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Bitcoin Price to Hit $146,000: Long Term Prediction by JP Morgan

With Bitcoin prices back over $30,000 again, the big banks are paying attention and some are even making bold price predictions.

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Strategists at the leading U.S. bank have been crunching the numbers and comparing Bitcoin to traditional store of value assets such as gold.

Led by Nikolaos Panigirtzoglou, the analysts suggested that Bitcoin’s current market capitalization of around $580 billion would have to rise by 4.6 times to create a theoretical price of $146,000. This would match the total private sector investment in gold via exchange-traded funds or bars and coins, according to Bloomberg.

Big Bank Bold on Bitcoin

JP Morgan made a similar prediction in November 2020 when analysts at the firm suggested that Bitcoin could rise as much as ten times as it competes with gold for institutional investors.

This latest prediction added that a crowding out of gold as an ‘alternative’ currency implies a big upside for Bitcoin over the long term. However, this would be a multi-year process as a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly, according to JPM strategists who added;

“This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.”

The Wall Street bank, which has had a hot and cold relationship with crypto, clearly sees a long term progression for Bitcoin prices with an increase in institutional wallets and funds such as Grayscale’s Bitcoin Trust. The firm has just hit another record in terms of assets under management, which is now just shy of $23 billion;

JP Morgan strategists suggested that prices could continue upwards as the FOMO mounts but added that they would be unsustainable at those levels:

“While we cannot exclude the possibility that the current speculative mania will propagate further pushing the Bitcoin price up toward the consensus region of between $50,000-$100,000, we believe that such price levels would prove unsustainable.”

BTC Price Update

At the time of press, Bitcoin was trading down 8% on the day at $30,900. Following yesterday’s sharp decline, prices dropped below $28,000 briefly before bouncing back to touch an intraday high of $32,800.

If a second daily red candle forms and support at $31k is broken, the asset could fall further as the correction accelerates. Previous bull market corrections have been as large as 30%, which would result in a fall back to the previous all-time high of $20k.

The long term outlook, according to JPM, among others, is still very bullish for the king of crypto, and corrections will serve as buying and accumulation zones for investors, retail and institutional alike.

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Source: https://cryptopotato.com/bitcoin-price-to-hit-146000-long-term-prediction-by-jp-morgan/

Blockchain

Ethereum’s Creator Wants To Help Jack Dorsey In Decentralizing Twitter

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Ethereum’s creator wants to help Jack Dorsey in decentralizing Twitter while Charles Hoskinson says that he is also working on a social media project that could help decentralize Twitter so let’s read more in today’s Ethereum news.

Cardano’s founder Charles Hoskinson tweeted to Jack Dorsey this week saying he is working on something regarding social media. He wants Twitter’s Blue Sky decentralization initiative to be open source. Twitter’s CEO Jack Dorsey who is an outspoken BTC fan and his belief in the promise of decentralized technology which is a huge reason why Twitter is preparing for the next move away from centralized services.

Twitter’s CEO Extended, bitcoin, btc ,emoji, unicode
Jack Dorsey, Square’s CEO

He reaffirmed his belief this week when he explained his reasoning behind the recent ban of the US President Donald Trump for inciting violence. He mentioned the company’s plan to hire open source developers and engineers for its Blue Sky initiative to help devise a potential decentralized future for the platform. After the tweet, Charles Hoskinson who is the founder of Cardano and Ethereum’s creator replied to Dorsey saying that he will open up developments on Blue Sky to the community because he is working on something similar:

 “We are working on something Jack. You shouldn’t build this in-house. Make it an open source project and our entire industry can contribute.”

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The Blue Sky initiative is looking for an open-source developer and Dorsey affirmed that they will work on an open decentralized standard for social media but it is now clear how to open the development will be and how involved the wider community will get. Dorsey’s tweets acknowledged what he saw as a need to act on the ban of Trump’s account as he wrote:

“I believe this was the right decision for Twitter. We faced an extraordinary and untenable circumstance, forcing us to focus all of our actions on public safety. Offline harm as a result of online speech is demonstrably real, and what drives our policy and enforcement above all.”

twitter

However, Dorsey concluded that social media and hosting companies are denying access to controversial users and this could be destructive to the purpose and ideals of the open internet and especially in the long-term. He cited BTC as being representative for the internet to come:

 “The reason I have so much passion for #Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity.  This is what the internet wants to be, and over time, more of it will be.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ethereum-news/ethereums-creator-wants-to-help-jack-dorsey-in-decentralizing-twitter/

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Blockchain

Analyst Expects BTC Price To Consolidate After 15% Drop

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One analyst expects BTC’s price to consolidate after the recent 15% drop, as it peaked $40,000 and fell as low as $34,000 on Friday morning. In today’s Bitcoin news, we are taking a closer look at the price analysis.

The drop was weird because the cryptocurrency was so strongly underperforming altcoins but while the BTC corrections lasted, altcoins fell against the US dollar and also against BTC but this was not the case this time. BTC has bounced back since towards $36,500. One analyst expected a form of consolidation in the days ahead which could result in strength in the altcoin market. One crypto-asset analyst expects BTC’s price to see a consolidation in the short-term which could result in a new altcoin rally. He shared a chart showing Bitcoin’s potential outlook ahead of the weekend and the charts show that the cryptocurrency is now going near a key support level against a number of key moving averages which led him to suggest that the cryptocurrency will end up consolidating over the weekend, as he explained:

 “Here’s the possible outcome short term (12-24h) for #Bitcoin. 1) Consolidates while $ETH / $BTC is strong, 2) $ETH / $USDT takes the lead, 3) Slay altcoins over the weekend, 4) Pay yourself by Sunday 6pm, 5) Let Monday unfold.”

chart of btc price
Chart of BTC’s price action over the past few weeks with an analysis by crypto trader and chartiist Pierre (@Pierre_Crypt0 on Twitter).

When Bitcoin consolidates bullishly, it is believed that this is the prime time for altcoins to break out. What the analyst predicted seems to be playing out in real-time. as of the time of writing, the leading altcoins are starting to shoot higher and leaving BTC in the dust. The BTC dominance metric dropped from 67.5% to 66% in the past day which is market worth of over $1 trillion. Altcoins like Aave, Chainlink, Curve DAO, and more, are having a hard time increasing as BTC entered a form of consolidation. The trend will continue higher as long as BTC respects the key support in the near-term.

btc usd
Image Courtesy of Bitcoin Jack. Source BTCUSD on TradingView.

As reported earlier today, The cryptocurrency didn’t make an attempt to break above $40,000 a day ago but the selling pressure was so strong and sparked a rejection. Its price has dropped to $35,000 which got the bulls trying to slow the descent and to spark a rebound.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/analyst-expects-btc-price-to-consolidate-after-15-drop/

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Blockchain

Old Fake Crypto Giveaway Scam Still Makes $500K Per Week

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An old fake crypto giveaway scam is still making up to $500K per week with people still believing the high-return schemes as we can read more in today’s crypto news.

As hard as it seems, there are still people that believe Elon Musk or some other celebrity will give them money if they send him some BTC, and this scheme was revived over the past few days as an old fake crypto giveaway scam that attracted unwary new people to it. Bleeping Computer and Metamask estimated that in about a week, scammers received about $587,000 from unsuspecting innocents using the old “send me X amount of crypto and I will double it” scheme.

btc addresses
BTC Addresses

Over the past few weeks, there were plenty of bots impersonating Twitter accounts and these bots claimed to have received money from great crypto celebrities like the Winklevoss twins or Elon Musk and attack a new link to a giveaway which invites people to deposit money to a crypto address and to receive double the amount:

“Have you seen this event yet? Elon made me a rich person! Check it out ASAP! pic.twitter.com/H0oct7T6gn

— Kat Odell (@kat_odell) January 14, 2021

Some of the more popular addresses collected a few thousand dollars, with one in particular received about $400 in just a few days. Crypto scammers also accept Ethereum even though they make smaller amounts of money with this altcoin. Scammers usually go to other platforms like Facebook, YouTube, or Twitch and to collect even more money from victims. Ripple tried to take actions against YouTube that allowed scammers to launch fake giveaway videos as paid advertisements but this initiative didn’t take off with complaints about scams involving Elon Musk appear from time to time to other streaming platforms as well.

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ETH addresses

This type of scam is not something new and it is probably the best-known scam in the crypto space. They started spreading it in late 2017 to late 2018 in the middle of the crypto boom as at that time, the scammers posed as the original crypto personalities like Vitalik Buterin or Charlie Lee. Users perceived the rely on as a tweet from the original accounts and sent their funds. Several other influencers changed their names to specify that they will never send funds to anyone.

vitalik buterin twitter
Vitalik Buterin changed his Twitter name to fight against scams impersonating him

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-scams/old-fake-crypto-giveaway-scam-still-makes-500k-per-week/

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