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The CEO of one of the largest cryptocurrency investment firms says he believes Bitcoin (BTC) is on the verge of a long-term rally to more than $100,000.
In a new letter to investors, Dan Morehead says he believes that as governments increasingly print money to prop up their economies, the contrast between fiat and cryptocurrencies with fixed supplies will become increasingly apparent.
“This is a really distressing, massively confusing time. I have no idea what’s going to happen in 99% of things right now. However, I strongly believe it’s close to inevitable that this will be very positive for cryptocurrency prices.
My kids used to count to 100, ‘One, two, skip a few, a hundred.’ It feels like we’re doing that on Quantitative Easing. QE1, QE2, skip a few, a hundred. As Quantitative Easing approaches infinity, it simply has to have an impact on things whose quantity can’t be eased.”
As for Bitcoin, Morehead points to the BTC halving, which will reduce the new supply of Bitcoin in about a week, as a key factor that will drive a new bull run.
“Although there are only a couple of data points – and with the caveat that the past doesn’t predict the future – halvings have coincided with increases in price due to a perceived and/or real scarcity of supply.
The second Bitcoin Halving decreased supply only one-third as much as the first. Very interestingly, it had exactly one-third the price impact. Extrapolating this relationship to 2020: The reduction in supply is only 40% as great as in 2016. If this relationship holds, that would imply about 40% as much price impulse – bitcoin would peak at $115,212 /BTC.
I realize that price may sound ludicrous to some today. But, $5,000 sounded equally ludicrous as our first written price forecast when we launched Pantera Bitcoin Fund at $65 /BTC.”
In other trending Bitcoin News today:
Bitcoin just printed its seventh consecutive week of gains. This is a technical feat last seen in April 2019, prior to the 300% bull market of that year.
Calls have been mounting for Bitcoin to pullback, with Bloomberg writing how the asset is overextended to the upside, yet a “pristine” chart pattern predicts a massive breakout on the date of the halving.
To many, Bitcoin’s price action over the past few years has been sporadic.
Yet according to a new analysis by Alex Fiskum, a global macro investor based in Hong Kong, the cryptocurrency’s price action ever since the 2017 bull market has fit into a textbook chart pattern: a “pristine 3-year Symmetrical Triangle.”
“BTC has printed a pristine 3-year Symmetrical Triangle pattern on the daily when removing wicks. Statistically, symmetrical triangle patterns break upwards 60% of the time. Average breakout point at 73% of the way to the triangle apex – literally on the date of the halving.”
As this triangle that BTC is trading in is extremely long term and covers a big price range, the breakout should be explosive, and will likely catapult towards the $20,000 highs, as Fiskum depicted.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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