In the latest bitcoin news, we have another bitcoin price prediction done by Anthony Pompliano who works in Morgan Creek. He said in an interview that he believes that the price of bitcoin will bottom out by 85 percent in value from its all-time high.
Pompliano based his prediction on the previous experience in the crypto market by saying:
“85% from the all-time high is about where we’ll end up. Puts it around $3,000. Came close over the weekend but probably a little bit more to fall.”
He continued to explain that he thinks Bitcoin was simply overvalued and how it is in a healthy correction period. In December, Bitcoin was overvalued. However, he claims that this year there are more sellers than buyers so it is healthy for the price to go down. However, there are a few things to be considered.
The first thing is the transaction settlement layer that will always be worth something. The second thing is the best performing asset over the past ten years. Bitcoin has outperformed Nasdaq and many more in the longest bull run ever. And the third thing is retail.
Pompliano went on to explain how he believes that it is important to remember that through 2017 all of the major buyers were retail but today, many institutions are coming in. Also, most of these institutions are not buying bitcoin on an exchange. He believes that this is a washout time for the retail investors.
He ended the interview by explaining how Morgan Creek has plans to acquire discounted Bitcoin and the partnership with Bitwise Asset Management which enable institutional clients to get access to Bitcoin quickly.
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“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
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“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
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