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Bitcoin resumes flirting with the 40,000 mark and is positioning itself for another ATH attempt.

Star investor Bill Miller meanwhile lets money follow his words

While Bitcoin left the Altcoins with more and more market shares in the past three weeks of trading, the largest crypto currency reported loudly back with the recapture of the 40,000 US dollar mark at the weekend. At the beginning of the week, the crypto key currency slipped just below the symbol mark and was trading at 39,330 US dollars with a weekly plus of 18.3 percent at the time of going to press.

Even if the crypto reserve currency was unable to maintain the level for the time being, the recent sharp rise in market capitalization suggests that the all-time high will soon be rendezvous. Since January 27, the total value of all Bitcoin in circulation has risen from 550 to currently 728 billion US dollars. The foundation for the next phase of the rally seems to have been laid in the form of massive capital inflows.

While the slump at the end of January was still marked by profit-taking, the rapid recovery points to further acquisitions, primarily by wealthy investors. Hedge funds in particular are pumping the market full of liquidity with their massive BTC allocation. Investment companies like Ruffer, which made a profit of 750 million US dollars on a BTC investment in just two months , agree with the immense capital inflows from institutional investors.

With Bill Miller, the next star investor is entering the emerging asset class

Miller Value Fonds‘ Miller Opportunity Trust announced on February 5 in a filing to the SEC that it would invest 15 percent of its capital in Bitcoin. The funds are to flow into the GBTC Trust managed by Grayscale. With a total of over $ 2.25 billion in assets under management, the expenditures totaled over $ 300 million. This would increase the GBTC to the 14 billion US dollar mark.

The move comes as little surprise. It was only on January 21st that Bill Miller reinforced his belief in Bitcoin performance in an investor letter:

Bitcoin has been the best-performing asset for eight out of the last ten calendar years, and its annualized performance has blown away the next best performer, the Nasdaq, by a factor of ten over the past decade.

The trend towards broad market entry by institutional investors is reflected in the growth in well-filled wallets. As the following graphic from the on-chain data portal Glassnode shows, the number of wallets holding 1,000 or more and thus at least 39 million US dollars in BTC at the current exchange rate has increased exponentially since December 2020. Almost 2,500 wallets are already in circulation, although there is no sign of an end to the trend.

„Rich Dad, Poor Dad“ author Robert Kiyosaki predicts a BTC price of $50,000 on Twitter.

In addition to buying the cryptocurrency, he also advises buying gold and silver. However, the financial guru is not without controversy.

US businessman and best-selling author Robert Kiyosaki continues to see enormous potential in Bitcoin. In a tweet in mid-December 2020, he expressed his delight at his investment in the digital store of value, predicting that the Bitcoin price would rise to $50,000 in 2021 and advising people to buy the cryptocurrency.

Glad I bought Bitcoin. Next stop $50 k. Wall of institutional money coming 2021. buy below $20 k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold silver Bitcoin and entrepreneurs.
– therealkiyosaki (@theRealKiyosaki) December 13, 2020

That would equate to a BTC market cap of $1.05 trillion. This would make bitcoin’s market cap only nine times less than gold’s ($9 trillion). Currently, the difference is still just under 12 trillion US dollars (as of January 11, 2021).

In addition to Bitcoin and gold, silver is also a worthwhile investment

In addition, the author of the bestseller „Rich Dad, Poor Dad“ also recommends buying gold and silver. In particular, Kiyosaki advises an investment in silver for those who missed out on having purchased Bitcoin below $20,000. He justifies this investment with an expected rise in the price of the precious metal. The real estate mogul is not alone in this. Already in August last year, analysts at Bank of America assumed that the price of silver could rise to as much as 50 U.S. dollars per ounce in 2021 if Joe Biden won the U.S. election. According to the money house, a significantly increased demand for the precious metal by industrial companies would thus arise, favored by the Green New Deal. As an example, the analysts cite the solar sector. Here, silver is an important component of photovoltaic systems. In addition, silver also has the characteristic properties of a store of value. Currently, the price of the precious metal is 25.47 U.S. dollars (as of January 11, 2021).

Robert Kiyosaki invested in bitcoin since 2020.

Scouring the Twitter feed of the multi-millionaire, one can notice an enthusiasm for cryptocurrencies from March 2020. On the first of April 2020, one of his first tweets surfaced in which Kiyosaki recommended buying Bitcoin in addition to gold. In mid-May 2020, he announced that he had made further investments in gold and silver. In the process, he had also invested in bitcoin. According to his own statements at a rate of 9,800 US dollars. It is unclear whether it was Kiyosaki’s first investment or whether it was a follow-up purchase. In the tweet, he assumed a price increase to 75,000 US dollars in the next three years.

ECONOMY dying. FED incompetent. Next BAILOUT trillions in pensions. HOPE fading. Bought more gold silver Bitcoin. GOLD @$1700. predict $3000 in 1 year. Silver @$17. Predict $40 in 5 years. Bitcoin @$9800. predict $75000 in 3 years. PRAY for the BEST-PREPARE for the WORST.
– therealkiyosaki (@theRealKiyosaki) May 16, 2020

Robert Kiyosaki polarizes

For all his expertise in the investment field and the success of his best-selling books, Kiyosaki is not considered uncontroversial. Some, for example, criticize his financial tips as too blunt. Robert Farrington works, among other things, as a financial advisor for students who want to lower their student fees. In a post on his website, thecollegeinvestor.com, he takes Kiyosaki to task. For example, he said, Farrington is bothered that many would view the best-selling author as a financial guru, even though he has done nothing more than sell his „story“ expensively.

Forbes took up another point of criticism in 2012. At the time, one of Kiyosaki’s companies, „Rich Global LLC,“ intentionally filed for bankruptcy so that it would not have to settle its $24 million debt to the educational company „The Learning Annex.“ The article also criticizes the fact that virtually nothing is known about the „Rich Dad“ from whom the financial advisor with Japanese roots is said to have received all his tips. Just as little, as over the fortune Kiyosakis before the publication of the best-seller.

There is also criticism of the book itself, which paved the way for the supposed real estate mogul’s success. For example, John T. Reed, also an entrepreneur, author and former real estate investor, describes „Rich Dad, Poor Dad“ as:

[…] one of the dumbest financial guides I have ever read. It contains many factual errors and numerous extremely improbable accounts of events that supposedly took place.

Kiyosaki, he says, is a salesman and motivational speaker. Furthermore, he has no financial expertise whatsoever.

I prezzi dei bitcoin sono scesi per la terza sessione consecutiva di martedì, quando un dollaro USA più forte ha controbilanciato l’approvazione da parte del Senato degli Stati Uniti di un pacchetto di stimoli per il coronavirus in attesa da tempo.

L’ammiraglia della crittovaluta è scesa dello 0,56% a 22.602 dollari a gettone prima della campana di apertura di Londra. Nel frattempo, i Immediate Edge sul Chicago Mercantile Exchange sono scesi dello 0,66% a 23.030 dollari, indicando un sentimento rialzista leggermente più alto sul mercato, nonostante i recenti insuccessi.

C’è stato un po‘ di profit-booking notato durante la corsa di Bitcoin al suo massimo record di 23.400 dollari di domenica. Si è anche verificato mentre il dollaro americano si è avvicinato, aiutato dai timori di una mutazione avanzata del coronavirus nel Regno Unito che ha provocato un nuovo giro di blocco e divieti di viaggio. Le prospettive hanno spinto le attività di rischio in Europa verso il basso, aiutando così il biglietto verde.

Obiettivi negativi di Bitcoin

Il Bitcoin di solito commercia inversamente al dollaro.

La criptovaluta, quindi, rischiava di scendere ancora più in basso nella settimana, quando il sentimento del biglietto verde aumentava. Storicamente, le correzioni che seguono i rally al rialzo del tasso di cambio BTC/USD mirano alla sua media mobile di 20 periodi come supporto. Considerando una ripetizione frattale, la coppia sta ora mirando a livelli vicini ai 20.000 dollari.

Bitcoin mira a 20-EMA come correzione del prezzo da 23.400 dollari al massimo.

La previsione trae spunti anche dai livelli di „ipercomprato“ di Bitcoin su grafici a tempi più alti. Per esempio, la lettura dell’Indicatore di Forza Relativa sul grafico di una settimana è vicina a 81, che è molto al di sopra della soglia ’70‘. Il grafico vede Bitcoin correggere fino a 15.000 dollari nelle prossime sessioni settimanali.

Stimolo USA

Il Senato degli Stati Uniti ha votato lunedì sera a favore della legge di stimolo da 900 miliardi di dollari dei leader del Congresso. Ora si farà strada alla Casa Bianca, dove il Presidente uscente Donald Trump la firmerà in legge.

Insieme al voto della Federal Reserve di continuare ad acquistare debiti governativi e societari in un contesto di bassi interessi, il pacchetto di stimolo intende rendere il dollaro USA più debole nelle prossime sessioni. Nel frattempo, spera che il vaccino COVID-19 sia efficace sul nuovo ceppo del virus limiterà la crescita del biglietto verde.

L’obiettivo è quello di avvantaggiare la Bitcoin nel 2021 con una raffica di investimenti istituzionali. Alcuni strateghi ritengono che la criptovaluta colpirà tra i 100.000 e i 400.000 dollari finché il deprezzamento del fiat continuerà e i timori di un aumento dell’inflazione continueranno a sussistere.

„Guardando all’aumento dell’offerta di dollari negli ultimi 12 mesi ed è la traiettoria per i prossimi 12, è facile vedere che l’aumento dei prezzi di Bitcoin nel 2020 non è così sostanziale come sembra, e il continuo ingresso di istituzioni e sovrani vanificherà tutto fino ad oggi“. – ha scritto Brendan Blumer, il co-fondatore/CEO di Block.One.

Als Bitcoin im März auf 3.850 US-Dollar fiel , war die Idee eines Preises von 100.000 US-Dollar so weit entfernt wie der Mond selbst. Neun Monate später jedoch, da die Institutionen Milliarden von Dollar einfließen lassen und ein neuer Marktzyklus gerade erst beginnt, ist die Landschaft ganz anders, und ein sechsstelliger Bitcoin ist kein Wunschtraum mehr, sondern eine Art Erwartung.

Institutionelle Käufer

Der Bitcoin-Besitz von öffentlichen Unternehmen wurde Mitte Oktober auf 6,9 Milliarden US-Dollar geschätzt , seitdem rund 3 Milliarden US-Dollar von Institutionen für die Akkumulation von Bitcoin ausgegeben wurden , und das sind diejenigen, die öffentlich bekannt geworden sind. Die Institutionen häufen sich in kaum glaubwürdigen Ausmaßen in Bitcoin an, mit der Erwartung, dass dies bis 2021 nicht nur anhält, sondern zunimmt.

Wenn Sie dies mit allen früheren Bullenläufen vergleichen, die fast ausschließlich im Einzelhandel durchgeführt wurden, ist der Geldbetrag, der in den Raum fließt, um ein Vielfaches höher als je zuvor. Die Nachfrage nach Bitcoin übersteigt das Angebot erheblich, und wenn Käufer bereit sind, Hunderte von Millionen Dollar darauf zu werfen, scheinen 100.000 Dollar plötzlich nicht mehr so ​​verrückt zu sein.

Historische Muster

Die andere Sache, die über diesen Zyklus und das Potenzial von Bitcoin, 100.000 USD zu erreichen, zu beachten ist, ist, dass wir den Zyklus bei 10.000 USD beginnen. Es ist natürlich gefährlich anzunehmen, dass sich die Wertentwicklung in der Vergangenheit wiederholen wird, aber ein Blick auf das Bitcoin-Wochen-Chart zeigt sehr deutlich, warum ein sechsstelliger Bitcoin völlig realisierbar ist:

Obwohl wir davon ausgehen können, dass dieser Bullenlauf länger dauert als die vorherigen, macht ein Blick auf dieses Diagramm in Verbindung mit der gestiegenen Nachfrage nach Bitcoin sofort deutlich, dass ein gestaffelter Lauf auf 100.000 USD historisch gesehen sehr wahrscheinlich ist.

The cost of buying a bitcoin could top the $ 26,000 mark, as shown by a textbook bullish indicator forming on the lower timeframe chart.

The pattern known as a “bull pennant” forms when an asset forms a triangle-like structure after it forms an upward-facing flagpole. Traders see it as a signal of the continuation of the trend – that is, they believe that after breaking the triangle, the asset will continue in the direction of its previous trend.

Bitcoin forms a similar bull pennant on its 1-hour (1H) chart and shows the following characteristics:

Price Volatility: After forming a flagpole top, BTC / USD began to consolidate sideways as it left a trail of lower highs and higher lows. That gave it the shape of a triangular structure – the actual pennant.

Traders are now waiting for a break above the Pennant to confirm their extended bullish stance. Should such a movement take place, the upward target would shift as much as the height of the flagpole. In the current case, the amount is nearly $ 3,200. This means that the breakout move would push BTC / USD towards at least $ 26,294, measured from the pennant’s apex.

According to a study by the Samurai Trading Academy, Bull Pennants have a success rate of 70 percent. Hence, there is still a 30 percent chance that the current bullish continuation pattern could end up being invalid.

Should that happen, the BTC / USD exchange rate would run the risk of correcting downwards – again by as much as the height of the flagpole.

That would bring the pair up to roughly $ 20,000, the previous resistance target that will now serve as a support level

The long-term time frame charts support the bearish correction prospects. After seeing a number of price gains, the Bitcoin market is now overheating.

The Relative Strength Indicator on Bitcoin’s weekly chart shows the same thing with its overbought signals (RSI is above 70).

The Bitcoin RSI expects the price to correct downwards. Source: BTCUSD on TradingView.com
Put simply, Bitcoin is being traded at a higher price than its ideal offer. This typically leads to neutralizing downward price movements.

Should that happen, the cryptocurrency risks falling at least 20-30 percent to bring its RSI back into the normal zone. That would automatically bring the BTC / USD rate close to / under $ 20,000.