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Lots of People Are Predicting $10,000 Bitcoin

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Bitcoin prices are destined to hit $10,000 in the very near future, according to multiple prognosticators up to and including Jose Canseco.

Bitcoin Heading Over $10,000

A growing number of prominent voices have argued that the world’s most valuable cryptocurrency is about to get richer.

baseball legend Jose Canseco recently tweeted that the original blockchain currency will hit $10k by New Year’s Eve. The former MLB star also said that, by 2018, “blockchain will become mainstream knowledge understood by moron level and above”.

Former Fortress Investment Group manager Mike Novogratz has also issued a bold prediction about the future of bitcoin. In an interview with Bloomberg, Novogratz said he believe bitcoin will reach the much coveted $10,000 level before the end of the year. He likened cryptocurrency to gold in his explanation of why prices were destined to hit five figures.

Bitcoin is similar to digital gold in that “gold has value solely because people say it has value; bitcoin is built on an amazing technology, there’s a limited supply of it,” he said Tuesday on Bloomberg. “This whole revolution came out of a breakdown in trust in the 2008 crisis.”

“We’re in the second or third inning,” he added. “Because prices have moved so far people are nervous. You made a whole lot of money, there’s news, so you want to book your profit and get out.”

This sentiment is also shared by other market participants tracking the cryptocurrency market. Last month, CNBC ran a survey that showed 49% of respondents believe bitcoin will climb above $10,000. Although CNBC ran an unscientific online survey, 23,118 people participated.

But even Novogratz has been taken aback by the extent of bitcoin’s rally. Just last month, he forecast a $10,000 price tag in six to ten months, not the end of the year.

Meteoric Rise

Bitcoin has been on a tear the past 52 weeks, with prices climbing more than 1,000%. The BTC/USD exchange rate referenced by the global cryptocurrency market climbed to new highs this week. Prices were last seen around $8,262, or roughly $100 below record levels.

At current values, bitcoin is capitalized at $138 billion, according to CoinMarketCap.

Bitcoin was down more than 5% earlier in the day on news that $31 million was stolen from Tether, another high profile cryptocurrency.

Greater mainstream adoption, favorable regulation in some countries and growing institutional interest have all combined to give bitcoin its most bullish year yet. These forces continue to underpin a rally in bitcoin that has simply failed to let up. This has also extended into other cryptocurrenices as investors look to diversify their holdings in non-fiat payment systems. These include Ethereum, Litecoin and Bitcoin Cash, among others.

It remains to be seen whether bitcoin and other cryptos can continue their record-setting streak or whether a broad correction is in the works. There are plenty of critics arguing that the digital currency system is overextended on speculation, and that a massive market collapse is coming.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 498 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Opinion

A Reminder to Hodl: Bitcoin’s 68% Retracement Isn’t Unusual

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Much has been written about bitcoin’s meteoric price collapse over the past six months. The decline has been so severe that many have questioned whether bitcoin’s long-term supporters (hodl’ers) have lost their resolve. However, a careful evaluation of bitcoin’s previous bear markets reveals that the latest retracement isn’t out of the ordinary.

The Support Level Every Trader Needs to Know

As Hacked reported Wednesday, the psychologically important $6,000 support level has been holding well despite the recent downturn. As it turns out, this level offers much more than just psychological significance: it represents a 70% correction from last December’s all-time high and, depending on who you ask, is roughly the break-even rate for miners.

According to Ben Marks, CEO of Blocktrade Capital, the nine previous bitcoin corrections had an average retracement of 64%. For corrections lasting longer than 50 days, the average reversal is 76%. Based on this analysis, $6,000 represents the midpoint of both time frames (as a refresher, bitcoin peaked above $19,700 in December).

For technical traders keeping close tabs on charting patterns, bitcoin’s 2018 correction is almost identical to the correction of 2014 when looking at three popular oscillators: RSI, MACD and Stochcastics. One can argue that the outlook for bitcoin in 2014 was far worse than it is today (Mt. Gox bankruptcy, fallout from Silk Road, poor crypto literacy among consumers, businesses and regulators). And yet, cryptocurrencies became one of the fastest-growing markets of all time just a few years later.

As Tom Lee has reminded us time and time again, virtually all of bitcoin’s yearly gains occur over the span of just ten days. Remove those days and BTC/USD is actually down 25% annually.

Market Psychology

Opponents of bitcoin like to argue that the cryptocurrency lacks “intrinsic value” while cleverly negating the massive amount of resources needed just to maintain the network. If mining rigs, computing power, human resources, crypto exchanges, wallets and thousands of start-ups do not represent “intrinsic value,” then we may have a problem with semantics.

Whether you call it intrinsic value or fundamentals, bitcoin is supporting a global marketplace that extends far beyond what traders do. In fact, “investment coins” now represent half of the total money supply in blockchain, down from 72% over the past year.

That being said, traders and other market participants have a vested interest in protecting their investment. Unless you are shorting bitcoin through the futures market, there is a large community of actors who are committed to keeping prices elevated – or, at least, stable. Going back to Marks, there’s strong reason to believe that market participants will spur to action to prevent bitcoin from falling below, say, $5,000. Those who argue that the market has no bottom and can theoretically fall to zero have clearly overlooked the sheer volume of positive developments occurring on multiple fronts: regulation, adoption, innovation and custodial services. (As an aside, I sometimes have to write multiple Crypto Roundups each week just to keep track of all the positive news.)

There’s no denying that market psychology toward cryptocurrency is brutal right now. However, consider this: bitcoin’s nearly 70% correction has occurred much faster than previous retracements. The recent correction has lasted roughly 200 days compared with 300 that followed the 2014 price collapse. Theoretically, this means that an upward correction could be accomplished much more expeditiously than the several years it took to catapult prices toward $20,000.

To wrap up this article, I’ll leave you with a paragraph I wrote on June 12 that sums up where we are in bitcoin world:

“There’s strong reason to believe that bitcoin’s recent downturn is here to stay for much longer than many had predicted. The good news is the cryptocurrency’s value proposition has only increased over the past six months thanks to institutional adoption, Lightning Network upgrades and continued growth of blockchain enterprise. In a market that is heavily influenced by sentiment, the facts will set you free.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 498 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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GDPR and Blockchain: Three Projects Seeking to Decentralize Data Protection

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Whether you’ve been keeping track of the news or are a citizen within the European Union yourself, there is a great chance that you have noticed the recent discussion regarding the newly implemented GDPR (or ‘General Data Protection Regulation’) in the bloc.

The rules came into effect this year alongside the recent vote in favor of implementing stricter copyright laws pertaining to intellectual property and ‘memes’ and has caused a fair bit of controversy, alongside the recent worldwide events including the USA, and their repeal of ‘Net Neutrality’ laws across the entire USA.

Image source: Forbes.com

Advertising, Big Data and You

For a wide range of reasons, digital advertising is a huge industry – being near-perfect solutions for digital, web-based organisations which are seeking to maximise their revenue / profits, whilst minimising expenses.

A common phenomenon affecting advertising is ‘Big Data’, where user information is collected and processed through complex artificial intelligence (AI) algorithms.

Your usage of internet technology more likely than not creates an endless trail of digital footprints, which are gathered and interpreted by companies and their systems to provide and interpret detailed insights on user habits.

Data Protection Rights

GDPR is meant to result in transparent and honest interactions between consumers, big data companies, and even social media companies such as Facebook now face the challenge of how to market or rebuild trust with consumers. Though there is still a myriad of concerns amongst consumers regarding how companies will approach this.

Implementation of GDPR has caused quite a shakeup for the AdTech industry, with users are being given total control over how much data websites and applications can collect about them.

Now users can consent to which cookies web operators have access to, but there are still several ways for big data to continue to profit from your data without cookies. Methods such as incoming IP tracking scripts, Browser Fingerprinting and malware-infected websites are commonplace and could prove more malicious than previous methods.

Can Blockchain Further Increase Data Privacy?

Technology has already empowered websites visitors with the ability to overcome issues such regarding data privacy and invasive advertising tactics.

‘Adblocker’ for example is a web-browser extension which automatically removes almost all adverts from a website, and just like ‘NoScript’ (removing potentially malicious scripts from pages) has been utilised by software such as Tor Browser to achieve thorough user safety and anonymity.

Through these kinds of solutions, blockchain or not, website operators are going to be encouraged to increase the quality and value of content on their pages.

Considering such software and the exponential growth of blockchain as an industry, it is of little surprise that we have seen an influx of services, products and ICOs which seek to combine the benefits of these technologies with those of blockchain / cryptocurrency.

Here are a few of what we consider to be the most interesting in the present crypto space…

1. Online.io

Image source: Online.io

The Online.io project financially rewards website operators in a ‘proof of online’ system which essentially quantifies the time spent on each website and rewards website operators appropriately. It is also the only project in this article which we haven’t reviewed on this site so far (although I wouldn’t count it out for the near future, so watch this space!)

Their proprietary crypto-coin (OIO) will be used to distribute rewards to all parties based on visitor time-spent, bounce-rate and other established metrics. This presents a fascinating opportunity for website owners to still effectively monetize their website in compliance with GDPR and without the need to utilize other means of data collection.

Online.io could somewhat be considered a democratized system, as users rank each website based on their experience. The highest rated websites will be rated higher in ‘Trust’ through an algorithmic formula, which acts as an indicator of website quality for future visitors.

It’s likely to continue delivering a highly positive boost to the whole ecosystem as consumers now (especially millennials) would rather get rid of traditional advertising methods: hence ad-skipping buttons on YouTube as well as Ad-blockers and anti-tracker software.

2. Peer Mountain

A blockchain based project which seeks to connect so called “self-sovereign ID holders with businesses, enabling commerce at scale” by utilising technological solutions like smart contracts.

Peer Mountain is unique for providing customers (a private individual / citizen) with a greater level of confidence when looking to access a product or service – no matter where they are, or what their country of origin may be.

To the organisations taking part, budding entrepreneurs worldwide, a whole new market audience is available. A mutual benefit which is equally enjoyed by the ‘self-sovereign ID holder’ too – incentivised by not having to register their private information on a host of centralized servers.

The security is achieved through use of innovative code: which makes use of a combination of user-experience solutions, with the innate security benefits of distributed ledger technology and cryptocurrency.

3. DOVU

This team has put all its efforts into creating a ‘mobility’-focused solution which incorporates “a unified token, wallet and marketplace for earning and spending mobility related rewards”. By mobility, what they are referring to is of course transportation related activities: such as ride-sharing and courier services.

In this instance however, it also applies to mobility information – and how it is bought and sold in the data economy.

Unlike the other solutions listed, DOVU aims to resolve the contentious issue of data privacy by allowing service providing companies make direct offers to users of its ecosystem in return for a quantity of the platform’s proprietary token.

Key use cases and clients pegged to take advantage of this platform include automotive manufacturers and marketing organisations for use in big-data research and algorithmic insight / report generation.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Tech Titans Bullish on Bitcoin

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If you reflect on the Trojan War, you might recognize some modern-day parallels. In the movie Troy, which is based on the Trojan war, Achilles, played by Brad Pitt, leads his rogue fighters and the Greek Army to take control of the city of Troy, which is guarded by great walls and a Hector-led Trojan army.

It’s a drawn-out battle filled with duels and sneak attacks from both sides, the famous and final one being the Greek army’s ability to infiltrate their way into the city walls through the gift of a Trojan horse. Perhaps Troy was a bit of foreshadowing on the global monetary system.

Bitcoin in a sense has been a surprise attack on fiat money. Nobody could have predicted a decentralized digital currency that would challenge the merits of a centralized monetary system that’s been in place for centuries. Now that it’s here, bitcoin and its digital currency soldiers aren’t going anywhere. And if you ask a couple of tech titans, bitcoin should subvert fiat currencies.

Tech Titans

Apple Co-Founder Steve Wozniak and Twitter CEO/Square Founder Jack Dorsey may not be leading armies of the usual kind. But they are tech giants whose influence has gone beyond corporate walls and changed the landscape of modern day technology as we know it. Both are bitcoin bulls and agree that bitcoin deserves the title as the single global currency.

Dorsey is a bit more aggressive about his prediction, having said that bitcoin will win the title as the sole global currency over the course of the next decade or sooner.

When asked about it, Wozniak softened the forecast a bit, saying: “I buy into what Jack Dorsey says. Not that I necessarily believe it’s going to happen. I just, I want it to be that way,” Wozniak said.

Ebbs and Flows

The Apple co-founder reportedly first bought into bitcoin at the $700 level. And even though he says it wasn’t an investment and more of an experiment, he still believes that the bitcoin price will continue to rise even if there are ebbs and flows along the way, similar to the internet during its rise.

Currently, the bitcoin price is experiencing one of those ebbs, having failed to break through the $7,600 level in a weekend rally and falling to about $7,443. While market bulls like Fundstrat’s Thomas Lee aren’t relenting on their forecasts for bitcoin $25,000, the trading volume since year-end 2017 at bitcoin’s pinnacle has dropped and some analysts predict it could get worse before it gets better.

Wozniak’s Portfolio

Wozniak told CNBC he likes bitcoin for its decentralized features that make it more natural, such as the public ledger technology underpinning the coin and the rewards system that keeps it going.

Wozniak’s cryptocurrency portfolio is comprised of one bitcoin and two ether, the former of which he owns for pure experimentation purposes. He likens Ethereum to a platform that tends to grow because “there tend to be lots of people working on applications.” Sounds like another platform that Wozniak knows a little something about.

Meanwhile, whether or not bitcoin overtakes fiat currencies, the digital currency that boasts a market cap of $127 billion is sure to be remembered, which if we could ask Achilles of the Trojan war is what it’s all about anyway.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 23 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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