Bitcoin Price Will Skyrocket in 2021, Here’s Why

Coinspeaker
Bitcoin Price Will Skyrocket in 2021, Here’s Why

It’s already widely known that Bitcoin and cryptocurrency markets are highly volatile and incredibly unpredictable, appearing to move independently of most traditional or expected indicators.

, which has doubled so far this year after recording heavy losses throughout 2018, is hanging around $8,000 and most other major cryptocurrencies, including Ethereum, Bitcoin Cash, Litecoin, and XRP, have also made significant gains in recent months.

Novak Svrkota, fund manager and analyst from consulting agency KriptoBroker explains that price of Bitcoin is determined by supply and demand.

“Fiat currencies like US dollar, have infinite supply, that increases everyday with rate determined by central banks like FED. Increasing supply is called inflation, meaning that the same amount of money is worth less as time passes. Therefore, keeping your wealth in form of dollar or any other fiat currency doesn’t have lot of sense.

That is the reason why people decide to hold their wealth in form of real-estate, art, shares, gold or any other commodity. Everything revolves around gaining value, but big part of equation is story about money that is constantly losing value. That’s why bottle of Coca-cola costed 5 cents – even today manufacturing and distribution are much more efficient.”

He also noted that Bitcoin “per se” doesn’t have infinite supply. It is grounded at $21 million.

“Bitcoin’s inflation is programmed to decrease every 4 years in event called halvening. Miners are rewarded with Bitcoins for processing transactions. In the beginning that reward was 50 Bitcoins for every 10 minutes. You would probably assume this is a real fortune but at the beginning, Bitcoin was practically worthless.

In 2012 we had halvening where reward was reduced from 50 to 25 BTC and after that, we had big bull market in a late 2013. Then we had 2016 halvening where reward was reduced from 25 to 12.5 BTC, and we witnessed again the bull market in 2017.”

Next halvening is in May 2020 and we are expecting to see huge price increase in 2021 as well. Bitcoin miners currently receive 12.5 BTC  each time they successfully mine a block. By the end of May 2020 (the next Halvening) they instead earn just 6.25 BTC.

The truth is that the Bitcoin price rose from under $1,000 per bitcoin to almost $20,000 throughout 2017 before losing more than 80% of its value last year.

This epic 2017 Bitcoin bull run is thought to have been triggered by expectations institutional investment in the Bitcoin and cryptocurrency market was imminent but when that failed to materialize in the way many thought it would, the market pulled back sharply.

What will happen next year is probably similar to the situation we had in previous years. Earlier this week, a U.S. venture capitalist warned the market is heading for a “supply shock” thanks to next year’s closely watched bitcoin halvening event, now just 341 day away.

Bitcoin Price Will Skyrocket in 2021, Here’s Why


Source: coinspeaker
Bitcoin Price Will Skyrocket in 2021, Here’s Why

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Bitcoin Halving Will Trigger ‘Supply Shock’, Warns Venture Capitalist

Coinspeaker
Bitcoin Halving Will Trigger ‘Supply Shock’, Warns Venture Capitalist

The largest cryptocurrency, Bitcoin seems to have something to worry about. This week it was literally swept off by one of its biggest rivals – Litecoin.

Mati Greenspan, senior market analyst at brokerage eToro said:

“If Litecoin is indeed the leader, let’s out for a breakout this week.”

Even though we cannot say that BTC performed badly, fourth biggest cryptocurrency has risen by more than 300% this year and is up a staggering 43% over the last month. It is presumed that the investors are looking towards a cut to its supply scheduled for August, known as a halvening.

Bitcoin was pretty much flat over the last month but yesterday it also went on surging. At the time of writing its went up 5.46% to $8,690.

However, the truth is that the Bitcoin price has more than doubled this year and U.S. venture capitalist are praising its progression. Nevertheless, they are warning that the market is heading for a “supply shock” thanks to next year’s closely watched Bitcoin halvening event.

Alyse Killeen, managing partner of StillMark Capital says that what is actually happening is an anticipation of a coming supply shock in 2020. She said:

“In 2020 we’ll have just half the daily supply of Bitcoin that we do now. While we’re looking ahead to this supply shock and halvening event, we’re also seeing greater demand for bitcoin and new on-ramps for more familiar and conventional sources. There’s the anticipation that there be a broader group of users and consumers who have an appetite for Bitcoin.”

We have to be aware though, that Bitcoin and cryptocurrency markets do not respond to any of the things that usually move traditional currencies, stocks and shares or commodities. Greenspan said:

“As we’re dealing with an emerging asset class, crypto evaluation metrics are still largely being developed. Stocks, bonds, currencies, and commodities all have decades if not centuries of price discovery, so analysts more or less know what to expect.”

He also explained that the crypto market has only begun to mature in the last two years and that what does work well for crypto analysts are simple technical analysis tools like support and resistance points, especially psychological barriers, as well as sentiment, trend, and above all momentum indicators.

Bitcoin Halving Will Trigger ‘Supply Shock’, Warns Venture Capitalist


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Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction

ethereum will skyrocket


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One pseudonymous cryptocurrency technical analyst with an alias “Rampage” recently predicted that and will put in the shadows, rising by more than 70% against the most dominant cryptocurrency.

The coming altcoin news show the tweet in which the analyst attached an image showing the action of the two markets – overlaid in a single chart. As he predicted, Ethereum will move higher against Bitcoin and will closely follow the action of its USD counterpart.

Even though the analyst who made the altcoin news is quite anonymous, his chart is definitely spot-on when it comes to the current technicals. He believes that Ethereum will skyrocket based on a compelling technical analysis – and a forecast that supports his prediction.

What’s also interesting is the fact that the same analyst has been featured on many best cryptocurrency news sites on May 24, when he emphasized how Ethereum converted the former resistance of 0.03 into support. In many books, this was seemingly bullish price action as it showed rejection of lower prices.

The tweet below shows is a detailed illustration of that.

If we go into another perspective and see if Ethereum will skyrocket in the long run, a timeframe ETH analysis points to an ultra bullish take on a longer time frame. ‘Rampage’ also posted a chart where targets are specified – where the target is 0.040873 and the second is set at 0.053449. Right now, ETH is trading at 0.030858 and a USD price of $264.30.

If this analysis turns out to be accurate, more long positions in the market can boost the Ethereum holdings against Bitcoin – by more than 70% in the long run.

It has now been three weeks since this prediction was made – and ETH has yet to make a move. Still, bulls think that Ethereum will skyrocket in the next 24 to 48 hours – where the key level is set at the resistance between 0.031 and 0.032.

A in the latest cryptocurrency news shows that Bitcoin (BTC) managed to ignite a bullish run and trigger many altcoins to rise. The bulls are now in the perfect position to break out of the pattern and build significant momentum. All of which supports this analyst’s forecast on Ethereum and its price targets.

The post Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction appeared first on DC Forecasts – Leading Digital Currencies.


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Will Facebook’s “Libra” cryptocurrency outcompete Bitcoin?

Peter Schiff, the CEO of brokerage firm Euro Pacific Capital, believes ’s cryptocurrency outcompete on stability and fees. BTC advocate Anthony Pompliano disagreed, suggesting the two would help each other grow.

The controversy is over Facbook’s coming “Libra” cryptocurrency. Purportedly named as a dig at the Winklevoss twins’ Gemini exchange, the digital asset will be a stablecoin supported by a basket of international currencies.

The cryptocurrency will reportedly be transferable between Facebook products with zero fees, giving the social media platform a unique position in the financial services sector. Whether or not the cryptocurrency will with Bitcoin remains a matter of speculation.

As Anthony Pompliano retorted to Peter Schiff:

Who will “Libra” serve?

With one of the largest networks of people in the world, Facebook’s has a competitive advantage for a company wanting to provide global financial services. The company secured $10 million apiece in funding from major backers like Visa, Mastercard, Paypal, and Uber and is setting up a conglomerate to govern its network. The remittances industry alone totaled $689 billion in 2018, according to the World Bank, and could be a service Facebook aims to provide.

On the other hand, one could argue that “Libra” targets an audience never intended to be served by a decentralized currency like Bitcoin. Bitcoin adoption has traditionally been more widespread among the black and gray markets. Daily use of Bitcoin remains rare in large parts of the world and merchants interviewed by Mashable who accept Bitcoin report infrequent usage and difficulty adjusting to volatility.

A war for adoption

Could the Winkelvoss twins be squaring up for a battle over merchant adoption of cryptocurrency between Bitcoin and Zuckerburg’s “Libra?” Documented in the 2010 movie “The Social Network,” the infamous lawsuit over who invented Facebook may have sparked a war that is not yet over.

A new partnership between payments startup Flexa and the Winklevoss twins’ Gemini exchange could change that. Flexa leverages the scanners used by major retailers to facilitate cryptocurrency payments to major retailers via its Spedn app.

The service makes it possible for people to pay for purchases with companies like Whole Foods, Nordstrom, and Regal Cinemas using Bitcoin, Bitcoin Cash, Ethereum, and Gemini Dollar. Customers can pay cashiers in crypto using the app without revealing the currency to the cashier and merchants can choose to accept payment in cryptocurrency or fiat.

Laura McCracken, Facebook’s head of financial services and payment partnerships for Northern Europe confirmed that a white paper with more details about the project will be released on June 16.

The post Will Facebook’s “Libra” cryptocurrency outcompete Bitcoin? appeared on CryptoSlate.


Source: cryptoslate
Will Facebook’s “Libra” cryptocurrency outcompete Bitcoin?

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