Cryptomustar
Wednesday, May 18, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Veteran Strategist Sees Bitcoin Back at $12K as Powell’s Speech Nears

by admin
August 27, 2020
in Bitcoin
0
Veteran Strategist Sees Bitcoin Back at $12K as Powell’s Speech Nears
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter



A veteran market strategist expects Bitcoin to hit $12,000 even as the cryptocurrency looks uncertain ahead of the annual Jackson Hole meeting on Thursday.

Mark Principato, the founder of New York-based Seeking Cryptos, said BTC/USD is setting up for “a new swing trade long off of today’s inside bar.” The analyst was seemingly referring to the pair’s consolidation area between $11,120-support and $11,700-resistance.

Bitcoin is trending sideways inside the $11,100-$11,700 range. Source: TradingView.com

“It is a tricky area, but IF the 11,700s trade, a squeeze to 12K is within reason,” said Mr. Principato. “If 11K gets taken out instead, then we are looking for the 10,500 area to show support.”

The statement followed Bitcoin’s repeated attempts to maintain its close above $12,000. The cryptocurrency this week corrected lower towards $11,120 on short-term profit-taking sentiment but found adequate buying pressure near the said intraday low level. As a result, the price is practically going nowhere.

RELATED POSTS

By The Numbers: Bitcoin’s Most Volatile Day Of 2022 Compared

CFTC Chair labels Bitcoin, Ethereum as commodities

Bulls are waiting for a sharp rally above $11,700 to confirm $12,000 as their upside target. Meanwhile, bears expect the price to fall below $10,500, a monthly support level, to form lower-lows towards $9,700. Part of the reason is a CME gap that exists below the $10K-level. Spot rates fill such missing candles 90 percent of all the time.

Bitcoin against Macro Factors

But the Bitcoin market remains choppy, probably as macro investors await future guidance on inflation from Jerome Powell later today.

The Federal Reserve Chairman will deliver a keynote at the first virtual Jackson Hole meeting of global monetary policymakers. Officials have signaled that they are ready to compensate for lower levels of inflation in previous years by seeking higher inflation in the coming ones.

Mr. Powell’s speech expects to shed light on how the Fed wants to appraoch the inflation rate. Economists believe that the US central bank would raise it beyond 2 percent, a target that it adopted in 2012 but never went beyond it.

The decision will come at a time when the Fed has already injected trillions of dollars into the US economy via its open-ended bond-buying program and near-zero interest rates.

A continuation of the same policy expects to send investors away from cash and cash-enabled markets.

Instead, they could seek better profits in riskier assets. That is the same reason why many observers, including New York-based Grayscale Investments, sees the Bitcoin price rising in the long-term. The cryptocurrency has surged by more than 200 percent against the same macro factors.

“Because of Bitcoin’s unique qualities – such as its verifiable scarcity and supply that can’t be controlled by a central authority – we believe it can be leveraged as a store of value and as a way to escape this great monetary inflation,” the investment firm said in its August report.

Bitcoin was trading 0.72 percent lower at the time of writing, at near $11,380.



Source link

Tags: 12KBitcoinNearsPowellsSeesSpeechStrategistVeteran
ShareTweetShare

Related Posts

By The Numbers: Bitcoin’s Most Volatile Day Of 2022 Compared

By The Numbers: Bitcoin’s Most Volatile Day Of 2022 Compared

by admin
May 17, 2022
0

Bitcoin has had its fair share of highly volatile days since its inception. This comes as no surprise given...

CFTC Chair labels Bitcoin, Ethereum as commodities

CFTC Chair labels Bitcoin, Ethereum as commodities

by admin
May 17, 2022
0

Rostin Behnam, the Chair of the Commodity Futures Trading Commission (CFTC), claimed Bitcoin (BTC) and Ethereum (ETH) are commodities....

Bitcoin Spot Volume Soars, 7-Day Average Tops $10B

Bitcoin Spot Volume Soars, 7-Day Average Tops $10B

by admin
May 17, 2022
0

Data shows the Bitcoin 7-day average spot trading volume has continued to shoot up this week as trading activity...

Crypto Market Madness Leads To Surge In Bitcoin On-Chain Activity

Crypto Market Madness Leads To Surge In Bitcoin On-Chain Activity

by admin
May 17, 2022
0

The current crypto market climate has seen bitcoin on-chain activity light up like a Christmas tree. All across the...

BTC-gold ratio suggests Bitcoin is at ‘solid support’

BTC-gold ratio suggests Bitcoin is at ‘solid support’

by admin
May 17, 2022
0

The Director of Global Macro at Fidelity, Jurrien Timmer, tweeted his analysis of the current situation following Bitcoin’s sell-off...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Gold Begins Breakdown Against Bitcoin, Triggering 90% Decline On Per Oz Basis

Bitcoin has 3 Days Before It Reaches Apex of Key Formation

January 16, 2021
Eldridge, A16z Lead $620M Financing Round for Fintech Cross River Bank

Eldridge, A16z Lead $620M Financing Round for Fintech Cross River Bank

March 30, 2022
Crypto Bulls Are Back as Ether Hits All-Time High, Bitcoiners Hoard

Crypto Bulls Are Back as Ether Hits All-Time High, Bitcoiners Hoard

February 3, 2021
Money Laundering Picks Up Steam on DeFi Protocols: Chainalysis

Binance Recovers $5.8M Linked to Axie Infinity Hack

April 22, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • LetsExchange Acquires Crypto Aggregator Alligat0r…
  • ElonCoke (ELNCO) Announces Listing on PancakeSwap and Upcoming P2E Game
  • You won’t believe what cannabis company Melee Dose did with their Mutant Ape Yacht Club #4573.
  • Sylvester Stallone NFT “Golden Signature” Exclusive Edition Coming to OpenSea
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%