CRYPTONAIRE WEEKLY MAGAZINE 219TH EDITION IS OUT NOW
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Veteran trader Peter Brandt hinted in a tweet that it may be time to buy Bitcoin. He said when everyone is uber bullish and expecting a massive surge in prices, it is usually a time to sell and when the same bulls turn into bears and predict a crash, it could be time to buy.
However, JPMorgan analysts had a differing view about the recent price crash. They believe the heightened volatility in Bitcoin could hinder institutional adoption. The analysts who had previously projected a target of $150,000 for Bitcoin, assuming “that the Bitcoin to gold volatility ratio will fall to around 2x later this year” have revised their targets lower.
“Our fair value for bitcoin based on a volatility ratio of bitcoin to gold of around 4x would be 1/4th of $150,000, or $38,000," JPMorgan said, Business Insider
reported.
We had said in our previous analysis that Bitcoin was oversold and could be ready for a bounce to the breakdown level of £29,000 and that is exactly what happened.
The BTC/GBP pair has been facing stiff resistance at £29,000 but a positive sign is that the bulls have not ceded ground. This indicates that traders expect a break
above £29,000.
If that happens, the pair could rally to the 50-day simple moving average (SMA), which may again act as a stiff resistance. A break and close above this resistance will signal a possible change in trend.
Contrary to this assumption, if the price turns down from the current level, the bears will sense an opportunity and try to pull the pair to £26,000 and then retest
the January 24 intraday low of £24,450.
If the next dip holds above £26,000, it may signal that a bottom is in place. We suggest traders wait for the confirmation of a bottom before jumping in to buy.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Meld
- Maxxer
- PHANTA BEAR
- Chosen Ones
- bitcci
- Mine Network
- Faith Tribe
- Fren
- Onino
- Digital Arms
- Hubble ProtocolRead More
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