- Interest from institutions and non-crypto pubic growing
- The short term and parabolic rise still intact, however, each bull cycle keeps on rising
The Bitcoin rich list led by Satoshi Nakamoto includes Bulgaria and the US government as well. In past 3 days, Bitcoin fell down from going above $9,000 to below $8,000, however, it was just a tiny bump in its way to the moon. Bitcoin bull trend remains unbroken despite the loss of more than $1000 in a few hours seen on May 30.
In the short term, Bitcoin is in a wedge that cryptocurrency trader and investor Josh Rager says could present an opportunity to short. However, with dollar expected to roll over in the next few months, Bitcoin might take an upswing.
$BTC: Short Opportunity coming?
These are the levels I’m watch based primarily on 1H, 4H, Day chart
But with that in mind, price is condensing with rising price (higher lows) creating a wedge pattern
This could present an ideal opportunity to short w/ stop-loss in place above pic.twitter.com/JTYCmwD7yG
— Josh Rager (@Josh_Rager) May 31, 2019
I don’t trade forex but know many do. Cycles telling me dollar strength finally ready to roll-over for the next month or two. The dollar pairs could do well.
— Bob Loukas (@BobLoukas) May 31, 2019
Interest from Institutions and Non-Crypto Pubic Growing
May has been without any doubt one of the biggest gainers not just in 2019 or 2018 but since 2017. It is further validated by Binance’s latest report where it states May was “a much more active month in terms of OTC trading” compared to March and April.
Almost 40 percent premium for Grayscale Bitcoin Trust over BTC spot price at the end of last month further means institutional investors are “growing their exposure to digital assets and cryptocurrencies” wrote Binance. The month also saw interest from the non-crypto public and it continues to build.
BITCOIN INVESTMENT CYCLE
The founders were the cypherpunks.
The angel money was from drugs and libertarians.
Then came the general public.
Institutional money comes last.
The rules of investment (or lack thereof) favoured the public.
Welcome to Bitcoin. 1000x for the public pic.twitter.com/NfaOGM5Bkj
— Willy Woo (@woonomic) June 1, 2019
This interest is building in the expectation of another bull run in the wake of the upcoming halving event in 2020. And the parabolic rise of Bitcoin that leads to such bull cycles is still very much intact.
BTC: Using the curve tool to draw the parabolic rise can be very subjective. Different people will draw the curve differently. If you use trend lines, you achieve something more absolute. Parabola looks to be still intact. pic.twitter.com/PuJhwAp33B
— Nunya Bizniz (@Pladizow) May 31, 2019
However, these bull cycles are becoming increasingly longer for Bitcoin. The first one in 2011 was 245 days long while the second one was of 742 days length. The last bull cycle in 2017 was of 840 days long, so the next one is expected to be even longer say 903 days.
$BTC Bull Market Cycles
As you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrend
Don’t worry about pullbacks, Bitcoin is likely less than 1/4 into the current uptrend to the next peak high pic.twitter.com/CCesZphBWD
— Josh Rager (@Josh_Rager) May 31, 2019
Bitcoin Rich List
As Bitcoin goes through its parabolic rise, it is expected to hit $1 million, though there are such bold predictions made by some like John McAfee, it is hard to know yet if we will go that high or even higher.
Whatever may be the price, if we take a look at the Bitcoin billionaire list, the first spot is the most obvious one that is unknown BTC creator Satoshi Nakamoto who owns 1.1 million BTC. However, what’s interesting is the second spot that goes to Bulgaria government that has 213,519 BTC.
The next six positions goes to Winklevoss twins (176,000), Roger Ver (50,000), Barry Silbert (48,000), Anthony Gallippi (34,000), Tim Draper (30,000), and Charlie Shrem (20,000).
Another surprising addition is of the US government that has about 10,000 BTC. The US government has actually confiscated 453,000 BTC which is at 2.6% of the total circulating supply that came from Silk road and SELEC.
- Source: First Appeared Here
- Published Time: 2019-06-01 19:07:51
The views and opinions expressed in the article Bitcoin Parabola Still Intact, Price Explosion to Benefit These Two “Surprising” Additions to Bitcoin Billionaire List do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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