Bitcoin Price Could Triple This Year and Beat Dow to $40,000

  • Bitcoin can rally very strongly from here – Fundstrat Global Advisor founder Tom Lee
  • However, the Dow Jones Industrial Average would be the first one to break the 30,000

Bitcoin is back at $9,780 this week after breaching the $10,000 level over the weekend. However, as we reported the market is still looking at an “aggressively bullish trajectory.”

This was further reinforced by Fundstrat Global Advisor founder Tom Lee who sees Bitcoin shooting up to $27,000 this year.

While talking about the digital asset’s nearly 40% gains in 2020 so far, bitcoin bull explained that a lot of good things have happened with Bitcoin this year.

Bitcoin can rally very strongly from here

Last year, Lee says Washington killed the bitcoin rally but with the 2020 elections it’s sort of in the purview Washington and “bitcoin can rally very strongly from here,” he said.

He further talked about the deadly coronavirus risk and geopolitical tensions that would work as tailwinds for Bitcoin’s push to a new peak.

Not to forget that we are about three months away from the historically bullish event, bitcoin reward halving would result in the production of 900 BTC daily instead of the current 1,800 bitcoins. Cutting down the reward from 12.5 to 6.25 coins, this event would result in the digital asset inflation rate from 3.27% to 1.80%.

The digital asset would break into a new ATH this year

Additionally, just two weeks ago, we broke above the 200-day moving average, which means we are back in a bull market. Historically, on average, this breakout has resulted in six months gains of about 190%.

According to this, we would break into a new all-time high sometime this year that could be around $27,000-$30,000.

CT however, was quick to point out Lee’s prediction from early 2018 when he forecasted bitcoin price to jump to $91,000 by March 2020.

However, this time Lee believes the Dow Jones Industrial Average would be the first one to break the 30,000, though Bitcoin would be the one to hit $40,000, he said.

The stock market continues to hit new highs while gold’s calm

S&P 500 and Nasdaq already closed to new closing highs on Monday. This had S&P500’s year-to-date gains at 3.7% while Nasdaq’s 7.3%.

These gains on Monday were brought by a jump in Amazon shares, and big gains experienced by Microsoft and Boeing, helping investors shrug off concerns over coronavirus.

Bitcoin Price Crosses $10,000 BTC/USD for First Time in 160 Days

Bitcoin begins its ascent in to the new 2020 decade soaring over $10,000 BTC/USD exchange rate value for the first time since September 22, 2019. The past 160 days saw bitcoin’s price drop to as low as $6,500 on December 17th, the 4,000th day the bitcoin blockchain has been activated and running. It did flirt with 10K range back in October 25-27 but did not hold support but is now up nearly 50% in 2020 so far.

Bitcoin started the 2020 calendar year just over $7,000 and is now already increased to over $10,000 just 38 days into the 20’s decade. As the best performing asset of the 2010 decade, many are becoming bullish in sentiment towards the crypto market’s potential to run before the third bitcoin halving event takes place in the middle of May 2020.

The $10,000 BTC price point is considered a psychological turning point as the leading asset in the crypto market industry. It has been 801 days since Bitcoin first crossed $10,000 barrier for the first time ever when it did back on November 29, 2017 – of course going to $19,983 on December 17th 2017 before falling to $3,323 level by December 19, 2018 as the low point of the crypto bear market.

A fresh reminder from a vocal Crypto Twitter contributor:

The halving is just over 90 days out as the May 12, 2020 prediction date looms to take its blockchain mining rewards system output from 12.5 BTC to 6.75 BTC per every new block created on the BTC blockchain every ten minute cycle. The digital scarcity aspect will heighten as nearly 87% of all bitcoin’s satoshis will have been mined in totality and the global demand for a peer to peer alternative will keep seeing more adoption in areas that need its crypto distributed ledger technology the most.

While the bitcoin price predictions may range all over the place for 2020, many are watching for $12,500 range as the next level of interest if bitcoin can get its wings back.

In a week that saw the Federal Reserve studying central bank digital currencies, over $1 billion in value locked away in decentralized finance, a new safe harbor notion, Gemini integrating TradingView, the lightning network payment railway getting $10 million in Series A funding – and of course, Bitcoin not failing as it has been successfully operating for 4,048 days since Satoshi activated the network’s software.

Bitcoin’s $10,000 Breakout Backed by Investor Activity, Analyst Says On-Chain Trend ‘Mega Bullish’

  • “So it begins,” as Bitcoin breaches $10k, now “let’s take the staircase up to $20k”
  • As fear over coronavirus perpetuate, stock market dropped after hitting a new high this week while gold has slowed down
  • Bitcoin price meanwhile expected to range till Q2 while the digital asset being digital gold and a store of value narratives gain momentum

For the first time, since October Bitcoin has surged back above $10,000. As we make it to five figures yet again, the community is elated of this important psychological level that the world’s leading cryptocurrency broke last night surging about 40% so far this year.

Currently, we are trading at $10,130 and went as high as $10,178, a level that was last seen in late September.

“So it begins,” reacted popular analyst PlanB overreaching this level while BitMEX CEO Arthur Hayes is now counting down for a new all-time high.

“Nothing can stop me, I’m all the way up! Slow and steady wins the race. Let’s take the staircase up to bitcoin $20k,” said Hayes.

Stock market and gold reacts on coronavirus

The move came amidst the stocks rising to all-time highs on Thursday on strong corporate earnings and solid economic data while concerns over the coronavirus perpetuate.

This led to stocks sliding on Friday but posting their biggest weekly gains in months. But things could go worse in the weeks ahead as shuttered stores and empty streets because of coronavirus takes a toll on global retailers.

“Markets should take a hit when economic data for February start coming out, as numbers undershoot revised consensus forecasts,” says economist and trader Alex Kruger.

Also, Federal Reserve Chairman Jerome Powell will testify before the congressional committees next week.

Gold slid down on positive jobs report reinforcing the optimism over the US economy but the traditional safe haven remains supported by coronavirus fears and a possible global growth slowdown.

“That should keep people using gold as a safe haven,” said Phil Flynn, a senior market analyst at Price Futures Group while Jim Wyckoff, senior technical analyst with Kitco says,

“The gold market has shown keen resilience recently in the face of a rallying competing asset class – equities.”

SmartCoin® – Succesful Price Prediction for Ethereum 1-7 Feb 2020

This week we saw an extended rally on Ethereum after successfully calling the trade on Tuesday, the second-largest CryptoCurrency by market cap pushed through the 220 USD Barrier, accurately as we predicted.

We don’t have a crystal ball or some futuristic time travel that allows us to see into the future, although some investors have been surprised as to how accurate we have been with SmartCoin® over the last 13 months.

We are very good at feeling the market, the momentum trades and psychology of buying/selling or winning/losing. Fear of loss and fear of missing out on the next big thing are the main drivers of crypto. Plus the 15 years of trading experience we bring to to the table, analysts, technical people and highly experienced traders.

To join our successful investment club visit SmartCoin® or call our sales team on 020 3951 7022

Ethereum Price Analysis: ETH Rallying Towards $200 & $220

Ethereum price is climbing higher and it recently broke the $194.80 resistance area vs the US Dollar. ETH to USD is showing positive signs and it could rise further towards the $220.00 level.

Key Takeaways: ETH/USD

  • Ethereum price is surging and it cleared the $191.90 and $194.80 resistance levels against the US Dollar.
  • ETH/USD broke a key contracting triangle with resistance near $188.50 on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is also rising and it cleared the $9,400 resistance area.

Ethereum Price Analysis

Recently, there was a downside correction in Ethereum price below the $188.00 level. However, ETH to USD found support near the $182.00 level and traded as low as $181.97.

Ethereum Price Analysis
Ethereum Price Analysis

Looking at the 2-hours chart, Ethereum price started a fresh increase from the $181.97 low and climbed above the 50 simple moving average (2-hours, purple). The bulls gained pace and pushed the price above the $188.00 and $191.90 resistance levels.

During the rise, the price broke a key contracting triangle with resistance near $188.50 on the 2-hours chart. It opened the doors for more gains above the 76.4% Fib retracement level of the downside correction from the $194.99 high to $181.97 low.

Ethereum climbed above the $194.80 resistance and the $194.99 swing high. Finally, it tagged the 1.236 Fib extension level of the downside correction from the $194.99 high to $181.97 low.

It seems like the price remained just shy of the $200.00 barrier. It is currently showing a lot of positive signs above the $194.00 and $195.00 levels.

If there is an upside break above the $198.00 and $200.00 levels, the price could continue to rise in the coming sessions. The next major resistance for the bulls is near the $220.00 level.

Conversely, Ethereum might correct a few points from $198.00 or $200.00 in the near term. In the mentioned case, the price is likely to find support near the $194.00 area. The next major support is near the $188.50 level since the 50 simple moving average (2-hours, purple) is positioned near the stated level.