Bitcoin Boom Back with Strong Indications Crossing 8000$
BOE OFFICIAL SUGGESTS BITCOIN COULD REPLACE CASH
There is a thread making the rounds on Reddit about an UK central banker coming to terms with the rise of bitcoin. According to your Reddit thread, Bank of England Chief Economist Andrew G. Haldane spoke to school students on May 17 and the topic of bitcoin came up. He was refreshingly open-minded. The Reddit member explained:
One person asked what he thought of cryptocurrency and his response surprised me. He said it could replace cash; he even joked about us likely having bitcoin in our wallets. He said he didn't think it'd replace cash tomorrow, but he was quite open to your idea 20 or thirty years down the line. He was also quite familiar with cryptocurrencies and joked presently there were now thousands pros.
It's no secret that digital payments are usurping cash. But for the BOE official to recognize bitcoin as the digital currency that will eventually replace cash even though it's in two or three decades is a strong display of confidence in the peer-to-peer international. Even the cryptocurrency ecosystem knows that it is often a marathon and not a sprint, so Haldane's forecast probably resonated with enough time. Some industry leaders such as BitMEX's Arthur Hayes has previously suggested that bitcoin could replace cash a lot faster than that. But how much a central banker and the CEO of a bitcoin exchange are in the conversation is certainly a bullish sign for bitcoin.
60 MINUTES EFFECT
As CCN previously reported, CBS show 60 Minutes will be airing a segment on bitcoin this weekend. Anderson Cooper has already interviewed Charlie Shrem for the program.
Bitcoin Diverging From Intrinsic Value
In a research note from JP Morgan, obtained by Holger Zschaepitz, a German economist and author, it was explained that Bitcoin is trading above its intrinsic value. The note (seen below) shows that the cryptocurrency intrinsic value is projected cost of production per unit or mining will cost. In fact, JP Morgan's estimates demonstrate that BTC is currently (as of May ~15th) trading above its breakeven mining cost by two times.
VictorCobra means that the recent $6-7,000 area prior to your dump was the accumulation area. For this reason $6,000 did not really provide much resistance along with the natural bottom was within $6K zone.
As doable ! see, the yellow scenario has now played out perfectly, which was a very bullish projector. We now have a couple of parallel ways. The bottom channel provided support in the $3K area, while best search engine optimization channel may be the one we merely broke back into once $6,800 was maxed. This gives Bitcoin some room to fall for the low $7,000 area whether it's going to have a correction this time. It also means that there's not much support until $5,000-5,200 in the event it breaks.
It's clear that Bitcoin is still on its long term uptrend. Since Bitcoin has followed the more bullish possible scenarios, it might play probably the most bullish possible scenario for the upcoming many weeks. The top resistance (drawn between original two bull market peaks, in pink) is currently above $60,000 - that price could really be reached before the end of their year. Bitcoin has passed through a double bubble cycle before. There's no reason why it can't do it again.
There is a thread making the rounds on Reddit about an UK central banker coming to terms with the rise of bitcoin. According to your Reddit thread, Bank of England Chief Economist Andrew G. Haldane spoke to school students on May 17 and the topic of bitcoin came up. He was refreshingly open-minded. The Reddit member explained:
One person asked what he thought of cryptocurrency and his response surprised me. He said it could replace cash; he even joked about us likely having bitcoin in our wallets. He said he didn't think it'd replace cash tomorrow, but he was quite open to your idea 20 or thirty years down the line. He was also quite familiar with cryptocurrencies and joked presently there were now thousands pros.
It's no secret that digital payments are usurping cash. But for the BOE official to recognize bitcoin as the digital currency that will eventually replace cash even though it's in two or three decades is a strong display of confidence in the peer-to-peer international. Even the cryptocurrency ecosystem knows that it is often a marathon and not a sprint, so Haldane's forecast probably resonated with enough time. Some industry leaders such as BitMEX's Arthur Hayes has previously suggested that bitcoin could replace cash a lot faster than that. But how much a central banker and the CEO of a bitcoin exchange are in the conversation is certainly a bullish sign for bitcoin.
60 MINUTES EFFECT
As CCN previously reported, CBS show 60 Minutes will be airing a segment on bitcoin this weekend. Anderson Cooper has already interviewed Charlie Shrem for the program.
Bitcoin Diverging From Intrinsic Value
In a research note from JP Morgan, obtained by Holger Zschaepitz, a German economist and author, it was explained that Bitcoin is trading above its intrinsic value. The note (seen below) shows that the cryptocurrency intrinsic value is projected cost of production per unit or mining will cost. In fact, JP Morgan's estimates demonstrate that BTC is currently (as of May ~15th) trading above its breakeven mining cost by two times.
VictorCobra means that the recent $6-7,000 area prior to your dump was the accumulation area. For this reason $6,000 did not really provide much resistance along with the natural bottom was within $6K zone.
As doable ! see, the yellow scenario has now played out perfectly, which was a very bullish projector. We now have a couple of parallel ways. The bottom channel provided support in the $3K area, while best search engine optimization channel may be the one we merely broke back into once $6,800 was maxed. This gives Bitcoin some room to fall for the low $7,000 area whether it's going to have a correction this time. It also means that there's not much support until $5,000-5,200 in the event it breaks.
It's clear that Bitcoin is still on its long term uptrend. Since Bitcoin has followed the more bullish possible scenarios, it might play probably the most bullish possible scenario for the upcoming many weeks. The top resistance (drawn between original two bull market peaks, in pink) is currently above $60,000 - that price could really be reached before the end of their year. Bitcoin has passed through a double bubble cycle before. There's no reason why it can't do it again.
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