News

Bill Miller: Risk Associated with BTC Vanishes When Its Price Gets Bigger

Bill Miller – a value investor – is one of just many people who appear to have changed their tune on bitcoin. It used to be that bitcoin was an extremely worrisome, potentially even dangerous asset to invest in given how volatile it was. It used to be that bitcoin was a currency that was…

The post Bill Miller: Risk Associated with BTC Vanishes When Its Price Gets Bigger appeared first on Live Bitcoin News.

Published

1 week ago

January 9, 2021

Republished by Plato

Bill Miller on Bitcoin – When It Gets Bigger, the Risk Goes Down

However, Miller has said that every time bitcoin strives for a larger price, some of that risk dissipates. He says that so long as bitcoin continues to move up the financial ladder, it becomes less and less dangerous for everyday traders.

In a recent interview, he commented:

It gets less risk the higher it goes. That’s the opposite of what happens with most stocks. Bitcoin’s total supply is growing less than two percent a year, and it’s obvious by the price that the demand is growing much, much faster than that. So long as that obtains, bitcoin is likely to go higher and perhaps considerably higher.

At the time of writing, bitcoin is trading beyond $40,000 for the second time this month. It looks as if the bullish trends the asset has been enjoying over the past half year are going to continue, which means even less risk will be associated with the currency granted Miller’s words are correct.

As the founder and chief executive of Miller Value Partners, he further explained that while he cannot predict exactly where BTC will be in the coming weeks or months, he has ideas about where it could go and how high it could get. He explained:

I think that bitcoin… should probably be up 50 percent to 100 percent from here in the next 12 to 18 months, and if you were to ask me the over or under, I would certainly say it would be much more likely to be higher than lower.

Remain Aware of Volatility

However, he did further state that while bitcoin has been rather solid as of late, volatility is not a thing of the past, and investors need to stay cautious as this is still very much a valid threat that could bring down bitcoin – or any form of crypto – at any moment. He mentioned:

I think if you can’t take that, you probably should not own bitcoin. The asset tends to move in spurts, which tend to be followed by corrections. I think there have been three corrections of 80 percent, which is normal in this type of rather early technology with a rather big total addressable market.

Miller has owned bitcoin for years, initially claiming in a 2018 interview with CNBC that he had begun purchasing units roughly three or four years earlier. Since early September, bitcoin has added about 230 percent to its price.

Tags: Bill Miller, bitcoin, bitcoin price Source: https://www.livebitcoinnews.com/bill-miller-risk-associated-with-btc-vanishes-when-its-price-goes-higher/

Related Topics:Bitcoin blockchain BTC Crypto investors Stocks Technology

Up Next

Bitcoin Miners Saw 33% Revenue Increase in December

Don't Miss

Crypto Stories: World’s Richest Man Wants to Be Paid in Bitcoin

Blockchain

Cardano Price Analysis: 18 January

Published

3 hours ago

January 18, 2021

Republished by Plato

Cardano’s price has surged by a massive 133% in the last 15 days and the rally shows signs of more upward movement. Trading at $0.378 ADA is ranked the sixth-largest cryptocurrency in the world in terms of market cap. The cryptocurrency has witnessed a reduced volatility phase leading to fairly stagnant price movement.

Due to the formation of a bullish pattern, ADA’s outlook is overall bullish and suggests a price surge upwards of 10 -30% in the mid-to-long term.

Cardano 4-hour chart

Source: ADAUSD, TradingView

As seen in the chart, ADA’s price has formed a bullish pennant with the price already breaking out of the pattern on January 16. Since the breakout, ADA has surged approximately 20% to where it currently stands. Although the general outlook is bullish, there might be a retest of the supports at $0.3579 and $0.3455, pushing the price higher.

With the price already surging 20% from the pennant, we can expect another 40% surge on the table. Hence, a long position would better serve the profits that are yet to come.

Source: ADAUSD TradingView

Supporting this is the constant inflow of volume despite the stagnant movement in price as seen in the OBV indicator. Following this, there is the RSI indicator that shows a retreat from the overbought zone due to the recent breakout from the pennant.

Lastly, the MACD indicator showed a dip in both the MACD line and the signal indicating a decrease in buying momentum. It also shows that these lines might undergo a bearish crossover soon.

Conclusion

With bitcoin trending sideways, this is the time for altcoins to surge higher. Rightfully so, altcoins are surging without a stop in sight, hitting new all-time highs – especially the DeFi coins. With ADA’s bullish pattern, there is a high chance for it to surge to $0.5333 or 67%. On the other hand, a drop below 0.240 would indicate failure of the uptrend and a continuation of the downtrend.

Source: https://ambcrypto.com/cardano-price-analysis-18-january

Blockchain

Cardano, Synthetix, Dogecoin Price Analysis: 18 January

Published

4 hours ago

January 18, 2021

Republished by Plato

Cardano could lose the $0.36 support and head towards the next barrier if sellers take control. While Synthetix managed to cut losses at $14.63, and the bulls could help maintain the price above this level and Dogecoin traded within a thin channel and a breakout above the upper ceiling seemed unlikely.

Cardano [ADA]

Source: ADA/USD, TradingView

After snapping a local high of $0.399, Cardano’s price stabilized as it traded just below its upper ceiling. At press time, the world’s sixth-largest cryptocurrency was trading at $0.38, up by 1.8% in the last 24 hours. While an extended bullish rally could see the price surge to new local highs, the indicators suggested that buying pressure was losing momentum. A correction could see prices fall towards $0.339 support and confirm a bearish cycle.

The Stochastic RSI moved downwards from the overbought region and signaled a pullback towards the immediate support mark.

The Awesome Oscillator registered a single point of bearishness and suggested that the bullish momentum was losing steam.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix found support at $14.63 after dropping by over 10% since hitting its all-time high. The next few sessions could see the price trade close to its immediate support, barring a broader market pullback. A bearish scenario could see the price test the next line of defense at $13.41.

The Chaikin Money Flow highlighted SNX’s surge since the start of the month, as the index rose in tandem with the price. Currently, CMF stabilized just above the equilibrium mark and indicated that capital inflows could prevent a southbound move on the charts.

On the other hand, the MACD showed that bearishness was on the rise, as the red bars on the histogram increased in length.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

At press time, Dogecoin saw little change as it was trading at $0.0091, up by 0.65% in the past 24 hours. The last few days have seen prices consolidate between $0.009 and $0.008 as momentum shifted between the buying and selling side. The said consolidation could continue in the coming days and a breakout above immediate resistance seemed unlikely unless the broader market pushes DOGE upward on the chart.

The Bollinger Bands showed low volatility in price as the bands were compressed. This also suggested that the price could trade between a constricted channel in the near future.

The Awesome Oscillator was bearish-neutral and sided with neither the bulls nor the bears.

Source: https://ambcrypto.com/cardano-synthetix-dogecoin-price-analysis-18-january

Blockchain

Russian crypto exchange Livecoin to shut shop after December hack

Published

4 hours ago

January 18, 2021

Republished by Plato

Russia-based, hacked crypto exchange Livecoin has decided to close its operations and has asked all its customers to begin withdrawing their funds according to a new announcement.

Through a new domain called Livecoin.news, the firm now stated:

There is no way to continue operative business in these conditions, so we take a hard decision to close the business and pay the remaining funds to clients.

Livecoin servers came under attack in December 2020, damaging the technical aspects of the platform’s services. Due to the hack, on 23 December, prices on the exchange reached more than $450,000. For instance, Ether was trading at $15,000 on the Russian platform in comparison to the actual market price of $600. At the time Bitcoin was trading at $23,000 but on the exchange, it surged to over $35,000.

Livecoin went public about the hack on 24 December 2020; however, by then some crypto users had already noticed the anomaly:

$BTC just reached 320k on it – whatever is going on, I don’t recommend trying to make $ on this, very likely you will get your funds stuck pic.twitter.com/vzypVZqbab

— #DYORangutang (@cryptorangutang) December 24, 2020

Since then, the digital assets platform said that an investigation has been underway. Detailing the funds’ withdrawal process, the Livecoin team explained they will accept claims for payments for the next two months and that 17 March 2021 is the last day of accepting these requests.

Additionally, the exchange warned customers about “fake groups on different messengers and other channels,” who pose as Livecoin team members asking for money. It clarified that customers need not pay in order to recover their funds from the exchange.

Other than Livecoin, UK-based crypto exchange Exmo suffered a hack on 21 December 2020. The attack compromised 5% of its total assets, following which, all withdrawals on the platform were “temporarily suspended.”

Source: https://ambcrypto.com/russian-crypto-exchange-livecoin-to-shut-shop-after-december-hack