Bitcoin Price Analysis: BTC is a Melting Ice Cube Says CEO

Latest Bitcoin News

Like Bitcoin prices shifting, so is Bill Gates-the founder of Microsoft who back in 2014 said Bitcoin is used to buy drugs like synthetic opioid fentanyl and the anonymity of digital currencies meant they were linked to terrorist funding and money laundering to admitting how transformational Bitcoin and cryptocurrencies have been especially when it comes to lifting people out of poverty.

Read:Institutions Still Bullish On Crypto: Grayscale Owns 1% of All Bitcoin

Though he has been criticized from time to time with some saying he is ill-informed about the blockchain technology, the billionaire is on the forefront, championing for poverty eradication through provision of easy to use and cheap financial services for the unbanked.

And Bill is not alone. Morgan Creek CEO, Mark Yusko, has some nice words for Bitcoin and cryptocurrencies after years of critiquing the borderless currency. During a recent appearance at CNBC fast money, the CEO said that Bitcoin is a worthy investment in both the short and long term going to say those who invest in now can easily increase their initial capital 20X.

Also Read:Singapore Residents Targeted in Crypto Scams, $78,000 Lost Between September and November

Although he retains a bullish picture on the long term, over the short term through to 2020, he expects BTC prices to be like a melting ice cube. Thereafter, prices will rebound once the FED fueled credit bubble blow up.

BTC/USD Price Analysis

Weekly Chart

Our previous BTC trade plans are pretty solid. Like before, BTC is bearish. But price recoveries largely depends on how bears react at Nov 2018 lows.

Because of the selloff in mid-November, BTC/USD price action is trending within an unconfirmed bear breakout pattern. The bad news is that history has it that more often than not, there is a follow through of such patterns and considering how BTC bulls are struggling against this sell off, odds are we might see a breakout below $3,640 or Nov 2018 lows.

However, before that prints, we recommend patience and searching for buying opportunity once there are gains above $4,500 or last weeks highs.

Daily Chart


Here, the consolidation is on. However, none of our previous BTC/USD trade conditions are live. But is likely that there will be a breakout below Nov lows today. Unless otherwise there are solid gains above $4,500, sellers are firmly in control.

In a bear breakout pattern, chances are slim for BTC bulls. Assuming there is confirmation of last weeks attempts of higher highs, then prices could explode to $6,000. Conversely, trend continuations that will see prices capitulate below $3,640 could trigger panic sell driving prices to $3,000.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and arent 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 is a Melting Ice Cube Says CEO appeared first on NewsBTC.

06.12.2018 / 19:10 7
Tech Venture Capitalist: Warren Buffet is Wrong About Bitcoin Tech Venture Capitalist: Warren Buffet
Following Warren Buffet and his understudy Charlie Mungers words on Bitcoin earlier this week, technology-focused investor Chamath Palihapitiya has
Put Your Money Where Your Mouth Is: Winkelvoss Dares Bill Gates to Short Bitcoin Put Your Money Where Your Mouth Is:
Bill Gates, the second richest person in the world with an estimated net worth of $90 Billion, said in an interview with CNBC that he would short
Tyler Winklevoss to Bill Gates: Put Your Money Where Your Mouth Is Tyler Winklevoss to Bill Gates: Put
One half of famed Bitcoin proponents, the Winklevoss twins, has responded to Bill Gates comments about shorting Bitcoin. In a tweet posted today,
Bill Gates Bearish on Bitcoin and Cryptocurrency Investments Bill Gates Bearish on Bitcoin and
The billionaire philanthropist: Bill Gates co founder of Microsoft, on CNBCsSquawk Box added some strong words against bitcoin and any
Bill Gates Would Love To Short Bitcoin, so Why Doesnt He? Bill Gates Would Love To Short Bitcoin,
Billionaire Bill Gates is a notorious bitcoin skeptic who says he would bet against it if he could because he believes cryptocurrencies are worthless
Bill Gates, 'Cryptocurrencies Caused Deaths In a Fairly Direct Way' In Reddit AMA, Community Reacts Bill Gates, 'Cryptocurrencies Caused
Bill Gates claims cryptocurrencies are "super risky" due to their anonymous nature. Bill Gates, principal founder of the Microsoft Corporation, has
Comments (0)
Add a comment
Comment on