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At spot prices, Bitcoin may be facing resistance with some investors taking this reprieve to shed off their crypto holding after a year of steep declines. However, in the midst of this recovery, Mike Novogratz, the investor behind Galaxy Digital Holdings—a fund that ultimately plans to become a crypto friendly bank, is looking at the upsides. Arguing that blockchain is there for the long haul and early adopters are still a couple of times over and outperforming the S&P 500 and other indices, he is now plowing back, purchasing an additional 7.5 million ordinary shares pushing his ownership to 80 percent. If anything, this is a sign of confidence. Although the crypto influencer is adamant that prices will range before shooting, his investment is undoubtedly an endorsement.
Meanwhile, the somewhat controversial CEO of BitMEX, Arthur Hayes, is drumming for Bitcoin arguing that “private citizens will come to appreciate the inherent value of Bitcoin, as their ability to discreetly hold and transfer value evaporates once cash goes the way of the dodo.” As a censorship resistance and decentralized e-money that is powered by blockchain, Bitcoin has heralded a new era where “government after government will gradually make physical cash obsolete.”
He summed it up by maintaining that:
“In the face of the various centralizing forces currently being marshaled: humanity’s bifurcated monetary future will be better than our monopoly monetary past, as some money becomes more convenient while other money becomes far more private.”
Bitcoin (BTC) Price Analysis
Hayes’ optimism is yet to filter through as BTC is ranging below the all-important $4,500. Our previous BTC/USD trade plan is valid. Unless otherwise there are sharp gains above $4,100 and later $4,500, BTC is technically bearish.
From the chart, there is hope for traders. But before we make bullish calls, note that losses between mid-Nov and early Dec 2018 are conspicuous and defining. As a result, it’s easy to see why recoveries of the last few days may be pullbacks.
This position will be null once prices rally above $4,100 which in turn would set the ground for $4,500. If not and prices drop below Dec 28 lows at $3,700, it is likely that BTC will sink to $3,220 or lower.
Overly, our BTC/USD Trade plan will be as follows:
Buy: $4,100, $4,500
Stop: $3,700, $4,000
Target: $4,500, $6,000
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Bitcoin Price Analysis: BTC Stall at $4,000, Arthur Hayes Bullish appeared first on NewsBTC.
