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British financial experts: BTC will reach $200,000 in five years!


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Bitcoin mining has become talk of the town. The value at which bitcoin is expanding day by day, making people go crazy. People now more eager to have bite of this cake. And mining helps them achieve it. Mining is the process where you get bitcoincommission for confirming transactions.Also, there is a fixed supply of 21 million bitcoin in the market. Out of which around 18.5 million is in circulation.

For the future trend of BTC development! In a recent interview with Bloomberg, Adam Back, a British cryptographer and CEO of Blockstream, said that Bitcoin will rise to $300,000 in five years from near its current level of $10,000.

One reason for this is that he believes that with more people working from home due to the new crown epidemic, more risky real estate investments and potentially overvalued bonds, some investors may be turning to bitcoin. back stressed that "this is causing people to start thinking about the value of the currency and looking for ways to preserve it."

He also believes that one indication of increased demand for bitcoin is that Grayscale Investments alone has purchased more bitcoins than newly mined in the past few weeks.

In the interview, he also denied speculation that he is the creator of Bitcoin, "Satoshi Nakamoto".

And BBZ recently launched a Raytheon S99 Asic Miner that is all-in-one model, with the advantages of high computing power, low power consumption, strong stability and high cost performance. It can help miner to increase the cost of unit calculation force and mining efficiency.

 
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9 hours ago, BDLLTD said:

For the future trend of BTC development! In a recent interview with Bloomberg, Adam Back, a British cryptographer and CEO of Blockstream, said that Bitcoin will rise to $300,000 in five years from near its current level of $10,000.

Hi @BDLLTD

Thanks for sharing the Bitcoin development.

Is now the time to buy the dip? 

Is ‘Buy the Dip’ a good strategy? Which is based on an assumption price drops are temporary aberrations that correct themselves over time. Dip buyers hope to exploit dips by buying at a relative discount and reaping the rewards when prices rise again.

 

All the best - MongiIG

  • Like 1
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On 06/06/2022 at 18:46, MongiIG said:

Hi @BDLLTD

Thanks for sharing the Bitcoin development.

Is now the time to buy the dip? 

Is ‘Buy the Dip’ a good strategy? Which is based on an assumption price drops are temporary aberrations that correct themselves over time. Dip buyers hope to exploit dips by buying at a relative discount and reaping the rewards when prices rise again.

 

All the best - MongiIG

maybe it has lower to go ?

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On 12/06/2022 at 13:33, phillo said:

maybe it has lower to go ?

Hi @phillo

Is Bitcoin unlikely to gain support before falling to $20K ?

Bitcoin is losing for the seventh consecutive day, falling below $25K. The loss in seven days of selling is approaching 18%, bringing the rate to its lowest since December 2020. 

Thanks - MongiIG

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53 minutes ago, MongiIG said:

Hi @phillo

Is Bitcoin unlikely to gain support before falling to $20K ?

Bitcoin is losing for the seventh consecutive day, falling below $25K. The loss in seven days of selling is approaching 18%, bringing the rate to its lowest since December 2020. 

Thanks - MongiIG

 

Capture bitcoin.PNG

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Bitcoin Crash Landing

Jun 14, 2022 | DailyFX
Justin McQueen, Strategist

Bitcoin Price Analysis & News

  • Bitcoin Tests 21k

Rich Dad, Poor Dad Author Changes His Mind About Bitcoin?

Bitcoin: Once again, cryptocurrencies prove it is a high-beta risky asset in light of the recent market turmoil. The cryptocurrency broke 21k overnight, which has significance for the most correlated crypto stock, Microstrategy, following comments made by the company’s CFO last month.

Microstrategy CFO "As far as where bitcoin needs to fall, we took out the loan at a 25% loan-to-value, the margin call occurs [at] 50% loan-to-value. So essentially, bitcoin needs to cut in half or around $21,000 before we'd have a margin call"

"Before it gets to 50%, we could contribute more bitcoin to the collateral package, so it never gets there, so we don't ever get into a situation of a margin call."

Bitcoin Chart: 10-Minute Time Frame

Bitcoin Crash Landing, Tentative Turnaround for S&P 500

Source: Refinitiv

Bitcoin Chart: Weekly Time Frame

Bitcoin Crash Landing, Tentative Turnaround for S&P 500

Source: Refinitiv

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51 minutes ago, phillo said:

Fed rate decision later today may push this below 20k ?

Capture bitcoin.PNG

Thanks for sharing @phillo

It will be interesting to see later as the markets now anticipate a whopping 75-basis point bump on Wednesday Fed decision instead of 50.

 

All the best - MongiIG

  • Thanks 1
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On 18/06/2022 at 20:22, phillo said:

I would recommend you do your own analysis on this !

Capture bitcoin.PNG

BTC/USD TECHNICAL ANALYSIS

BTC/USD remains below a descending trend line. Nearby support could at the lows seen in late 2020 at 17,575 and 16,520.

On the topside, resistance might be at the recent high of 22,945 or a break point of 25350.

BTCUSD CHART

Chart created in TradingView

--- Written by Daniel McCarthy, Strategist for DailyFX.com

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