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Anthony Pompliano: Bitcoin Still Has Lower To Go

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The founder of Morgan Creek Digital Assets Anthony Pompliano thinks that Bitcoin still has ‘’lower to go’’ and in today’s Bitcoin news we find out more about his opinions.

While speaking in an interview, Pompliano is now the latest crypto influencer who claims that Bitcoin will bottom out if the price drops below $3,000. He has become a frequent crypto market commentator on his social media platform and at one occasion he pointed out:

 “Short term, I actually think we have lower to go.’’

Pompliano has already made a prediction that Bitcoin will plunge to $3,000 for the BTC/USD pair which did happen earlier this month. Since then, the prices for almost all cryptocurrencies took off and the situation on the market changed each day. Bitcoin even hit its monthly high at $4,300 before starting a correcting rally on a downward trend and finished at $3,799 at press time.

Some altcoins made huge gains with Ethereum and Bitcoin cash doubling in price over the past few days. When he was asked about whether the price of Bitcoin was correlated to the traditional giants (Facebook, Apple, Amazon, and Netflix) stocks, he denied the allegations.

Similar to the cryptocurrencies, the FAANG stocks have crashed in 2018. Pompliano continued:

 “I definitely agree there are some psychological components at play as the stock market pulls down.’’

He pointed out that Bitcoin’s correlation with the S&P500 was ‘’near zero’’ and ‘’zero’’.

Other crypto experts and crypto traders have warned that Bitcoin could drop down to at least $1,300.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Bitcoin News

Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money

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Fiat money is used 800 times more in money laundering cases than bitcoin according to the newest report published by Messari and we are about to read more in the latest cryptocurrency news below. The recent research conducted by Messari shows that Bitcoin is not really a financial threat as some claim. They performed the research after the recent remarks by the U.S. Treasury Secretary Steven Mnuchin. The data from Chainanlysis and the United Nations Office on Drug and Crime reveals that traditional money is used far more than Bitcoin in money laundering cases on the darknet. The results do not take into account the money laundered via conventional markets. The statistics provided by the UN are very different than the statements of Steven Mnuchin who overestimated the problem up to the point where he described cryptocurrencies as ‘’national security issue’’:
 “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking. Many players have attempted to use cryptocurrencies to fund their malignant behavior. This is indeed a national security issue.”
The results of the Messari research show the same thing that Europol already concluded in their report ‘’Why Cash Is Still King?’’ where they talk about fiat money is the number one tool used in crimes. In the reports they also describe how criminals still use fiat money in their operations rather than bitcoin and cryptocurrencies:
 “Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process … While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk…money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”
As noted in some of the best cryptocurrency sites and reports, bitcoin is still considered as stable rather than fiat money since in the last decade the FED increased the currency supply by more than 12.664% which is more than Bitcoin did.
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Big BTC Price Boom Will Bring To Consolidation: Market Experts

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Big BTC price boom is expected soon that should lead to a consolidation moment for the number one cryptocurrency as we can read in the coming altcoin news below. Since the start of July, the bitcoin price declined from the $13,000 price range to $10,500 which is down by more than 18 percent against the US dollar. On its lowest point this month, the price of the number one cryptocurrency came close to reaching the $9,000 level but only dropped as low as $9,090. Although there can be seen some strong recovery over the past week, Bitcoin struggled to break out surely above the $11,000 price range which acts as a key resistance level for the cryptocurrency until July ends. Mike Novogratz, the CEO of Galaxy Digital stated previously that Bitcoin will likely consolidate before starting its next move higher:
 “If BTC goes to $100, it is game over. It won’t. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. BTC is consolidating before its next move higher.’’
The crypto technical analyst Josh Rager indicated that from a technical perspective, Bitcoin has still not broken out of the $10,850 resistance level:
 “Daily time frame resistance did its job & price closed under after that $400+ wick It’s always good to wait for a retest to make sure a broken resistance holds as support & this is a clear example Neutral at the moment & still in range.’’
The big BTC price boom is expected to bring the price above the $11,000 level and it is expected to start a consolidation phase. The traders indicated that the $10,850 resistance level should be breached in order to confirm a bullish trend:
 “10.4 met. No violent reaction, no rejection – BTC looking decent. Let’s see reaction at this next resistance. Punch and close above $10,850 and things start looking substantially bullish.’’
As it was explained in the analysis in the best cryptocurrency news sites, Bitcoin was not able to reclaim the $10,850 position despite the action which led the cryptocurrency to surpass the $11,000 on July 20. As the price slumped, precious metals such as gold and silver are having the best times of their lives. However, according to Equity Armor Investments executive Brian Stutland, says that crypto assets will appeal to investors if the interest rates fall.
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Bitcoin Retests The $11,000 Range Holding A Strong Low Volume

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Bitcoin retests the $11,000 position since over the past three days it has been trading between $10,400 and $11,000 as it was shown in the previous altcoin news analysis. The traders are waiting for a decision as BTC is still trading in a tight range. On the 4-hour charts, the price of bitcoin can be seen developing a breakout since it reached the point on the 18th of July. It is still no surprise that over the weekend, the volume has still been very low and as a result, the price action started trading within a tight range. The momentum indicator is showing that the cryptocurrency crossed to the upside despite the low volume which shows that the bulls are back in control. Starting tomorrow, it will be a very important day for Bitcoin since this is usually when the volume is rushed back into the market and tries to consolidate until the weekend comes. This usually ends up in a major movement which sets the tone for the next week. We could also expect to see a pull-back to $10,100 point before continuing the bullish trend but more information is expected after Monday’s trading session. For now, it looks like no matter the direction and how volatile the bitcoin price action is, bitcoin retests the $11,000 price range and other altcoins are continuing to create lower dips resulting in little tradeable opportunities. On the 1 hour charts, the 50MA and 200EMA are going very close to each other which is very uncommon for the last couple of months, especially for Bitcoin. This could also be a sign of a major suppression or a big move ahead. It is still hard to understand which direction will Bitcoin take and how will its price develop but the consensus and trend are still bullish up to the $8,800 point as mentioned in the analysis previously in the latest cryptocurrency news. The Maxx Momentum is trading very closely to the median 0.0 line which is aligned nicely with both of the moving averages. The analysts are confident that the next few weeks there will be a clear decision as to which direction bitcoin will take on to next.
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Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon

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The latest cryptocurrency news show that a new delay on the Bakkt BTC futures launch may be on its way, after it apparently reached "critical mass". In the coming week, Bakkt is expected to test-launch its Bitcoin (BTC) futures product. And while many have begun to doubt its viability as a medium for institutional adoption, this may not be the reality we are facing. Earlier this week, the team at Fundstrat Global Advisors (a market analysis firm) with roots in the crypto space, attended the Bakkt Institutional Digital Asset Summit that was hosted by the New York Stock Exchange (NYSE). The Bakkt BTC futures launch was described as a hug catalyst by many.
"We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH," one of the tweets which went viral on many best cryptocurrency news sites reads.
As per analysis from Sam Doctor of Fundstrat, institutions and other entities in attendance were not only bullish on Bakkt but the broader Bitcoin and cryptocurrency market, too. In a recent Fundstrat research note to Twitter, Doctor explained that his first-hand experience of the event slated to be the first US regulated vehicle of its sort that is physically delivered. He pointed out to the Bakkt BTC futures, saying:
“As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”
He also went on to write that there “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch,” noting that the firm's sales team is starting to ramp up discussions with everyone from brokers and market makers. The news comes hot on the heels for Bakkt BTC futures. Earlier this year, the company made a series of hire as their "Careers" page noted. One job listing called for a mobile app developer which sparked a further discussion about Bakkt's plans post-Bitcoin futures. An excerpt from Bakkt.com reads:
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”
Earlier reports have suggested that Starbucks may be one of the users of Bakkt's eventual payments solution which is most likely to involve Bitcoin. Currently, the Bitcoin and altcoin news show stability on the market after the wide breakout.
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