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Alert: The Last Chance to Buy Cheap Bitcoin: BTC to the Moon!

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It is an amazing time to be getting into bitcoin right now. We have seen this massive retracement, a lot of support and a decent amount of volume at the current level of bitcoin. There are a lot of things going on in the background that makes us incredibly bullish about bitcoin.

Chinese bitcoin billionaire Zhao Dong says “buy bitcoin now, when no one really cares”.

When the price of bitcoin is at extreme highs, most people are paying attention. Now that it’s gone down, there is fear, depression, and anger. This is the time to think counterintuitively to the crowd and there are a lot of people who are doing that right now.

Zhao goes on to say “I don’t persuade people to buy bitcoin because it seems easy to make quick money but in fact, it is not”. He says “now is the bear market and this is the time I start to talk people into buying bitcoin”.

 

Fairfax County invests in Crypto Fund

Recently we saw two public pensions from Fairfax County Virginia, police officer retirement system and employee retirement system investing in Morgan Creek’s $40 million crypto fund. That important because when pension funds start investing, it sends a signal to other pension funds to follow them.

Institutional investors are already here and they are only going to rise now. Michael Novogratz has come out saying that the markets won’t go to $20 trillion right away. He said what is going to happen is that one of these pension funds who is a market leader is going to say “We’ve got custody, Goldman Sachs is involved, Bloomberg has an index and I can track my performance against them”. And then the others are going to buy. This is the same type FOMO that we saw in retail and it will be demonstrated in institutional investors. Maybe, Mike Novogratz is absolutely right at this. The institutional investors will trickle in and then it is going to be a tsunami wave with trillions of dollars.

Barry Silbert came out and said that he is convinced of whatever money is in gold is not going to stay in gold. He said, “that get’s handed out to millennials, I am highly confident that a lot of that money will go into bitcoin”.

Maybe Barry is also right as bitcoin is gold for the new generations. Bitcoin is the new technology and the new investment vehicle. According to the numbers we are seeing, we see a massive amount of interest coming from the younger age groups primarily with the older age groups being suspicious of things that they don’t quite understand.

 

Goldman Sachs OTC Desk:

Goldman Sach’s bitcoin OTC desk is one of the largest facilitators of OTC trades in the world is seeming to provide evidence that ultra high net worth individuals, hedge funds and other financial entities are indeed trafficking in bitcoin. In the background, they are buying, selling, holding in cold storage and doing wallet to wallet transactions. Bitcoin is increasingly being seen as a vehicle of wealth, a store of value and a time of global uncertainty.

According to sources at Goldman Sachs, they see particularly that the people who come to them trust Goldman Sachs. The fact that Goldman Sachs is making this available says a lot to all these different investors who are coming in. They saw Goldman Sachs investing in Circle and other bitcoin-related firms and the investors are increasingly becoming comfortable with digital currencies. The narrative that bitcoin is digital gold has begun to take hold in the minds of investors. This has led to increased volumes we have been seeing in 2018 and throughout the beginning of 2019. If the global economy continues to soften, we can, of course, expect those volumes to continue to increase.

Another source at Goldman Sachs said that the OTC volumes have increased across the board, global economic uncertainty and a flight to safety now includes bitcoin. This news is from the people inside the OTC desk who are dealing with these high net worth individuals. The source goes on to say that this is why we are seeing an increase in volume year by year. Goldman Sachs is a major player here, they have got the first mover priveledges at Circle because of their equity stake in the firm. So they are more effective from a pricing standpoint than other large bank facilitators. The clients of Goldman Sachs know this and this increases the confidence in the firm as a safe place to funnel investment dollars into digital assets like bitcoin.

 

Bitcoin ETF:

SEC commissioner Robert J. Jackson recently did an interview with Congressional Quarterly and expressed views that an SEC-approved bitcoin ETF is inevitable. Add into that, that we now have the SEC review of a bitcoin ETF rule change proposed by the New York Stock Exchange and the Bitwise Asset Management. They are reviewing a rule change to the bitcoin ETF. An SEC approved bitcoin ETF is just a question of time now. When the bitcoin ETF launches, it is going to be a major source of liquidity and will bring even more new investors in.

We might see that time coming soon when regular individuals will not be able to own even one bitcoin. A lot of people are speculating that the same thing is going to happen to bitcoin when bitcoin ETF will launch as it happened to gold when the gold ETF was launched. There is a good chance that history could indeed repeat for digital gold.

gold-price-chart

gold-price-chart

Then, of course, there is a falling supply emission. The next halving for bitcoin is only a year away and a little more than a decade, the block reward for bitcoin will be below 1 BTC per block. It depicts how quickly bitcoin is going to become scarce.

 

What are your thoughts on the future of bitcoin? Tell us in the comments section below.

#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

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The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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