Date: 01/08/2021
Special Reports
1. JPMorgan Predicts Bitcoin Price Could Rise Over $146K in Long Term
CoinDesk
2. Is It Too Late to Buy Bitcoin? Here’s What the Experts Think
BTC is pushing a new all-time high. Is now the best time to buy?
Finance Magnates
3. Bitcoin price hits $40,000 less than three weeks after shattering $20K
Coin Telegraph
4. ‘Bitcoin Rich List’ Rebounds to Hit All-Time High
CoinDesk
5. Warp speed to $2,000? Watch these levels as Ethereum nears all-time high
Coin Telegraph
6. First Mover: $1 Trillion of Cryptocurrencies Shows Booming ‘Asset Class’
CoinDesk
Summary
JPMorgan Predicts Bitcoin Price Could Rise Over $146K in Long Term
CoinDesk
● Investment banking giant JPMorgan has called a long-term bitcoin price target of over $146,000 based on the assumption that the cryptocurrency will grow in popularity as an alternative to gold, Bloomberg reports.
● The cryptocurrency has gained over 160% in the last three months alone, helped along by increased institutional participation. The convergence of bitcoin and gold volatilities is a “multi-year process” and suggests that the $146,000-plus target is a long-term objective, JPMorgan noted.
Is It Too Late to Buy Bitcoin? Here’s What the Experts Think
BTC is pushing a new all-time high. Is now the best time to buy?
Finance Magnates
● Risk Factors Vary Widely Depending on Investor Profiles. For the “Average” Retail Investor, buying into Bitcoin during Ath Season could be particularly risky.
● The Best Time to Buy Bitcoin? “When No One Is Talking about It.”
● “The Problem with Trying to Wait for Market Corrections Is They May Not Happen at the Time You Want or at the Price You Want.”
● “If you buy into the longer-term viewpoint that Bitcoin is a highly attractive, digital store of value, then right now is a good time to buy in the context of a multi-year investment horizon.”
Bitcoin price hits $40,000 less than three weeks after shattering $20K
Coin Telegraph
● Another major milestone is toppled as Bitcoin price surpasses $40,000 in just the first week of 2021. Bitcoin (BTC) hit $40,000 on Jan. 7 in the latest psychologically significant milestone for cryptocurrency bulls.
● BTC price crushes the $30,000 corridor in record time. According to Cointelegraph Markets analyst Michaël van de Poppe: “Markets are doing great and the bull cycle is starting up nicely here. That means that the market will probably continue running heavily this coming year. With the standard 20–30% corrections, be prepared, they occur and they are opportunities.”
● In Ether’s case, all-time highs remain right around the corner and some analysts estimate that the top altcoin could rally as high as $2,600 in the short term.
‘Bitcoin Rich List’ Rebounds to Hit All-Time High
CoinDesk
● The number of addresses holding over 1,000 bitcoin (worth approximately $37.5 million at the current price) is now at 2,334, a new all-time high.
● The so-called “Bitcoin Rich List” reflects rising institutional involvement in the bitcoin market since the beginning of 2020. Another sign of that is the fast-growing volumes and open interest on the Chicago Mercantile Exchange (CME), an institution-focused derivatives exchange.
● “The accelerating rhythm of large institutional investors publicly talking about an investing in bitcoin as a portfolio asset has not only lent validation of bitcoin’s role in portfolios; it has also attracted the attention of other investors. This self-reinforcing loop is likely to continue into 2021, especially given the mounting uncertainty around currencies and inflation.”
Warp speed to $2,000? Watch these levels as Ethereum nears all-time high
Coin Telegraph
● Ethereum is accelerating toward its highest valuation ever. Ether reaches second Fibonacci level for a potential top.
● The next higher low puts $2,700 in play. The Fibonacci extension finds potential top structures at $1,800 and $2,700 to $2,800. The higher the current impulse wave goes, the greater the prospects of a new rally.
First Mover: $1 Trillion of Cryptocurrencies Shows Booming ‘Asset Class’
CoinDesk
● First Mover flagged the possibility that the total market capitalization of all cryptocurrencies combined could surpass $1 trillion within a few months. The milestone could prove another catalyst for big Wall Street funds to look more seriously at cryptocurrencies for a potential portfolio allocation.
● “The $1 trillion mark cements cryptocurrency as an investable asset class that no longer sits on the fringes of traditional finance as a toy for retail investors,” Jack Purdy, of the crypto-market analysis firm Messari, told Voell.
● The spread between the six-month implied volatility (IV) for ether and bitcoin — a measure of the expected relative price volatility between the two — has risen to a record high of 46%. The widening of the IV spreads indicates that the market expects ether and other alternative coins to chart bigger percentage moves than bitcoin in the near term.
