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Saturday, 30 May 15:42 (GMT -05:00)



Foreign exchange market

Billionaire Predicts Major Rally for Bitcoin


Michael Novogratz, a billionaire and investment banker, thinks that the Bitcoin exchange rate is going to skyrocket within the next 20 years. In particular, he believes that in two decades, the market cap of the world's first cryptocurrency will exceed the one of gold. For that, the BTC rate will have to increase by 10000% to reach 7,5 trillion dollars.
 
Apparently, this is going to happen if big-scale institutional investors come into play at some point in the near future. The thing is that big-scale companies are getting more and more interested in cryptocurrencies in general and Bitcoin in particular. Goldman Sachs and Intercontinental Exchange are among those big-scale players. If that's really the case, that's destined to give the whole industry a huge positive momentum.
 
The billionaire thinks that the long-term prospects of Bitcoin are very strong. And he back his standpoint by multiple examples of factors backing this positive tendency, including the forthcoming launch of Fidelity and Bakkt, which will happen sooner or later.
 
As for exceeding the mentioned 7.5-trillion-dollar threshold, the billionaire is convinced that this is certainy to happen at some point within the next 20 years. 
 
At this point, 1 BTC is trading slightly over 4000 dollars.  This is 20-25% higher than December's levels when the exchange rate dropped down to 3300 dollars per coin. 
 

BTC/USD. Technical analysis

 

Daily chart, courtesy of FortFS: 
Bitcoin is still trading within the scope of a flat market, with a faint bullish tendency. The support is at 3976. The resistance is at 4110 (the range set by the upper Bollinger Band).
 
Н4: The local ADX is weak. It hints that the probability of a further flat market is high, probably within 35-dollar range between 3996 and 4028 dollars per coin (Bollinger Bands).
 

 

Н1: The intraday picture looks flat as well, without any signs of tendency change. the daily forecast is a flat market within the 3995-4019 range.
 

Expectations: a flat market within the 3995-4019 range.
Trading decisions: trading within the 3995-4019 range.

 

You are free to discuss this article here:   forum for traders and investors

 

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