Will Bitcoin Break $14K in the Next Two Weeks?

Will Bitcoin Break $14K in the Next Two Weeks?


So Dan can you give us a brief overview of
the latest movements in the market and what we should expect in the next couple of weeks. Sure. So last time we talked we were at about $5,000
and it seems like a long time ago. And since then we’ve shot up to $13,800 and
we’ve also pulled back significantly. So at this point we’re looking to establish
a real range. We have our clear resistance $13,800 or so
is where we topped out and now we’re pulling back to find our support level. And I feel that we have found our current
low for now and I expect to trade within that range. So our low we just hit was about $9,600 and
I expect to trade within $9,600 to $13,800 for the coming week or so and I’m still bullish
in this space especially with bitcoin because of the weekly timeframe the weekly trend is
still a very clear uptrend which means every time we consolidate we’re establishing a higher
low. So if you just imagine a stair step pattern
we’re just establishing bases of support while we’re on our way up. And a lot of people are looking to say you
know when’s the alt season coming where are the alt coins going to start breaking out
because in 2017 when Bitcoin was seeing this significant price action the alt coins were
following a bit more significantly than they are right now. So we’re keeping an eye on the charts that
have the bitcoin pairings. But at this point as long as Bitcoin keeps
this dominance that it is currently holding that’s where my attention is going to remain. Yes. So talking about altcoins prominent traders
lately have said that they are pretty skeptical towards their future that they are not going
to follow Bitcoin in the next bull run. Even Peter Brandt a prominent trader also
compared them with the dotcom bubble. Do you share this kind of point of view? I definitely do and I could see this coming
from other markets. So trading the stock market and specifically
other sectors I trade the marijuana sector and I saw the same thing happen the marijuana
sector boomed and 150 companies appeared. And so all these small companies are trying
to ride that wave of hype and a lot of them don’t make profit. They’re not going to ever go anywhere. And I feel the same thing is happening here. Yet we’ve seen altcoins show up by the hundreds
and the vast majority of them I’d say over 95% aren’t going to be successful long term. So it really it is imperative to have really
good fundamental analysis to try and pick because again the odds are not in your favor
to try and pick that 5% or maybe even less of who are going to be successful longer term. All right. Talking about Mike Novogratz. Mike Novogratz said lately that bitcoin is
consolidating right now in between $11,000 and $14,000 and it will be staying in this
range for some time until the momentum enter its next leg. And we go up higher. Do you agree with this prediction? And if so how long do we need to wait until
we actually go up? So the saying is the trend is your friend
and I definitely agree. Because like I said we’re in a weekly uptrend. So we keep establishing these higher lows. And I think if we do see a new higher high
over $14,000 everybody’s sights are instantly going to shift to the $20,000 all time high
from there. So I would say like I said I think we can
trade within the current range. We’re gonna bounce around a little bit for
the next two weeks perhaps and within two weeks if we haven’t seen the Bulls break our
current top of 2019 that would make me a little bit skeptical and say OK the bulls might be
running out of some momentum. So I’d say best case scenario for the bulls
within two weeks breaking $14,000 and seeing the next leg up. Talking about now Bitcoin futures, so Bitcoin
futures are showing signs of increasing popularity in particular CME Bitcoin futures hit $1.7
billion in notional value traded on June 26 which is a 30% increase from its last recorded
high. What is the reason for the increase in popularity
of Bitcoin futures according to you? I would say it’s just more and more people
getting interested in this space and it’s just another trading vehicle. So when we see a Bitcoin ETF whenever that
happens and it will happen eventually in my opinion but we’ll just slowly see money go
there and it’s just allowing traders to have more vehicles to be able to trade and also
to play around with leverage to perhaps have their money work harder for them by having
a bit more leverage exposure. So I think this is a trend that’s only going
to continue in this space and everybody was watching and saying Oh Bitcoin is dead and
now that it’s come roaring back to life everybody is saying well wait a minute maybe bitcoin
is going to be around for the next bunch of decades. And I feel that’s going to be the case. And I feel that dollar volume is going to
continue increasing in this space as the popularity continues to increase as well. So according to a recent article by The Financial
Times the Bitcoin’s latest performance is mirroring that of classic haven assets such
as gold such as the Swiss franc or the Japanese yen. So do you think that is because bitcoin is
finally becoming recognized as a safe store of value? I do believe so. It’s certainly not correlated to broader markets. So when the broader markets go down. People look for places to put their money. And if we’re seeing assets like gold or like
bitcoin not go down with the market and not seeing the same fear that’s happening in the
market which right now is not the case but when it does happen then people will put their
money there and recently CNBC which is the big financial news network in the United States
here they started to talk about that narrative. They started to say you know Bitcoin safe
haven. And the more that people talk about it it’s
a self-fulfilling prophecy. So the more that the media talks about it
the more that people say it’s a safe haven the more it can act like a safe haven. And if CNBC which reaches millions of people
is going to be pushing that narrative then I do believe that that will be the case. So the last question is more of a curiosity. So according to data compiled by Bloomberg
roughly 40 percent of all Bitcoin gains are actually happening during the weekend. According to some experts this is because
traders tend to trade more in the weekend because they want to get ahead of Monday’s
news or also because banks tend to be the banks are closed during the weekend. And that’s why it’s easier for traders to
move price in the market. Do you agree with some of these theories or
you have your own? I’m focused on stocks the majority of the
weekdays and I’m trading cryptocurrency on the weekend. So it certainly makes a lot of sense in that
regard. And it’s just people looking for opportunity
and not having opportunity elsewhere. They look to cryptocurrency over the weekend
and like you said easier to move the price that makes sense as well. And again going back to my stock experience
we have premarket trading and then the bell rings and then we have regular trading. And when you’re trading in pre-market there’s
less liquidity and it’s easier to move the price in one direction or the other it takes
less dollar volume to do that. So that’s potentially the same thing happening
on the weekends where maybe liquidity dries up a little bit. And if a let’s say $10 million of buying pressure
can go further on the weekend than it could perhaps on a weekday.

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