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Bitcoin to hit $1M, says Pompliano as Schiff doubles down on ‘bubble’ talk

With Bitcoin touching new ATHs every other day, many have an opinion about how high the world’s largest cryptocurrency might go. Morgan Creek Digital’s Anthony Pompliano is one of them, with the exe

The post Bitcoin to hit $1M, says Pompliano as Schiff doubles down on ‘bubble’ talk appeared first on AMBCrypto.

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With Bitcoin touching new ATHs every other day, many have an opinion about how high the world’s largest cryptocurrency might go. Morgan Creek Digital’s Anthony Pompliano is one of them, with the exec recently sharing some thoughts on where Bitcoin will be heading, especially in comparison with other assets.

In an interview with CNBC FastMoney, Pompliano said that Bitcoin is a “10x improvement on gold,” an interesting statement to make, especially since just recently, JPMorgan found that Bitcoin millennials were now choosing to invest in “digital gold” over gold bullion. This could push BTC prices to hit $146,000, the firm argued.  

The Morgan Creek Digital exec, however, declared these predictions “conservative,” with Pompliano claiming that BTC is “more likely to eclipse” gold’s market cap “before the 2030s.” While no single digital product, especially with a smaller market cap, has been predicted to replace gold, according to Pompliano,

“Gold is the analogue application of sound-money principles while Bitcoin is the digital application of sound money principles.”

“Bitcoin’s market cap will flip gold,” he said, adding that it was only a matter of when. In fact, he also predicted that Bitcoin will breach the $1M price level.

Pompliano isn’t the only one to hold these views. Kraken’s Dan Held considers Bitcoin an “apex predator of money,” one that is “a precursor to the extinction of gold.” Before him, macro investor Raoul Pal predicted that Bitcoin would soar to $1 million in roughly five years’ time, highlighting the cryptocurrency’s restricted supply and subsequently favorable market demand.

The Morgan Creek Digital exec also predicted that amid the U.S dollar’s weakness, both publicly traded and private corporations will put Bitcoin in their treasuries, creating a wall of demand. 

When the crypto-influencer was asked how Bitcoin noted a rapid price surge in such a short time, he explained that Bitcoin’s popularity among institutional investors and among holders who “don’t want to sell” has contributed to an imbalance between market supply and demand. 

Finally, the exec warned investors of upcoming volatility in Bitcoin’s market, with the crypto likely to face a 20% to 30% drop. Regardless of this fact, Pompliano suggested that investors who “want to get off dollars and don’t know where to put your money” should move away from “zero exposure” to Bitcoin and invest in the popular crypto instead.  

Pomp’s statements were welcomed by most in crypto-community, with MicroStrategy’s Michael Saylor commenting,

However, popular skeptic Peter Schiff was quick to step in too, calling the market a “bubble” yet again. When questioned further by Charlie Shrem, Schiff doubled down, conceding only to underestimating how large the “bubble” would become.

Source: https://ambcrypto.com/bitcoin-pomp-1-million-schiff

Blockchain

Alpha Finance (ALPHA) Climbs to All-Time High — Targetting $1

After a possible short-term drop, ALPHA is expected to resume its upward movement towards $1.08 and could possibly even reach $1.31.   Doji Signals ALPHA Top? ALPHA has been on a parabolic upward trend since it began trading on Oct. 10, 2020. The rate of increase accelerated and ALPHA was able to reach an all-time … Continued

The post Alpha Finance (ALPHA) Climbs to All-Time High — Targetting $1 appeared first on BeInCrypto.

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Alpha Finance Lab (ALPHA) has been increasing at an accelerated rate since December 2020. It proceeded to reach an all-time high price of $0.80 on Jan. 21.

After a possible short-term drop, ALPHA is expected to resume its upward movement towards $1.08 and could possibly even reach $1.31.

 

Doji Signals ALPHA Top?

ALPHA has been on a parabolic upward trend since it began trading on Oct. 10, 2020.

The rate of increase accelerated and ALPHA was able to reach an all-time high price on Jan. 21. However, this created a long upper wick. Depending on the close, it could create a Doji or a shooting star candlestick.

Nevertheless, the trend remains bullish as long as ALPHA is trading above this parabolic support line.

ALPHA Parabola
ALPHA Chart By TradingView

Due to the lack of support below the current price, a breakdown could cause a significant drop. It could potentially fall back to the 0.5 or 0.618 Fib retracement levels at $0.41 and $0.31 respectively.

However, technical indicators are still bullish and have failed to generate any significant weakness.

ALPHA Indicators
ALPHA Chart By TradingView

Short-Term Movement

The short-term chart shows a pronounced bearish divergence in both the RSI and the MACD, which preceded the current drop.

In addition, it provides a support area at $0.64, which has been reached and initiated a bounce.

Furthermore, there is an ascending support line at $0.60.

Therefore, as long as ALPHA is trading above the latter, we can consider the short-term trend bullish.

A breakdown from this support line would also entail a breakdown from the parabolic support line outlined in the previous section. This would likely confirm the bearish trend reversal.

ALPHA Short-Term
ALPHA Chart By TradingView

Wave Count

Cryptocurrency trader @CryptoNTez outlined an ALPHA chart which shows an upward movement of nearly 80% over the past three days. However, he did not provide any possible targets for the upcoming upward move.

ALPHA Movement
Source: Twitter

The most likely count suggests that ALPHA is in an extended wave 3 (shown in white below) of a bullish impulse that began in October 2020. The sub-wave count is given in orange.

The most likely target for the top of wave 3 is found at $1.08 (3.61 Fib extension of wave 1). A likely target for the top of the entire impulse is found at $1.37 (4.61 Fib extension of the same wave).

A decrease below the sub-wave 1 high of $0.51 would invalidate this particular wave count. It would also entail a breakdown from both the parabolic and normal ascending support lines, hence confirming that the trend is bearish.

ALPHA Count
ALPHA Chart By TradingView

Conclusion

While the long-term trend for ALPHA seems to still be bullish, a short-term drop that validates the ascending support line near $0.60 could occur prior to the resumption of the upward trend.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/alpha-finance-alpha-climbs-all-time-high-targetting-1/

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Blockchain

Aave Crosses into DeFi Layer-2 with Matic Bridge

DeFi flash loan lending platform Aave has launched its own L2 scaling solution by allowing its aTokens to be ported to the Plasma powered Matic Network. Similar to liquidity pool tokens, the Aave aTokens are minted when users deposit crypto-assets into the lending protocol to earn interest. Now they can use and trade maTokens on … Continued

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The demand for scaling on Ethereum is increasing. More decentralized finance (DeFi) protocols like Aave have been experimenting with implementing Layer-2 (L2) solutions.

DeFi flash loan lending platform Aave has launched its own L2 scaling solution by allowing its aTokens to be ported to the Plasma powered Matic Network.

Similar to liquidity pool tokens, the Aave aTokens are minted when users deposit crypto-assets into the lending protocol to earn interest. Now they can use and trade maTokens on the high-speed, low-cost Matic Network with the interest of the original aToken remaining intact on Layer 1.

Aave founder and CEO, Stani Kulechov, tweeted about move;

Plasma Powered Token Exchange

Matic is powered by the Ethereum L2 scaling Plasma framework which uses a combination of smart contracts and cryptographic verification to enable fast and cheap transactions. This is obtained by offloading the transactions from the main Ethereum chain into side chains or plasma chains.

The Matic Network has a key functionality called Quickswap, a Uniswap clone that isn’t present on Ethereum Layer-1. The new maTokens can be staked on Quickswap to earn liquidity provider rewards.

Speaking to The Defiant, the creator of the Aave-Matic bridge, Nick Mudge, said;

“Aave’s aTokens are not traded on some exchanges like Uniswap because liquidity providers would lose the interest that aTokens generate. But that is not the case with maTokens on Matic Network, which derive all their value from aTokens.”

Mudge is also the lead developer of the non-fungible token (NFT) staking game, Aavegotchi. He wanted to reduce the cost of game-based transactions which can now be done with cheaper maTokens transactions on Matic.

When asked about accruing interest on the Matic Network, Mudge explained;

“It’s not updated on Matic network. When maTokens are sent to Ethereum they are converted to their aToken amount PLUS interest.”

AAVE Token Price Update

Aave is currently the second largest DeFi protocol by total value locked according to DeFi Pulse which reports it at just over $3 billion.

Its native AAVE token, which has been on fire recently, has retreated a bit alongside the general crypto market slump today. It has fallen back to $176 as of press time.

AAVE was the best-performing DeFi asset in 2020 by a clear margin and has made over 20% in the past seven days to hit an all-time high of just over $200 on Jan. 19.

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Martin has been writing on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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Source: https://beincrypto.com/aave-crosses-defi-layer-2-matic-bridge/

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Blockchain

AurusGOLD returns to New to the Street

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AurusGOLD (AWG) is a gold-backed token independently minted by participants of the Aurus ecosystem. Each token represents full ownership and can be redeemed for 1 gram of 99.99% gold, sourced from LBMA-accredited refineries. Managing Director Guido van Stijn returns to New to the Street to discuss the latest developments.

**

ABOUT US
Exploring the Block profiles Blockchain Technologies and Companies. Exploring the Block produces multi-part series following the goals and achievements of the companies we follow and invite our audience to track the growth and challenges these companies face. Each series provides personal look at the company through the eyes of the CEO or company executive as they discuss their goals, roots and products with our experienced team of anchors/journalists to provide our viewing audience with who, what, where, when and why about the companies you want to learn about.

New To The Street profiles public companies, advertises and markets their products and services, and provides business news. New To The Street paves the way to the latest financial issues, offering a blend of business and financial services news reporting and in-depth interviews relating to new products, economic analysis and public company profiles. New to the Street is produced by FMW Media Works Corp.

FMW Media
FMW Media Corp. operates one of the longest-running U.S and International sponsored programming T.V. brands “NewToTheStreet,” and its blockchain show “Exploring The Block.” Since 2009, these brands run shows across major U.S. Television networks. These TV platforms reach over 540 million homes both in US and international markets. Developing 2-additional shows “TheBestinNY” and “The Ultimate Listing”

Source: https://exploringtheblock.com/aurusgold-returns-to-new-to-the-street/

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