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It’s been a turbulent year in markets, to say the least. But one thing which is both bearish and bullish, in my view, is the correlation between Bitcoin and the stock market. That sounds funny, but let me explain. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. Bull […]
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Oh, dear. It feels like only yesterday I was writing a deep dive on the Luna/UST death spiral which sent the cryptocurrency markets into meltdown – Bitcoin tumbling from $40,000 to $30,000 and an entire ecosystem vanishing. I woke up this morning to see Bitcoin trading at $23,500, as the lending platform Celsius announced it […]
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Daniel Loeb, chief executive of Third Point, a $15 billion hedge fund has been doing a deep dive into crypto lately and found that the sector can be a “real test” of being intellectually open “to new and controversial ideas.” In a response to a tweet from Chris Dixson, general partner at Andreessen Horowitz, Loeb added:
Maintaining healthy skepticism while also deepening one’s understanding requires one to engage in what Steve Jobs (and Fitzgerald before him) described as requisite for a superior intellect: “to maintain two opposed ideas in one’s mind and retain the ability to function.
At the same time, Loeb, who is a philanthropist is worried about being late “to the crypto party,” which in his opinion is like “taking the sucker seat at a high stakes poker table.”
The tweet attracted CNBC anchor Joe Kernen to respond that perhaps Loeb has waited far too long. Kernen claimed that Leob, who watched BTC climb to $48,000 from $8, maybe “resisted the entire way.” He found Leob’s opinions rather conflicted, but said that it was better late than never to enter crypto.
Kernen may have touched on another side of crypto where those who are considering investing, do so with a hint of regret. Nevertheless, crypto has gained mainstream spotlight, quite literally. Elon Musk, Gene Simmons, and many others… the list of Bitcoin influencers keeps growing. On 28 February, even Hollywood actor Ben Stiller used the Golden Globes platform to declare that he has “come to fully understand the nature of cryptocurrency.”
Other mainstream voices dig deeper and compare Bitcoin with gold and fiat. The most recent being Jurrien Timmer, director of Global Macro at Fidelity. He said that BTC has a “unique advantage over gold.” According to him, the crypto “has evolved” to an extent that it can be “treated as a form of digital gold” and hedge future monetary inflation.
Interestingly, most people who come to understand crypto, conclude that economies can no longer run on fiat or gold.
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The Motley Fool, an Alexandria-based private financial and investment advisory company, has hopped on the crypto bandwagon. The firm unveiled this news through a tweet and a blog post on February 17, noting that it had introduced Bitcoin (BTC) to its 10X real-money portfolio. Apart from this, the company announced that it would purchase £3.59 million worth of BTC and add this investment to its balance sheet.
Explaining the decision to dip its toes in crypto, the firm noted that it believes BTC would store money more effectively in the long-term as compared to gold. BTC would become a suitable medium for transactions when its price stabilises over this decade. Apart from this, the company noted that BTC can serve as a productive hedge against inflation.
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Giving a bullish BTC price prediction, the company said that the current price swings in BTC’s price do not concern it. BTC could soar to unprecedented heights over the next 10 to 15 years. To this end, it plans to hold its BTC investment for many years to come. However, The Motley Fool noted that it is currently giving all members in its 10X service a chance to buy the leading cryptocurrency before it makes its £3.59 million purchase.
Touting BTC’s potential, The Motley Fool said,
In our 10X real-money portfolio, we are recommending and buying Bitcoin. It will be a core holding in our 10X portfolio. There are 39 other stocks we believe are on a path that could potentially lead to 10x returns at some point over the next 15 years. We believe Bitcoin could deliver those returns as well.
Should the company’s prediction come true, BTC will trade above £359,000 in the next 15 years. At the time of writing, BTC is changing hands at £37,134. This figure denotes a 0.33 gain over the past 24 hours and a 14.51% increase over the last seven days.
This news comes as more mainstream companies continue supporting BTC. In the past week, Tesla announced a £1.08 billion investment in BTC. Mastercard also disclosed that it is working on integrating some cryptocurrencies into its network before the end of the year. On top of this, Twitter mentioned that it is exploring adopting BTC as a payment option for its employees.
Bitcoin price is struggling to clear the $38,000 and $40,000 resistance levels against the US Dollar. BTC is currently consolidating above $36,000 and it remains at a risk of a downside break.
This past week, bitcoin price climbed higher sharply above the $38,000 resistance against the US Dollar. The BTC/USD pair even spiked above the $40,000 resistance, but it failed to continue higher.
A high was formed near $40,036 and the price settled well above the 100 simple moving average (4-hours). Recently, there was a fresh decline and the price broke the $38,000 support. It even traded below the $36,000 level and formed a low at $34,319.
The price is currently consolidating above the $35,000 level and the 100 simple moving average (4-hours). It was already rejected once near the 61.8% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low.
Source: BTCUSD on TradingView.com
There is also a major contracting triangle forming with support near $35,550 on the 4-hours chart of the BTC/USD pair. The triangle support is near the $35,000 breakdown zone and the 100 simple moving average (4-hours).
If there is a downside break below the $35,500 and $35,000 support levels, bitcoin price might accelerate lower. The next major support on the downside is near the $34,000 level. Any more losses could open the doors for a push towards the $32,000 and $30,000 support levels in the near term.
If bitcoin stays above the triangle support, $35,000, and the 100 simple moving average (4-hours), it could start a fresh increase.
The main resistance on the upside is near the $38,600 zone and the triangle upper trend line. It is close to 76.4% Fib retracement level of the recent decline from the $40,036 swing high to $34,319 low. A close above the $38,600 level could open the doors for a strong surge above $40,000.
Technical indicators
4 hours MACD – The MACD for BTC/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Level – $35,500
Major Resistance Level – $38,600
Image Credit: Refer to Source
Author: Refer to Source Aayush Jindal
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