Max Keiser: "Bitcoin Is Superior to Gold as Hard Money" – Price Analysis, 17 Aug 2020
The well-known Bitcoin bull and host of "Keiser Report" Max Keiser posted a tweet in which he outlined that Bitcoin is superior to gold as hard money:
Moreover, the cryptocurrency advocate thinks that gold bugs will start to panic-buy BTC once it hits $50,000:
Keiser is not the only one who believes that Bitcoin will surpass the level of $50K and will skyrocket. There are many other cryptocurrency enthusiasts whose price targets are even much more positive. For instance, according to a poll conducted by PlanB among his followers on Twitter, the percentage of Bitcoin believers with a target for the end of 2021 higher than $55K has grown from 57% to 70% since the beginning of July:
Although the bullish sentiment in the crypto market is increasing, the cryptocurrencies continue to fluctuate in tight ranges. At the time of writing, according to Coin360.com, one Bitcoin costs €10,047.73 (+0.1%), one Ethereum – €361.31 (-0.07%), and one Litecoin – €54.22 (+3.88%):
Source: Coin360.com (Daily crypto market performance)
Now let's have a look at the charts of the major cryptocurrencies against the euro.
In the one-hour time frame (1H), BTC/EUR has been consolidating in an Ascending Triangle:
As seen in the chart above, the price of Bitcoin is close to the final part of the triangle and very soon the price chart will exit the triangle.
We would like to mention that, according to the Technical Analysis theory, Ascending Triangles are considered a continuation pattern. That's why it is highly probable that a breakout will happen and the uptrend will renew.
In the daily chart (1D) of ETH/EUR, the 20-day Moving Average (MA 20) is situated above the 50-day Moving Average, which is above the 200-day Moving Average, what is viewed as a strong bullish signal:
In our estimation, the price of Ethereum will continue to rise.
However, in case of some slight short-term correction, the price of the cryptocurrency may drop to the MA 20 or €331.31. At the level of the 20-day Moving Average Ethereum will receive solid support.
In the daily time frame (1D), LTC/EUR is trying to exit the Falling Wedge and to put an end to the downtrend:
If the positive sentiment in the cryptocurrency market remains, then we believe that the breakout will be successful. In this case, the traders will set as a first target the level of the previous local high or approximately €77.80.
Stay updated on everything Bitcoin-related with Bitvalex. Bitvalex is a licensed digital wallet and cryptocurrency exchange; learn more about us and blockchain technology and sign up to use our services.
The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.