Friday, October 7, 2022

Is Bitcoin Going To Go Up

John Mcafees Bitcoin Price Prediction

Bitcoin will be volatile, but it will ‘go up forever’: MicroStrategy CEO

Bitcoin is a real shitcoin, said McAfee antivirus creator John McAfee. He wrote that the future lies with altcoins in his Twitter account since they bypass the first cryptocurrency in technical specifications.

Whichever Bitcoin Maximalist came up with the term “Shitcoin” for all other coins Was brilliant.

John McAfee

Earlier, he abandoned his $1 million forecasts for Bitcoin, calling it a trick to attract users.

Will Bitcoin Crash Again

If more countries create regulations/laws for cryptocurrency, more bad news will be published. This means we may see Bitcoin crashing again. Countries such as South Korea, Japan, China, France, and the United States all want to create new regulations.

Even though they want to create new regulations, we must remember that:

  • This could take a long time.

  • It might not affect the price of Bitcoin.

  • Until then, the most popular Bitcoin projection is that it will continue to rise.

    How The Value Of Bitcoin Has Changed In Recent Years

    THE value of Bitcoin has fluctuated since it was launched in 2009.

    • 2009-2011: One Bitcoin was equal to about one US dollar
    • 2013: Bitcoin rises upward to $1,242
    • 2014: Bitcoin falls to $530
    • 2017: Bitcoin rose to $13,800 by the end of the year
    • 2018: Price dropped to around $6,000 before halving again to around $3,000
    • 2020: Started at $5,000 before ending the year around $28,000
    • 2021 January: Bitcoin around $36,000
    • May: Bitcoin tumbles to $39,790

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    Finding Value In Cryptocurrency

    If you understand the core principle of supply and demand behind what gives cryptocurrency value and the factors influencing them, you can make better cryptocurrency investment decisions. If you believe demand is going to increase for reasons X, Y, and Z and don’t think supply will keep up, that cryptocurrency could be a good investment. But be aware that governments still don’t have best practices for regulating cryptocurrency, which makes it a particularly risky and volatile investment no matter what.

    Dogecoin Price Spikes After Elon Musk’s Tesla Crypto News Dogecoin 2022 Price Predictions

    Will Bitcoin Go Up Feb 2021 : WHY DOGECOIN WILL GO TO $1 ...

    Dogecoins price was trading down by approximately 2.26% on the last 24 hours at $0.15 on Monday afternoon.

    Shiba Inu coin, the so-called Dogecoin killer, was a trading 4% down on the last 24 hours at $0.00002700 as of 1.47pm on Monday.

    Meanwhile, Cardano prices are fluctuating around $1.12 in 3.5% fall on the last 24 hours after dropping by almost 10% on Thursday, XRP was down 1.47% at $0.734739 and Solana was down by 2.67% at $135.88 as of 1.45pm on Monday.

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    Why Is Bitcoin Down Today

    Bitcoins price enjoyed a bullish rise to near $70,000 in value in early November as investors hoped to see the cryptocurrencys $1 trillion market cap remain firmly in place ahead of a volatile trading period.

    But its plummet below $50,000 came in late 2021 as US and UK markets struggled to contend with renewed concerns over Covid-19, the Omicron variant and high inflation.

    The latest fall in Bitcoin price came as a sharp sell-off ensued on the Nasdaq index on Wednesday , with the US central bank poised to lurch away from its coronavirus pandemic monetary policies with interest rate hikes and a potential cut to securities in order to shrink its balance sheet.

    500 points were wiped from the tech-heavy Nasdaq index following the release of minutes from the US Federal Reserves latest meeting in December in which expectations for a reduction in policy accommodation shifted forward notably.

    The Nasdaq dropped 500 points and was trading down by approximately 3.34% to close at 15,100.17 on Wednesday.

    The impact was also felt across other US stock indexes, with the Dow Jones Industrial Average trading down by approximately 1.07% and the S& P500 was down by 1.94% on Wednesday.

    But the cryptocurrency also took a major hit as crypto mining operations in Kazakhstan, which have proliferated since China outlawed cryptocurrency mining in the country, went down in a nationwide internet outage this week.

    Why Is Bitcoin Dropping

    The incredible momentum in Bitcoin that took the price from the $10,000s to over $60,000 has reversed, with Bitcoin giving back around half of the rally. For reference, Bitcoin traded in the $10,000s during last summer and fall before skyrocketing. Some factors that drove up the price back then include increased retail and institutional adoption of Bitcoin and retail investors speculating. Adoption continues to increase but is being counterbalanced by the uncertainty that has caused Bitcoin to fall in price. As of my writing this, Bitcoin seems to be on its way back up, but here are some reasons that the rally in Bitcoin faded after hitting its all-time high:

  • The Chinese Communist Party launched a fresh crackdown on Bitcoin, arresting over 1,100 people. Like many things in China, there are two sides to the story here, with the government claiming the groups were involved in criminal activity and some in the crypto community claiming that the main point of the crackdown was to seize private wealth. China’s crackdown contrasts with greater acceptance of Bitcoin in Latin America, with El Salvador making Bitcoin a legal tender for the country alongside the U.S. dollar.
  • These factors help explain Bitcoin’s rise and fall from its peak in April.

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    Bitcoin To Go Nuts In November Predicts On

    BitcoinTrading

    Widely followed on-chain analyst Willy Woo predicts Bitcoin will go nuts in the coming months as long-term holders continue to accumulate the leading cryptocurrency.

    In a new episode of the What Bitcoin Did podcast, Woo says that long-term holders, or entities that have kept their BTC dormant for at least five months, will make their presence felt in the coming months.

    This is a macrocycle thing. You would have seen it at the 2015, 2014 bottom. You saw it at the 2019 bottom, and actually, you saw it over the 2020 where we came back down. There was the Covid crisis. There was Michael Saylor scooping up all the coins, and that was another peak of long-term holders accumulating. Were moving into a peak, and we will be at the peak at current rates by next month.

    That means peak accumulation. Peak accumulation means, thats defining this kind of sideways band and then after that, we do a run-up.

    The last run-up was $10,000 to $60,000 starting from October last year. The run-up before that was from $4,000 to $14,000 over a matter of months. So if October we start to peak were starting to look into November onwards to go. Thats when the run-up happens. All the coins are being scooped up by these long-term guys Just the structure of the market is like, This thing is going to go nuts.’

    This is very promising. Were going to have another run and forget December sell-off which has happened every other top.

    What Is Happening To Bitcoin

    What makes Bitcoin and other CryptoCurrencies go up in value?

    Bitcoin has been on a rollercoaster ride of late, rising and falling sharply on the back of a number of news stories.

    To summarise, these dramatic ups and downs over the past few months:

    • 16 December 2020: Price hits $20,000 per coin for the first time
    • 13 April 2021: Value hits a record high of $63,375
    • 22 June 2021: Falls to under $30,000 for the first time in 5 months
    • 2 August 2021: Bitcoin rallies to its highest level since May at $40,000
    • 23 August 2021: Price returns to above the $50,000 mark
    • 20 October 2021: Price goes up to $67,000
    • 27 October 2021: Bitcoin crashes to $58,000
    • 5 November: Reached record high of $68,521
    • 4 December: Price fell to around 12% down to $42,000, falling nearly 30% peak-to-trough on a 24-hour basis.

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    Bitcoins Institutional Adoption Is Rising

    What a difference three years makes. In the heat of its last rally in mid-2017, leading figures infinance increased the volumes of their attacks on Bitcoin.

    Chief amongst the detractors was JP Morgan CEO Jamie Dimon, who hit out at Bitcoin for being worsethan the tulip bulbs.

    Dimon joined a chorus of Wall Street veterans in comparing Bitcoin to the first recorded speculativebubble – the tulip trade in the 17th century.

    The 1630s Tulip Mania took place during the Dutch Golden Age when localmerchants were at the center of the lucrative East Indies trade

    Today, JP Morgan is sounding an entirely different tune with regards to Bitcoin. Not only has the bankdeclared that Bitcoin has staying power as a result of having survived its first true test, they arebacking it up with action.

    When it comes to Bitcoin, JP Morgan is now accepting exchanges as clients, starting with Coinbase and Gemini.

    Paul Tudor Jones is another notable investor that has begun to allocate capital to Bitcoin. Whileantagonism toward Bitcoin still exists in Wall Street circles, it’s definitely trending more towardsacceptance and adoption.

    What Price Did Bitcoin Drop To

    The crash saw the price of Bitcoin plummet to £21,719.56 at around 10.45am on 20 July – around half the value from its record high of £47,240.05 on 14 April 2021.

    The drop in price was significant and was level with mid-January 2021 levels before the crypto enjoyed a fruitful three months which saw its value skyrocket.

    Its valuation was boosted by the news that Tesla had bought $1.5b of Bitcoin shares, which in turn sent the market price of both the crypto and Tesla soaring.

    Yet Teslas decision to reverse its policy to accept Bitcoin as payment for its products sparked a downward spiral for the crypto – 21.43% down – and fellow digital currencies.

    Ethereum experienced a 35.56% drop, Binance Coin dropped 45.20%, Dogecoin was down 35.12%, Uniswap -45.42% and Litecoin -44.55%, according to coinmarketcap.com.

    There have been fluctuations since, with a 5.24% market drop in the 24 hours prior to 11am, Monday 6 December 2021.

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    Will Bitcoin Go Up If The Stock Market Crashes

    Not necessarily. Supporters of bitcoin see it as a diversifier in balanced portfolios, but it did no better than stocks at the start of the coronavirus pandemic. This is because investors panic-sold everything.

    In the first two weeks of March 2020, bitcoin went down over 40%.

    That was when we saw all equity markets take an aggressive leg down because of concerns about Covid-19, notes Rosie Bullard, partner and portfolio manager at James Hambro & Partners.

    So it wasnt exactly a store of value in an equity market reversal.

    If you look back to March of last year when we saw the market collapse, you didnt see bitcoin suddenly rally in that period.

    Rosie Bullard, partner and portfolio manager at James Hambro & Partners

    That said, how crypto assets perform during stock market falls will depend on why financial markets have collapsed.

    If it were an inflationary shock, such as we saw in 1974, most bitcoin investors believe it would provide protection.

    If you want to read more about the alternatives to bitcoin, check out are article here.

    Bitcoin 202: Will It Go To Us$10000 Or Us$100000

    Bitcoin Price Might Be Hitting a Turning Point  Are We ...

    Cryptocurrency bulls predict that Bitcoin could hit $100,000 soon, although some say the price could theoretically drop to zero.

    More on: BTCHVBTMOGOMOGOHIVE

    The December 2021 flash crash of Bitcoin is still fresh in investors minds. As of January 6, 2022, BTC traded at US$43,160.93. The price has fallen in each of the first six trading days of the year, with the crypto losing around US$80 billion in market value.

    While its tough to predict the high-risk assets price, BTC loyalists remain bullish. Goldman Sachs analyst Zach Pandl predicts the crypto could hit US$100,000 if it continues to take market share from gold. On the contrary, Sir Jon Cunliffe, deputy governor of the Bank of England, said Bitcoin could be worthless. He added that investors should be prepared to lose everything.

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    Inflation And The Lowering Purchasing Power Of The Dollar

    Since the gold standard was removed in 1971 by Richard Nixon the amount of circulating dollars has steadily increased. Between the year 1975 and just before the coronavirus hit, the total money supply has increased from $273.4 billion to over $4 trillion as of March 9, 2020. Since that date, the total money supply has gone from $4 trillion to over $6.5 trillion as of November 30, 2020, largely due to coronavirus related stimulus bills.

    Congress is currently in talks to pass another stimulus bill of nearly $1 trillion, aimed to help those suffering from the coronavirus. Should this new stimulus bill be passed it would mean that since the onset of coronavirus, around 50% of the world’s total supply of US dollars will have been printed in 2020.

    While there are certainly people suffering from a lack of jobs and businesses shutting down, the increase in money supply has significant long-term implications for the purchasing power of the dollar.

    The stimulus spending has led many to fear far greater inflation rates, and rightfully so. To hedge against this inflation investors have sought assets that either maintain value or appreciate in value. Over the course of 2020, this search for a store-of-value asset to hedge against inflation has brought them to Bitcoin. Why?

    Price Fluctuations In 2011

    After the rapid growth to $0.5 and the same rapid decline to $0.15, the coin continued to consolidate in the price range of $0.2-0.3 until the beginning of January 2011. Then the rate continues to move upwards, and on , 1 at the cost of $1.

    The growing popularity facilitates this due to its mention in the Hacker News and Twitter, an increase in the number of miners, as well as the launch of the Darknet site Silk Road, where BTC has become the main payment system.

    In mid-April, when an essay was published in TIME magazine, its course finally broke the $1 mark and rose upwards so that it will never return to it.

    On June 2, 1 was already worth $10. Over the next six days, a jerk was made to ~ $32 . After another four days, the exchange rate again fell to $10 and then jumped sharply to $25.

    On June 19, the Mt.Gox crypto exchange was hacked, as a result of which hackers stole and made publicly available data from more than 61 thousand exchange customers.

    Despite the relatively small losses, the news about this hack took effect, causing the coin to fluctuate seriously on other exchanges.

    Then, in the first week of August, the cost dropped from $15 to $6. After a quick recovery to $12, the summer Bull runs correction lasted until November, ending at around $2.5.

    For the next year and a half, the price was in the accumulation stage with a gradual increase to $14. The only serious depreciation during this period occurred in August 2012.

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    Crypto Pros And Newbies Alike Are Asking Why Bitcoin Prices Keep Hitting New All

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    Bitcoins prices reached an all-time high of above $40,000 less than a month after breaking $20,000 for the first time. Since the start of the most recent rally, ostensibly begun in October, its value has increased fourfold.

    So for pros and newbies alike, or if you want to be the cryptocurrency expert at your next Zoom party, its natural to ask: Why are prices going up, and will bitcoin crash?

    Bitcoin was invented just 12 years ago as a new type of electronic payment system, built atop an Internet-based computing network that no single person, company or government could control. The reality is the bitcoin cryptocurrencys trading history is so short, with methods for valuing the asset still largely untested, that nobody really knows for sure what it should be worth now or in the future.

    That hasnt stopped digital-asset investors or even Wall Street analysts from putting out price forecasts ranging from $50,000 to $400,000 or beyond.

    Based on CoinDesks reporting, here are a few key reasons why bitcoin prices have recently rallied:

    All this may have led to a tremendous rally over the past few months. But could bitcoin prices crash? Of course they could, several analysts told CoinDesk.

    The cryptocurrencys price is notoriously volatile, and substantial and unexpected price swings arent uncommon. Below is a sampling of comments from cryptocurrency analysts and other financial experts on how a pullback might look, and what might cause it.

    DISCLOSURE

    Cryptocurrency Supply And Demand

    Bitcoin going to $100K, then $150K, then $200K: Palihapitiya

    The value of anything is determined by supply and demand. If demand increases faster than supply, the price goes up. For example, if there’s a drought, the price of grain and produce increases if demand doesn’t change. The same supply and demand principle applies to cryptocurrencies.

    The supply of a cryptocurrency is always known. Some, such as Bitcoin, have a fixed maximum supply. Others, like Ether , have no cap on supply. Some cryptocurrencies have mechanisms that “burn” existing tokens to prevent the circulating supply from growing too large and slowing inflation. Burning a token means sending them to an unrecoverable address on the blockchain.

    The monetary policy of each cryptocurrency is different. Bitcoin supply increases by a fixed amount with each new block mined on the blockchain. Ethereum offers a fixed reward per block mined, but it also pays out for including “uncle blocks” in the new block, which helps facilitate the efficiency of the blockchain. As a result, the supply increase isn’t as fixed. Some cryptocurrency supplies are dictated entirely by the team in charge of a project, which can opt to release more of a token to the public or burn tokens to manage the money supply.

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