START THE COUNTDOWN: Breakout imminent!
There are multiple signs indicating that a new bull market is in sight for Bitcoin. I’m personally getting bullish; the wait might be over soon.
Tom Lee, the co-founder of Fundstrat Global Advisors, recently provided a strong argument – his take is that the bull market could begin within the next six months. He even pinpointed August as a possible starting point of the crypto recovery.
Bitcoin is up 5% since the beginning of the year and the dollar is certainly not doing in 2019 what it did last year – the USD is lagging, which is an important catalyst for Bitcoin.
From a technical analysis perspective, we’re seeing the 200-week moving average forming a line that current prices are getting ready to puncture through to the upside. It will take another 3-4 months for the technical indicators to confirm this, but the markets LOVE pricing-in sentiment ahead of the actual confirmation from trading patterns.
There’s a substantial increase in the daily volume of Bitcoin trading, coupled with an overall increase in the crypto market cap, which indicates that interest is picking up in the sector.
As for Bitcoin in particular, $4,000 holds a psychological significance, but the real stamp of approval is nearer to $4,300 or $4,600 – these are key resistance levels that must be breached in order to corroborate a sustained breakout.
There are a large number of short contracts in the $4,200 to $4,300 range, so if buyers can squeeze the speculative shorts out, this thing could go through the roof pretty smoothly.
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Another issue that is critical to pay attention to is that Justin Sun (CEO of Tron) reaffirmed his confidence in the future of cryptocurrency. I love his explanation that Bitcoin ought to be viewed as a technology rather than a business opportunity, so that the Lightning Network is a significant scaling solution for Bitcoin. That’s so true; technology – not speculation – is the backbone of this revolution.
Pure Investment Wealth has published numerous letters about the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. ICE will be launching Bakkt, a highly anticipated, institutionally-backed cryptocurrency trading platform, and today I want to update you on the latest developments coming from their end.
In partnership with Blockstream, ICE has established a Cryptocurrency Data Feed; this will provide real-time and historical data of 58 cryptocurrency prices from all over the world. The listed cryptocurrencies include Cardano (ADA), Monero (XMR), NEM, Ripple (XRP), Stellar (XLM), and NEO.
The Cryptocurrency Data Feed is significant because it means that the Bakkt platform might include more than just a handful of famous tokens like Bitcoin, Ethereum, and Litecoin. Furthermore, the global crypto coverage provided by the data feed will be useful to individuals and hedge funds seeking to manage their risks better. This is exactly what mass adoption is all about.
It’s not just Tron’s Justin Sun that is emphasizing the importance of cryptocurrency and blockchain as a technology. Ethereum co-founder Joseph Lubin has established a strong vision for blockchain’s future with a prediction that blockchain will probably be a significant part of the economy in 10 to 20 years.
On a shorter time horizon, Lubin stated that Ethereum will have “something that looks like a fully functioning system” in 18 months, and that they’ll have a blockchain system that’s “much more powerful and scalable” and uses less energy.
Lubin also explained that while there might not be many normal people using blockchain-based systems today, there weren’t a lot of normal people firing email around in 1983. This is in line with Lubin’s statement from November, when he explained that with blockchain, society will move from a mindset of scarcity to one of abundance. This industry needs the public to fall in love with only one blockchain-based product and it’s game over from there on.
Tom Lee, Justin Sun, and Joseph Lubin have insiders’ perspectives into the future of crypto and of the blockchain – and the consensus is unmistakable: they’re seeing great things ahead for what could be the most important technology of the century.
Stay the course.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.Please read our full disclaimer at PureBlockchainWealth.com/