Bitcoin IMMINENT (sideways) Market Ahead! January 2021 Price Prediction & News Analysis

Bitcoin IMMINENT (sideways) Market Ahead! January 2021 Price Prediction & News Analysis

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Author: by admin


Steve Forbes Says Bitcoin's Fixed Supply Limits Its Ability to 'Meet the Needs of a Growing Economy' – Economics Bitcoin News

Steve Forbes Says Bitcoin’s Fixed Supply Limits Its Ability to ‘Meet the Needs of a Growing Economy’ – Economics Bitcoin News

Steve Forbes Says Bitcoin's Fixed Supply Limits Its Ability to 'Meet the Needs of a Growing Economy'

American publisher Steve Forbes has attacked bitcoin’s fixed supply saying this feature actually curbs the ability of the crypto to “meet the needs of a growing economy.” He also argues that bitcoin cannot replace the dollar because it is presently too volatile to function as money. Forbes insists that money only works best if it has a stable value.

According to Forbes, cryptocurrencies can only challenge existing money if their value is tied to that of gold or the Swiss franc currency. In arguing his case against the idea that bitcoin will eventually replace the dollar, Forbes concedes, however, that the crypto is “now seen as a respectable investment class.” He adds that “financial institutions are adding it to their portfolios.”

Explaining this shift towards bitcoin, Forbes says:

People are piling in because of a lack of faith in government fiat currencies. The Federal Reserve and other central banks have crushed interest rates and are printing unimaginable amounts of money to pay for Covid relief measures and to stimulate damaged economies.

According to the publisher, some of these steps, which are inflationary, could be the possible reasons why bitcoin has now “become the darling of investors.” Furthermore, Forbes also acknowledges that some enthusiasts do see bitcoin as “the new gold” while others believe it will “eventually replace the dollar.”

Nevertheless, the thinks this is not about to happen because of how bitcoin’s volatility can potentially affect the contract system. The publisher uses the example of a housing mortgage loan to illustrate why cryptocurrencies cannot be used in contracts which he says “are essential for an economy.” Forbes explains:

Say you took a mortgage in March for $250,000, today to you owe the bank almost $2 million.

Forbes surmises that no one in “their right mind would sign a long term contract based on bitcoin.”

Do you agree with Steve Forbes’ sentiments that bitcoin will not replace the dollar? You can tell us what you think in the comments section below.

Source: news.bitcoin.com

Author: by
Terence Zimwara


Billionaire Investor Says Central Banks Will Stop at Nothing To Clamp Down on Bitcoin

Billionaire Investor Says Central Banks Will Stop at Nothing To Clamp Down on Bitcoin

Frank Giustra, billionaire investor and mining financier, is warning that governments and central banks are going to do everything they can to stifle Bitcoin’s journey towards universal adoption.

In a Stansberry Research interview with Daniella Cambone, Giustra points out that if central banks succeed in issuing their own central bank digital currencies (CBDCs), they’re probably not going to want competition from Bitcoin.

“I’m especially concerned about what governments and central banks will do if Bitcoin ever becomes a threat, a real threat, to their own sovereign currencies. As you know, a lot of central banks are contemplating issuing their own digital currencies. And they’re not going to want that competition there and they’re going to make it very difficult. Governments and central banks will make it very difficult for Bitcoin to become universally adopted. They’ll put roadblocks along the way.” 

The Canadian philanthropist references a few times in history where authorities clamped down on financial instruments to advance their own agendas.

“I think that you can never underestimate the resolve of governments and central banks when they’re trying to protect their currency. You’ve heard of currency and capital controls. They’ve been a part of our history in many countries, including the US. It came in the form of making the ownership of gold illegal in 1933 which lasted 40 years. That was a form of capital control to protect the US dollar. You saw it in pre-1979 Britain where there were currency controls. You saw it in South Africa. You saw it in pre-war Germany. You saw it as recently as 2015 in Greece. 

Currency and capital controls, or a method by which to use that philosophy against Bitcoin is a possibility and you have to take that into account.” 

Giustra takes it a step further and highlights that central banks own gold.

“[Central banks] don’t own Bitcoin. Gold is a core part of their currency reserves and always will be. If they do anything, they will issue their own digital currency. They’re not going to be buying Bitcoin, because they’re going to try with all their power to undermine Bitcoin.” 

What future awaits cryptocurrencies?
GOODBAD

While Giustra might have a bleak long-term outlook on Bitcoin, he believes the leading cryptocurrency has the potential to go higher in the coming months.

“Right now, [Bitcoin] is in that mania stage of being bought up for that reason, that it will eventually reach that stage, and it may, but I think it’s a long, long way off for a whole host of reasons but that doesn’t mean that it’s not going to go a lot higher, which I personally think it will. I think [Bitcoin] is going to do what some of these people are predicting and get up to a much higher price.”  

I

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Source: dailyhodl.com


What Analysts Think Comes Next for BTC

What Analysts Think Comes Next for BTC

January 18, 2021January 18, 2021

Bitcoin

  • Bitcoin has seen some mixed price action as of late, with bulls and bears largely reaching an impasse as the cryptocurrency consolidates
  • Where it trends next will undoubtedly depend largely on whether or not bulls can break the ongoing consolidation phase and spark a move higher
  • This will likely only come about if BTC can flip $40,000 into support, as this has proven to be an intense resistance level
  • While sharing speaking about BTC’s price action, one analyst explained that it is currently caught within a relatively large pennant
  • As such, he expects it to see further consolidating in the near-term that allows altcoins to rally
  • Bitcoin has been struggling to gain any clear momentum as of late, with the cryptocurrency’s price action largely consisting of range-bound trading between $30,000 and $40,000.

    This large trading range has held strong throughout the past couple of weeks, and any attempt to break either of the boundaries has resulted in rapid rejections.

    Where the market trends in the mid-term will likely depend largely – if not entirely – on whether or not bulls can continue guarding against any breakdown.

    One trader expects further sideways trading in the mid-term, noting that he believes this will prove to be bullish for altcoins.

    At the time of writing, Bitcoin is trading up just under 2% at its current price of $36,400. This marks a notable decline from the crypto’s overnight highs of $37,500 set when bulls tried to take control of its price action.

    The selling pressure seen at these highs speaks to the resistance in the upper-$30,000 region, but it also has equally strong support in the lower-$30,000 region.

    How it reacts to these levels in the weeks to come should shine a light on its near-term outlook.

    One analyst explained that he believes Bitcoin will continue consolidating until it resolves a large pennant formation that it is currently caught within.

    This could prove to be incredibly bullish for altcoins, he claims.

    “BTC 4H: Bitcoin is still ranging inside of this pennant. This consolidation is very good for altcoins. I will heavily trade alts as long we stay inside of the triangle.”

    Image Courtesy of SilverBullet. Source: BTCUSD on TradingView.

    Assuming this pennant results in an upwards breakout, it could allow Bitcoin to regain some of its market dominance that has been taken by altcoins throughout the past few days and weeks.

    Source: bitcoin-core-news.com

    Author: by admin


    Crypto climb: Bitcoin must break $40,000 again soon, analysts say

    Crypto climb: Bitcoin must break $40,000 again soon, analysts say

    Traders seeking clues about investor appetite for risk are closely examining the cryptocurrency’s turbulent 12 percent slide after its meteoric rise to $42,000.

    Bitcoin rose to $37,000 on Monday, back toward a level that strategists at JPMorgan Chase & Co. see as an inflection point for the digital coin.

    The cryptocurrency could be hurt by an exodus of trend-following investors unless it can “break out” above $40,000 soon, a team including Nikolaos Panigirtzoglou said. The pattern of demand for Bitcoin futures and the $22.9 billion Grayscale Bitcoin Trust will help determine the outlook, they added.

    “The flow into the Grayscale Bitcoin Trust would likely need to sustain its $100 million per day pace over the coming days and weeks for such a breakout to occur,” the strategists wrote in a note on Friday.

    Traders seeking clues about investor appetite for risk have been gripped by Bitcoin’s stunning rally and turbulent 12% slide from a record of almost $42,000 on Jan. 8. The cryptocurrency boom since March has reflected the ebullience of financial markets awash in stimulus — as well as concern over whether gains will ultimately prove fleeting.

    The JPMorgan strategists said Bitcoin was in a similar position in late November, except with $20,000 as the test. Flows of institutional investment into the Grayscale trust helped the world’s largest cryptocurrency extend its rally, they wrote.

    Trend-following traders “could propagate the past week’s correction” and “momentum signals will naturally decay from here up till the end of March” if Bitcoin’s price fails to break above $40,000, they said.

    Bitcoin rose about 1.6% to $37,138 as of 12:29 p.m. in London on Monday. Ether, another popular digital coin, shed 1.6% to $1,241.

    Exactly what’s driven the yearlong near-quadrupling in Bitcoin’s price remains murky. Commentators have cited day traders, wealthy buyers, hedge funds, companies and even signs of interest from long-term investors like insurers.

    Some, like Chris Iggo, remain skeptical of Bitcoin’s appeal to large institutions.

    “I dread to think what most risk officers would think about that being in a core investment portfolio,” the chief investment officer of core investments at Axa Investment Managers wrote in a note. “For assets to be considered in a long-term investment portfolio one should be able to attach some fundamental intrinsic value to them.”

    Bitcoin’s proponents argue it’s maturing as a hedge for dollar weakness and the possibility of faster inflation in a recovering global economy. Others say its defining characteristic remains speculative booms followed by busts.

    Source: www.aljazeera.com

    Author: By Joanna OssingerBloomberg


    Bitcoin IMMINENT (sideways) Market Ahead! January 2021 Price Prediction & News Analysis

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