.
  • Tyler Winklevoss slams Fiat currency in a recent CNBC interview.

“Cash is trash“.

This is what Tyler Winklevoss, one-half of the infamous Winklevoss twins said recently on CNBC it’s only a matter of time before investors decided to abandon the US dollar, as well as other Fiat currencies, and instead opt-in for bitcoin.

He said:

“at some point, it is hard to look at those data points and say that bitcoin isn’t an incredible store of value.“

To that end, the other half of the twins, Cameron said that bitcoin just needs to be “better than gold“. This will help see its price spike to insane levels.

Eventually, bitcoin will hit $500,000 in the twins' eyes. For those that don’t know, the two-run the Gemini crypto platform based in the United States.

The way bitcoin is currently acting would indicate that the twins are somewhat on the right lines. That’s not to say that bitcoin will eventually hit such a milestone as half $1 million but many enthusiasts believe that the ballroom that bitcoin has been recently experiencing is different to the previous market cycles due to how many institutional investors are getting involved with the industry. 

It’s also worth mentioning that bitcoin has matured massively over the course of 2020 and could have a permanent place in a financial system in the near future.

Bitcoin is being adopted all around the world consistently and has been over the past year. Only exciting things seem to be coming for the leading cryptocurrency but before we finish, it is worth noting that we are not financial advisors and this is not financial advice. Please do your own research before investing in a cryptocurrency.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Investors Keep Buying Out Bitcoin

Investors Keep Buying Out Bitcoin

This analysis brought to you by RoboForex

The Bitcoin price set a new record after a deep correction, demonstrating again that institutional and individual investors use any chance to buy the cryptocurrency at a decline. The Bitcoin enjoys a mighty uptrend. While the leading altcoin rests at the top of the market, gold keeps falling. Traders are sure that market players leave gold and invest in the BTC and other altcoins. Many major players speak aloud about selling gold and buying the BTC and ETH instead in a proportion of 80 to 20. The renewal of the all-time high is also heating the interest of investors who are ready to buy “digital gold” at any price, trying to enter the market before a new wave of growth.

However, not all the traders are confident about further growth of the BTC. John Bollinger, the author of a famous indicator, warns his readers that the current movement of the Bitcoin looks like a classical Top pattern. However, until this pattern is supported by a breakaway of the support level at 16,200 USD, it is too early to talk about a reversal. Moreover, such a price pattern can easily be broken by buyers if the upward movements continue. Thus, we need to be super careful at the current record levels. We might be witnessing a Double Top pattern when the price tests the resistance level twice but fails to break it away and falls below the lower border of the pattern. If this is true, we can count on a decline in the price for the height of the pattern. If on the BTC chart bulls fail to break through 20,000 USD, and the price falls to 16,200 USD, it is likely to go deeper down to 13,700 USD.

If the digital euro appear in 5 years only (as analysts say), Sberbank of Russia is ready to issue its digital currency in the nearest future. The bank is planning to start testing its “Sbercoin” in 2021. Also, in January 2021, Facebook is going to issue the Libra. This asset will be supported by the USD, which will rid it of excessive volatility, characteristic of the Bitcoin, where price movements can reach thousands of dollars. Hence, stablecoins, Libra included, are more suitable for payments and money transfers.

As for tech analysis, the BTC is inside a strong uptrend – during the correction, the price did not even reach the fast Moving Average. Meanwhile, the RSI is pushing off the support line, giving another signal for growth. However, buyers must secure above 19,705 USD to break the reversal pattern mentioned by John Bollinger. Otherwise, if the lower border of the bullish channel is broken and the price secures under 17,525 USD, the asset might start a lengthy correction.

On H4, an upside-down Head and Shoulders pattern is forming. The pattern is not very typical due to a peculiar inclination of the Neck, and in such a case, it is not always broken away – most often, the price bounces off the level of the right Shoulder. Hence, in the nearest future, the BTC might start growing aggressively, renewing all-time highs. If the price secures above the Neck, we may expect the asset to keep growing to 21,500 USD and higher. Such a scenario will be additionally confirmed by a bounce off the support line on the RSI, which might cause the closing price to break through the nearest resistance level.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

Disclaimer

Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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