Category Archives: Bill Baruch

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Max Keiser: Bitcoin Price Rise to Follow Increasing Hashrate

Journalist and former Wall Street trader Max Keiser has expressed his views that with the Bitcoin hash rate reaching another all-time high and 15% spike this month, an increase in the value of Bitcoin will be triggered.

Sharing a post on Twitter illustrating the growing hashrate in a graph, Keiser wrote: ”My mantra since $3. Price follows hashrate. If you don’t understand this then you don’t understand Bitcoin.”

My mantra since $3. Price follows hashrate. If you don’t understand this then you don’t understand #Bitcoin. Sorry, but dem the facts, Bro pic.twitter.com/DchJEkONfA

— Max Keiser (@maxkeiser) June 19, 2018

The Bitcoin hashrate saw a 15% gain through June before reaching the highest levels to date, despite a decline in transaction volumes and Bitcoin’s price valuation. This growth strongly indicates more parties are choosing to invest in the cryptocurrency despite the rocky market.

Hashrate refers to the aggregate computing power of the Bitcoin network, reflecting the number of tries a unit can make when attempting to solve one of Bitcoin’s computational puzzles required in the mining process.

Reaching the Bitcoin bottom

Keiser is not the only prominent industry figure to anticipate Bitcoin is ready to rebound.

Speaking to CNBC this week, president of commodities brokerage and trading firm Blue Line Futures Bill Baruch noted that Bitcoin’s recent price plummet was a sign of selling becoming exhausted. Now the price and volatility are stable, Baruch believes the bottoming process can begin.

He also advised investors not to sell Bitcoin below the price of USD 10,000, as he sees it as likely to have enormous payoffs for those willing to hold in the long run.

CEO of the Blackmore Group and Wealthchain Group, Phillip Nunn also reaffirmed his Bitcoin prediction this week, standing by his belief that the cryptocurrency would reach USD 60,000 by the end of the year.

Nunn had also expressed a belief that Bitcoin would drop to USD 6,000 in the first half of the year, which has already been met. Nunn, however, believes it is predominantly blockchain technology that will lead to the boom of cryptocurrencies.

 

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Bitcoin Bottom Likely, Volatility at Lowest Levels in over a Year

The president of commodities brokerage and trading firm Blue Line Futures, Bill Baruch, said in a video for CNBC that Bitcoin volatility has plummeted and is at its lowest level in more than a year. He says this is a sign that selling has become exhausted, and now that the price and volatility are stable, the bottoming process can begin.

30-day Bitcoin volatility on the USD market exceeded 8% in early January 2018 and remained relatively high through February 2018 before starting a steep and steady decline in March 2018. Volatility dropped as low as 2.45% in June 2018, a 70% decline from peak volatility levels. This is the lowest level of volatility in over a year for Bitcoin, but there have been many times in the past that Bitcoin volatility has dropped even lower to below 1%, so perhaps the market is not at minimum volatility yet. Regardless, volatility around 3% indicates a much more stable market than before.

A bottom is a process, not a price according to Baruch, and a bottom will occur soon if Bitcoin’s price holds above USD 6,000, although the 100-week moving average indicates a bottom of USD 4,550. Baruch and Blue Line Futures expects Bitcoin’s price to go up significantly in the long term. He advises not to sell Bitcoin below the price of USD 10,000.

Baruch says the Bitcoin market rose too much, too fast, in December 2017 due to the launch of Bitcoin futures trading on CME and CBOE, which is a milestone in the maturation of a tradable asset. Speculation plus fear of missing out on profits are the primary reasons Bitcoin’s price soared far above its equilibrium according to Baruch. The sell-off from the peak of USD 20,000 down to less than USD 7,000 per Bitcoin has wiped out most of the over-enthusiasm, stabilizing the market.

Aside from expectations that low volatility levels might be a harbinger for a future Bitcoin price increase, in general, low volatility levels are beneficial for people who use Bitcoin as a currency.

 

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