n Two men have stolen ,000 from a Bitcoin ATM in a small-town grocery store, but left ,000 behind in an overlooked canistern
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Analyst: Bitcoin Price Can Reach $50k On Macroeconomic Uncertainty
Bitcoin’s price is stagnating under a wave of positive macroeconomic news, but this is a party that cannot continue indefinitely and when the global economy does come crashing down, some believe that the price of Bitcoin could soar as high as k.
This being said, it now becomes a matter of when this potential economic downturn will actually occur, as recent developments surrounding the US-China trade deal have shifted investor’s sentiment and may help fuel further short-term gains within the equities markets.
The Stock Market Is Flying High, But For How Much Longer?
Bitcoin’s price has so far failed to recapture July’s dizzying rally, which saw it spike to just shy of k, whereas the stock market’s decade long bull run continues to exceed expectations as investor confidence is bolstered by reports of an early trade deal formed between the US and China.
Experts also believe that the Fed’s decision to inject billions into the financial system following the recent repo market liquidity crisis is directly responsible for the latest stock market pump.
On the surface level, things are looking good, but Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, believes that the repo money is being siphoned into financial assets rather than the real economy, which could be problematic.
“This really speaks to the idea that once again we’re on the brink of potentially being in this bubble. Where valuations are about the story and the narrative and not about the cash flow and profits. You would think we would have learned this lesson before. But here we go again.”
Also, some experts remain skeptical about reports of a trade deal between the US and China being reached. Jeffrey Gundlach, Chief Executive of DoubleLine, drew attention to China’s refusal to address intellectual property, as well as their focus on the long play, which means they are happy to drag things out until after the US elections, as two potential road blocks for a deal being closed.
As such, a more in-depth analysis of the situation shows that recent efforts between the two countries are nothing more than window dressing, adding to the threat of an imminent stock market crash and a global recession.
That being said, the question remains: where will investors move their money in the case of economic turbulence?
Bitcoin Is Superior To Gold
Clem Chambers, CEO of ADVFN, spoke in a recent interview about how mainstream news reports claim all is well within the global economy, which could be suppressing interest in Bitcoin.
“When people start thinking that it’s going to be all over soon, or there’s going to be a three part deal, and part one coming up. You’re not going to be so eager to put your Yuan into Bitcoin… And the same uncertainty equals gold,” he explained.
On that note, despite the widespread reports of a trade deal being reached, uncertainty still reigns. That being said, Chambers spoke about the alternatives in Bitcoin versus gold:
“If you’ve got to move fast, uncertainty means Bitcoin. I mean, gold, you can’t really carry much of it, it’s hard to store, it’s quite difficult to buy. You can’t just go, I’ll have some of that gold. It’s much easier to buy Bitcoin, and move Bitcoin, and protect Bitcoin than gold. So gold is at a bit of a disadvantage. And it’s old usage as the flight capital of choice is being eroded.”
As a prominent Bitcoin bull, Chambers offered a bullish price prediction for the cryptocurrency, even entertaining the possibility that BTC will one day surge as high as million.
“I think Bitcoin could easily go to twenty thousand. I’m expecting it to go to fifty, I’ll be very happy if it were to go to one hundred thousand. And the one million dollar Bitcon number is purely what you get if every Satoshi is worth a dollar, no, sorry, a cent. Let me get that right. So that’s just a mathematical number,” he bullishly noted.
Having said that, Chambers was quick to point out that lofty valuations like these will take many years to come to fruition. This is partly because of what Bitcoin seeks to achieve and the forces that want to stop that from happening.
All eyes are on the macroeconomic picture as the world awaits what happens next.
Featured image from Shutterstock.
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Bitcoin Forming Continuation Triangle From ATH, $50K+ Target
Bitcoin loves to trade inside triangles. The leading crypto asset by market cap just broke down from a multi-month triangle and spent most of 2018 trapped inside a descending triangle that ultimately broke down.
However, all of this price action may be part of an even larger symmetrical triangle formation dating back as far as Bitcoin’s all-time high, that if confirmed could have a target of over ,000.
Triangles Inside Triangles And Bitcoin’s Target of ,000 or More
Bitcoin may currently be in a downtrend, as a result of a triangle that broke down in late December. Technical analysts were torn on if the triangle was a symmetrical triangle, which often suggests continuation is ahead, or a descending triangle, that often leads to a breakdown.
Related Reading | Bitcoin Price Breaks Down From Triangle, Target Suggests Revisit of K
Bitcoin eventually broke down from local highs, suggesting that the asset was indeed in a descending triangle, much like the descending triangle from the 2018 bear market, that also eventually broke down, taking Bitcoin to its bear market bottom at around ,150.
However, all of this price action may be just noise within a massive symmetrical triangle that Bitcoin may have begun forming well before it’s all-time high was ever set. Bitcoin’s all-time high, in fact, was the first touch of the trend line acting as overhead resistance, and the most recent top at ,000 is the second.
I don’t necessarily think this symmetrical triangle will play out
However, if it does, it would be the most epic continuation pattern with a breakout target to k+ pic.twitter.com/dnGEMWFpnj
— Crypto Capital Venture
(@cryptorecruitr) October 9, 2019
The bottom support trend line is what caught the bottom of the bear market and prevented the price of the leading crypto asset from crashing further. It extends all the way back into Bitcoin’s 2017 bull run, months before the top was ever reached, and at the price level of roughly ,800.
If the massive structure is a symmetrical triangle as the trend lines would suggest, then the target of the triangle pattern would be somewhere around ,000. The bottom of the enormous symmetrical triangle would be somewhere around ,200 – where Bitcoin first broke out from in April 2019, sparking a parabolic rally that only recently topped out.
The target also falls in line with Plan B’s highly cited stock-to-flow model, which suggests Bitcoin will reach a new all-time high of ,000 by the crypto asset’s upcoming halving in May of 2020.
Related Reading | Crypto Analyst: Bitcoin Downtrend In Full Swing
The only downside to this structure is that with so much room left until the apex of the triangle – where triangles most commonly resolve – a trip to the bottom support structure is likely before another retest of the top trend line occurs. A touch of the bottom trend line, depending on when it takes place, can range from ,200 in the very near term, to as high as current price levels closer toward the apex.
The apex of the triangle also extends will into 2021, suggesting that a new all-time high may be aways off. However, the triangle target would be somewhere above ,000, so if the formation is valid, a new all-time high is just about guaranteed.
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Research White Paper Writers Can Earn $50K, But Say Startups Often Mislead Investors
n According to a Decrypt investigation, white paper writers are often asked to mislead investorsn
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SEC Fines Crypto Fund $50K and Issues Cease-and-Desist
The SEC has issued a cease-and-desist order against CoinAlpha after it offered unregistered securities.
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Start a New Side Hustle With Ditch-it and Earn Up to $50k Extra a Year in Crypto
Want to earn a little extra money on the side, without compromising your current schedule? Ditch-it, a new app is here to help you get started quickly, and that too without many of the startup costs generally associated with traditional businesses.
Ditch-It is a decentralized local mobile marketplace on the blockchain that enables users to locally buy and sell the things they love for Electroneum cryptocurrency. The platform, to encourage individuals and businesses to have alternative sources of revenue is now running its crowdsale campaign. (ICO)
What is Ditch-It?
The platform aims to decentralize the buying and selling process, creating a strong channel for people to buy and sell goods from one another. By supporting a broad range of cryptocurrencies, the platform has made it incredibly easier for the users to earn cryptocurrency by selling their used stuff. Users can search for the desired goods based on location, find secondhand products and goods as well as services instantly via this crypto classified ad platform.
High Security & Privacy
The platform offers encrypted communication between the users, ensuring maximum privacy and security. The platform rewards the buyers with “crypto-back” bonus. It allows the users to post their ads, promote them using DICH Tokens and post videos of their goods or services.
About the ICO
The Ditch-It ICO has created quite the buzz in the world of digital currencies as investors flock to the best ICO’s hoping to cash in on the ground floor and pave the way for their retirement. Analysts have been predicting that this ICO may be among the top ICO’s of the year because of the exponential growth of the Ditch-It user base as well as company expansion.
The Ditch-it platform is a novel approach to bring classified ads to the blockchain and benefits from the added advantage of biometric facial recognition security features. Historically, it has been difficult for internet-based platforms to create a currency more convenient than fiat cash as a medium of exchange during secondhand goods sales, the added security and transparency provided by Ditch-it have impressively resolved the challenge.
To learn more about this ICO or purchasing tokens for investment purposes, visit their official website at http://www.ditchit.io
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