Categories: Bitcoin Business

Despite Bitcoin (BTC) Stagnation, Economist Has High Hopes For The Crypto

Click here to view original web page at www.newsbtc.com
  • Bitcoin (BTC) bears slow down
  • In 20-30 years Bitcoin will be money says a BoE Chief Economist

Andrew G. Haldane, the Chief Economist of the Bank of England, believes Bitcoin will be money in the next two to three decades. Presently, BTC is trending within a $30 range as bears attempt to press lower.

Bitcoin Price Analysis

Fundamental

Well, it has been a see-saw for Bitcoin and most cryptocurrencies because of their direct correlation with the king. Although some skeptics as Roubini and traditional market influencers as Kevin O’Leary of Shark Tank have their doubts, Bitcoin performance over the last decade is impressive. Designed to counter bankers and decentralize control, Bitcoin is now a global phenomenon. It is the basis of research and a blend of various disciplines, including Economics and Cryptography.

According to Andrew G. Haldane, the Chief Economist of the Bank of England, the peer-to-peer electronic cash will be money in the next two to three decades. While addressing students, an eyewitness said:

“Mr. Haldane said it [Bitcoin] 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 the idea 20 or 30 years down the line. He was also quite familiar with cryptocurrencies and joked that there were now thousands of them.”

Candlestick Arrangement

Meanwhile, bears are tapering and bear momentum slowing down. Bitcoin (BTC), although up 2.1 percent at the time of press, is correcting, printing lower lows albeit in tight trade ranges. Simply because of this, our last BTC/USD trade plan is valid.

Despite yesterday’s long lower wick hinting of support in smaller time frames, the fact that prices are trending in a $60 range just above the middle BB is a hint of underlying demand. Even so, the failure of buyers to print higher and prevent liquidation as volumes shrink is an indicator of sell pressure.

Pasting a simple Fibonacci retracement tool on May high-low reveals that yesterday’s prices retested the 78.6 level. However, typical of Bitcoin corrections and even with today’s pull-back, we expect a retest of the $6,300 mark before Bitcoin snap back to the primary trend.

Technical Indicator

In general, average participation is high. By yesterday’s close, mean volumes stood at 31k against 21k of May 13th. Even so, volumes are a tad bit lower at 37k against 47k of May 13th.

Therefore, for trend continuation or nullification, any bar closing above $8,500 or $5,600 ought to be with high volumes exceeding 47k.

Tags:Bank of EnglandbitcoinBOEbtc Play BTC Games, ETH Games, USDT Games, BCH Games, LTC Games

In 20-30 years Bitcoin will be money says a BoE Chief Economist

Andrew G. Haldane, the Chief Economist of the Bank of […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Price Forecast: BTC/USD Volume Could Indicate A Breakout

Bitcoin’s daily volume spike could create a necessary condition for a breakout. Traded price ranges continue to constrict. Bitcoin’s Bullish… Read More

4 hours ago

Billionaire Tim Draper: Bitcoin Will Hit $250,000 By 2022

Billionaire venture capitalist Tim Draper told BlockTV that in the next several years, Bitcoin could reach $250,000 per coin. "$250,000… Read More

4 hours ago

Maduro Mandates Petro-Financed Public Housing Scheme in Venezuela

Embattled Venezuelan leader Nicolas Maduro looks to expand Petro adoption through a new housing initiative. | Image: REUTERS /THIRD PARTY.… Read More

4 hours ago

Malware InnfiRAT Targets Bitcoin And Crypto Wallets

The malware named InnfiRAT could be stealing bitcoins and cryptocurrency wallet information. It is usually downloaded through email attachments and… Read More

4 hours ago

Bitcoin (BTC) Interest in China Driven by Price Action News

Share Tweet Send Share Baidu search trends in 2019 show Chinese bitcoin interest being driven largely by price action news.… Read More

4 hours ago

Crypto and the Latency Arms Race: Crypto Exchanges and the HFT Crowd

Max Boonen is founder and CEO of crypto trading firm B2C2 . This post is the second in a series… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More