- Another crypto analyst predicts Bitcoin about to embark on six-figure dollar valuation
- An MIT startup sees growing interest in crypto trading from institutional traders
Bitcoin prepares to enter into the final month of the first half of 2020, one that analysts say could see a volatile time for the gold market as US-China trade tensions continue to pick up where they left off when interrupted by the global coronavirus pandemic that pushed most of the world into a state of lockdown in March 2020.
Gainesville Coins precious metals expert Everett Millman said:
“There is a lot of noise out there … The rising trade tensions with China are just a geopolitical hotbed right now. The coronavirus has put this on the back burner. But tensions are ramping up in and around China and that is gold positive… Normal seasonality dictates that the summer is pretty quiet for gold. But we are not in normal circumstances. June is really going to be a big test of how all the re-openings go. June could be a very volatile month and I wouldn’t expect gold to drop below USD1,700.”
Not to worry, Bitcoiners, because other analysts say that this digital gold is about to kick off its trip to break all-time highs after spending almost a year retracing from its peak at USD 20,000.
So says crypto influencer Positive Crypto, who has declared that the near 900 days of Bitcoin scaling down from all-time high levels are about to ve over as consolidation period prepares the way for a major rally.
— Credible Crypto (@CredibleCrypto) May 29, 2020
The trader calls the entire period from December 2017 as “one massive accumulation phase” which investors used wisely to reposition themselves, buying in at multiple opportunities. And now, this period of consolidation is primed to give way to a steroid-powered bull run that will smash its old peak en route to six-figure US dollar valuations. He said:
“The last 896 days were simply one massive re-accumulation phase before the run to 100k+ #bitcoin, and the consolidation structure will soon be broken. Are you prepared?”
Positive Crypto already sees how Bitcoin has shrugged off March hangovers and now charts see a pattern of higher lows, when compared to the bear peak in December 2018. Add into that how many analysts also believe that the halving effect has yet to truly push the bulls into action, but that delay is only for a year or two at most.
Others have already put down hard figures: crypto commentator PlanB, whose stock-to-flow model is loved by many traders for its yet accurate prediction method of price, projects USD 288,000 by 2024, with a maximum height of USD 576,000.
If that news has filtered through to the mainstream, then it’s showing! Research from the Massachusetts Institute of Technology (MIT) startup Floating Point Group (FPG) says that there is an increased interest from sophisticated traders and platform developers in the crypto market.
The firm, which raised USD 2 million in capital to develop institutional crypto traders automation tools, has seen investment from Algorand CEO Steve Kokinos, Seabury Global Markets, AngelList founder Naval Ravikant, among others. FPG CEO John Peurifoy said:
“It’s becoming clear that sophisticated quantitative traders and platform developers are viewing the cryptocurrency markets as an exciting new opportunity.”
FPG, who works with APIs to let traders gain exposure to different exchanges and platforms for trading and liquidity, is embarking on a massive expansion strategy, recruiting talents and ramping up its attempts to acquire US regulatory licenses to widen the jurisdictions it can operate in. Peurifoy added:
“As this market matures, we’ll continue to add critical pieces of the prime brokerage stack through innovations and strategic partnerships with other high quality groups to deliver a holistic experience that meets the technical requirements of algorithmic traders or other groups building trading applications.”
Now that Bitcoin is firmly in the sights of traditional quantitative traders who surely must be getting excited at the opportunities in crypto, the FOMO can’t be far away.
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