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Experts Predict Bitcoin Will Hit $100, 000 – But When Exactly?

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.

Bitcoin below $40K is a buying opportunity, says Kraken CEO

  • 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.

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Dogecoin (DOGE) skyrocketing after Elon Musk says Tesla will start accepting it as payment

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.

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.” 

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Raoul Pal: Digital assets have gone nowhere since May

  • 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.

Analyst: Bitcoin and Ethereum may be “primary beneficiaries” of Fed tightening and lower bond yields

  • Some normalization in stock-market returns and a continued decline in US Treasury bond yields may shine on Bitcoin and Ethereum in portfolios,” Mike McGlone wrote.

Fed’s expected tightening of the bond-buying program and interest rate hikes could present a macroeconomic environment likely to favour top cryptocurrencies in 2022, according to Bloomberg Intelligence’s senior commodity strategist Mike McGlone.

McGlone, writing in the December 2021 edition of the Bloomberg Crypto Outlook report, believes deflationary forces in the market could provide Bitcoin and other top crypto assets the impetus for fresh momentum.

According to the analyst, cryptocurrencies showing divergent strength versus equities as we move towards the end of the year will likely continue to outperform.

The bullish case for Bitcoin and Ethereum in 2022

McGlone’s bullish scenario for the benchmark cryptocurrency Bitcoin (BTC), and smart contract platform Ethereum’s Ether (ETH), is outlined in the Global Cryptocurrency Outlook report, in which he notes that China’s ban on crypto has set up the sector for broader adoption in the US. He also believes the US could provide a regulatory environment that supports the industry, with further gains seen in price movements.

According to the analyst, the rapid growth witnessed around revolutionary crypto-related technologies like NFTs and crypto dollars could see a wider embrace in the US, developments likely to cement Bitcoin’s status as a digital store of value and see its value rise even further.

He points out the US Federal Reserve’s outlook on inflation and the potential for market pressure on bond yields as possible catalysts for central bank liquidity, and which in turn could see Bitcoin emerge as the “primary beneficiary.”

McGlone says Bitcoin could find itself in a “win-win” situation if the stock market drops as a result of a reversal to the Fed’s expected tightening in 2022 happens. He opines that BTC will likely run into headwinds should stocks plummet, but if this scenario leads to pressure in the bond market, fresh moves towards central-bank liquidity could temper gains in yields but benefit crypto.

Some normalization in stock-market returns and a continued decline in US Treasury bond yields may shine on Bitcoin and Ethereum in portfolios,” the Bloomberg analyst wrote.

US Treasury yields have failed to break above the 2% threshold for nearly 20 months, with 10-year yields declining below 1.50% last week despite a hint of an uptick after a three-day string of gains.

The failure to break above 2% for the benchmark debt instrument comes “despite widespread consensus for higher yields,” and could be the main pointer towards a deflationary environment that will favour Bitcoin in 2022, according to the analyst.

While the strategist states that an asset’s past performance does not necessarily become an indicator of its future outlook, any massive outperformance by a new asset class is always followed by greater investment from earlier doubters.

It is this perspective that could play out in 2022, with investment managers looking to avoid the risk of missing out by bolstering their portfolios with crypto allocations.

Bitcoin currently trades around $48,845, about 24% down in the past 30 days and nearly 30% down from its all-time peak above $69,000. However, the BTC price is almost 160% up in the past year.

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Ark Invest’s Cathie Wood reiterates $500K BTC price, cites institutional investor interest as key

  • Ark Invest CEO Cathie Wood says many institutional investors are yet to enter the crypto space

  • She says institutional investors continue to allocate huge chunks of their investment into BTC and that Bitcoin price will surge by $500,000 if hedge funds and other big-money investors put just 5% of their money into the asset.

Cathie Wood, the American investor whose popularity has skyrocketed over the past year due to her investment strategies, has once again reiterated her Bitcoin price call.

It’s not the first time Wood is predicting how high the cryptocurrency could surge. In September, the Ark Invest CEO expressed a similar bullish view on Bitcoin, saying its value will eventually surge to $550,000 over the next few years.

She has repeated the call in an interview with CNBC on Thursday, indicating this time that she believes the entry of big money into the crypto space will catapult BTC by $500k.

Wood noted that institutions only need to allocate 5% or so of their investment into Bitcoin to see the pioneer cryptocurrency push another $500,000 from current prices.

According to her, such an allocation to major portfolios need not happen overnight, but slowly with time. Eventually, she sees BTC’s price reaching her earlier prediction of $550k, a scenario that calls for a tenfold increase in the cryptocurrency’s value.

The “holy grail” of asset allocation

Wood suggested that the crypto sector has continually attracted huge capital inflows from hedge funds and other institutional investors, something likely to work in favour of Bitcoin.

According to her, the crypto’s pull today is down to investor appetite for opportunities other than stocks, bonds, or other such traditional investment tools.

According to the investor, crypto currently fits into that category of asset class being sought by institutions. This “new asset class” she told CNBC, has Bitcoin and Ethereum as the two most invested.

As investors seek new ways to diversify their portfolios, Wood said the key lies in identifying that which has low correlations to current positions.

She pointed out that this is how investment managers achieve diversification, calling such a realization the “holy grail” of asset allocation.

The post Ark Invest’s Cathie Wood reiterates $500K BTC price, cites institutional investor interest as key appeared first on Coin Journal.

Ethereum outperforms Bitcoin because people see it as a technology bet, says Mike Novogratz

  • Ethereum price has jumped nearly 680% this past year, while Bitcoin has added about 170% to its USD value over the same period.

Galaxy Digital CEO Michael Novogratz says Ethereum is outperforming the flagship cryptocurrency Bitcoin because Ether’s fundamental outlook has investors taking it for a technology bet.

Novogratz outlined this view during an interview on CNBC’s ‘Squawk Box’, where he talked about crypto as well as the current outlook in the equity markets.

Ethereum offers more than just an inflation hedge

The Galaxy Digital exec’s comments come at a time the market is experiencing a downturn exacerbated by uncertainty across the globe regarding the Omicron variant of Covid-19. 

A recent sell-off has pushed Bitcoin’s (BTC) price below $50,000, with the benchmark cryptocurrency declining by more than 13% in the past week. Meanwhile, Ethereum has struggled to break above $4,400, with its price down nearly 6% during the past week.

But while data on CoinGecko shows BTC price is up 170% over the past year, it’s a massive 680% for Ethereum price.

According to Novogratz, part of the reason ETH is outperforming BTC is the fact that the former is attracting more investors amid a shift in investment perspectives.

He says that Bitcoin is limited in its use cases, with usage currently seeing most people go for it as a hedge asset. On the flipside, Ethereum has great use cases, from its smart contracts functionality to applications in decentralised finance (DeFi) and non-fungible tokens (NFTs).

It is this “flexibility” that is aiding Ethereum’s push and outperformance of the leading cryptocurrency.

People see Ethereum as a technology bet and Bitcoin as a debasement of fiat currency bet,” he explained on the show.

Novogratz also talked about the crypto markets and equities, saying that crypto wasn’t trading as bullish as the equity markets. He however remains upbeat about the broader crypto space, predicting that even though Bitcoin price has slipped below $50k, it’s unlikely to dip under $40k. This, he added, will be the case even with a spike in risk-on effect from a very hawkish Fed.

He also identified institutional adoption and the steady appreciation of the crypto across nations as a good vibe for the crypto asset class.

He noted that the world has “woken up” to the fact that cryptocurrency is now an asset class, adding that people are now looking at Bitcoin as a necessary component of any crypto portfolio. 

A similar view of Bitcoin also came out during billionaire investor Barry Sternlicht’s comment that the crypto is a “smart hedge.”

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Bitcoin is a ‘smart hedge,’ says billionaire investor Barry Sternlicht

  • The Starwood Capital Group chairman says governments keep printing money but no one can make more of Bitcoin.

  • He notes that in a world with such monetary policies, the only “smart hedge” is Bitcoin.

  • According to the billionaire, who says that 2-3% of his net worth is in crypto, the price of BTC has the potential to increase to $1,000,000.

Bitcoin has declined by about 12% this past week and over 20% in the past 30 days, yet billionaire investor Barry Sternlicht says it’s still the “smart hedge.”

The co-founder and chairman of Starwood Capital Group explained this during an event in Miami, adding that all this is down to the crypto’s fundamentals as well as governments’ insatiable appetite for money printing.

Bitcoin is a “smart hedge”

Sternlicht also talked about the US and how a devaluation of the dollar standard could be bad news for investors.

He noted that it is possible for a scenario where China and other countries join forces in economic policies aimed at devaluing the dollar. If this happens, he said, it would be best for investors if they held part of their investment in Bitcoin.

Although he maintains that Bitcoin has “no function other than [as] a store of value,” Sternlicht explained that it might be wise to have it as part of an investment as “a smart little hedge.”

Comparing Bitcoin to gold, the investor said the precious metal too, lacks any real value outside of what has been made of it. He explains that while people can have their gold jewelry, the same could apply to other metals be it silver, titanium, or platinum.

BTC to $1 million

The billionaire also talked about Bitcoin’s future price, noting that volatility remains and that the benchmark cryptocurrency’s value could dip again after this week’s breakdown below $50,000.

However, he believes the market is set for a reversal and that Bitcoin could eventually spike to more than $1,000,000. He believes that everyone (not just American investors) will soon want an asset that no one can “make more of,” and that will aid the BTC price.

He noted that due to the small crypto exposure, prices tanking to zero will not be too damaging.  However, not investing in it and then it goes on to hit $1 million would be a huge upset.

The American billionaire is an astute entrepreneur, with Forbes rich list for 2021 estimating his net worth to be about $4.4 billion. He says he has 2-3% of his net worth in crypto.

Starwood Capital Group currently oversees over $100 billion in assets under management.

The tycoon shared his views on bitcoin and the market outlook during “The Future of Global Financial Centers”, a Miami event organised by media giant Bloomberg.

The post Bitcoin is a ‘smart hedge,’ says billionaire investor Barry Sternlicht appeared first on Coin Journal.

Bitcoin or gold? The odds are with BTC

Many analysts believe Bitcoin BTC/USD will eventually dislodge gold. Anthony Scaramucci of SkyBridge Capital, for instance, says that while gold has a 5,500-year history as a store of value, the increasing adoption of crypto technologies leaves gold with little chance to compete in the long run.

The fate of Gold has been compared to what befell DVDs upon the arrival of Netflix and live streaming. The arrival of Bitcoin ushered in a new world era. Analysts increasingly hold the view that the technical properties associated with BTC are infinitely better than gold.

It is more secure to move Bitcoin from one person to another owing to its virtual properties. Further, the ledger technology behind the invention is near impossible to hack. The scarcity of BTC –at 21 million coins- guarantees its upward trajectory in terms of value. Such scarcity and associated technical properties would ultimately see BTC overtake gold.

Exponential growth

Experts predict BTC’s value will continue on its present exponential growth path. While BTC’s market cap of $1.178 trillion is a fraction (one-tenth) of gold’s $11 trillion, experts foresee a future in which BTC will prevail. Some go as far as comparing the future of gold to the fate of rotary phones upon the arrival of smartphones. Scaramucci, however, thinks that gold is not entirely doomed; instead, its performance will just stagnate to a flat line. In his view, it may as well go up slightly while BTC and other cryptos like Ethereum (ETH/USD) register exponential growth because of the scalability and quality they offer.

While Inflationary pressures might give gold a fighting chance, few experts are willing to place their bet against BTC. Nonetheless, the volatility of cryptos has been flagged as their major drawback. However, Mati Greenspan, portfolio manager and founder of Quantum Economics, observes that seasoned investors see such drastic price movements as buying opportunities.

Technical analysis

An abrupt tumble in BTC value over the weekend marked the first time market volatility in traditional financial assets triggered a reaction in cryptocurrency markets. BTC’s market value tumbled $10,000 in just 60 minutes on Saturday morning to hit $42,222. Similar turbulence was experienced in the traditional markets, in which stocks and bonds moved sharply as a reaction to potential shifts in monetary policy and the spread of the new strain of coronavirus. Prices failed to fully recover by Tuesday, with BTC trading at $51,300.

Source – TradingView

 Analysts are bullish about BTC’s future, with New York-based Kate Waltman, for instance, predicting $100,000 in Q1 2022 or sooner.

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Fundstrat’s Tom Lee: Jack Dorsey’s departure from Twitter is “bullish for crypto”

  • Dorsey, also the CEO of payments firm Square, stepped down on Monday

  • Tom Lee says its people like Dorsey who can marshal support for crypto innovation

  • Square has increasingly set itself as a pro-Bitcoin firm, including unveiling plans for a bitcoin decentralised exchange

Jack Dorsey’s decision to exit Twitter as the firm’s CEO could end up benefiting cryptocurrency, Fundstrat Global Advisors co-founder and managing partner Tom Lee has said.

Dorsey, who stepped down on Monday and plans to focus on payments firm Square, is also a vocal supporter of crypto (more so the pioneer cryptocurrency Bitcoin (BTC)).

Notably, it’s Square that might be at the center of Dorsey’s focus on crypto and Bitcoin innovation, an outlook that sees Lee opine that the ex-Twitter CEO’s exit is bullish for cryptocurrency.

Lee notes that the crypto space doesn’t have “enough capital actually allocated toward crypto innovation.” During an interview with CNBC’s “Tech Check”, the Fundstrat chief explained that its people like Dorsey have the capacity to really invest and marshal support for broader crypto development.

Square taking steps towards crypto innovation

Square, MicroStrategy and Tesla are three of Wall Street’s biggest bitcoin-invested companies, with the addition of BTC on the firm’s balance sheet contributing to increased revenues amid rocketing prices. But that’s not all.

Square’s focus on making it easier for people to invest and spend their BTC has been gaining traction lately and could accelerate now that Dorsey could be fully immersed at the company.

In July, the payments firm announced plans to have the Bitcoin network work with decentralised finance (DeFi) applications. In October, Dorsey revealed that the platform was considering setting up a solar Bitcoin mining operation.

Other than that, Square announced in June that it was working on a Bitcoin hardware wallet targeted at institutional investors and is in the process of developing a decentralised exchange (DEX) as detailed in a recently released whitepaper.

The spike in crypto interest has been driven by major developments in the DeFi, NFTs, and currently Metaverse sectors. Yet, Lee thinks Square’s Dorsey could do even more, telling CNBC that he doesn’t believe the burgeoning cryptocurrency sector “is over-invested yet.”  

Lee’s perspective resonates with that of GK ETF founder and CEO Ross Gerber, who also believes Dorsey’s resignation from Twitter makes sense and could be beneficial to Square Inc.

According to Lee, cryptocurrency provides for the “intersection of financial services and technology,” which means it potentially touches on “literally 60% of the economy.”

Meanwhile, the Fundstrat exec sees Black Friday’s markets sell-off as “horrific” and a massacre largely driven by panic selling. The downside was also heightened by the shortened trading day in the equities markets. But he notes that it offered a window of opportunity to investors.

Bitcoin is trading around $56,986 at the time of writing, about 1.3% down on the day and nearly 18% off since reaching its all-time peak of $69,044 on 10 November.

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