Singapore, SINGAPORE – While Bloomberg reports US$1,500 as where Bitcoin (BTC) is heading, a defiant Tom Lee has doubled down with an additional zero and stated publicly a year-end prediction of US$15,000 despite what is visible to the naked eye. The Fundstrat BTC bull revised it from his initial US$25,000 proclamation but it’s already late November and he’s likely to have painted himself into a December corner barring a Christmas miracle.
He did make a valid point on CNBC’s Squawk Box that there are true blue adopters using crypto and “have wallets in crypto” and trigger-happy speculators, who very well might have everything on exchanges. And that both sides need to have some form of healthy interaction. He also slipped it in there that Ripple’s XRP is doing relatively well to sides track from his stubborn stance. Negative in-fighting on the Bitcoin Cash (BCH) front has also been attributed for the plunging neckline that isn’t sexy at all. Y’all regulators need to start sanctioning non-compliance is all…
Craig Wright is threatening to sell his BTC to acquire hash power as we speak. This is not a normal correction. And then it didn’t happen. The trend is clearly down, and capitulation is the word of choice when technical analysis and modelling fails. A strategy for surviving is essential and deploy capital accordingly. Bitcoin shorts are pummelling the support lines like Ivan Drago’s new offspring. Space out buying the dip. China has a lot of love for BCH and China’s reaction to the market has the corresponding ripple effect on the western markets and eventually their sentiments.
Lee also brought up that institutional investors are not sweating it, even as the price of BTC hovers around US$4,500 at press time, hailing them as the crusaders that will herald the next adoption price push. But are they truly the stewards of mainstream adoption of just equal-opportunist who like seeing everyone sweat and fold including the guilty look on Lee’s face. Perhaps there’s some Chuck Rhoades sadomasochistic pleasure derived in being proven wrong time and time again in 2018 even as many await “regulatory clarity”. Because US$9,000 per BTC clearly isn’t “the biggest buying opportunity in 2018”.
This is nothing new it seems like a market cycle with drying liquidity. Many have been through this. It might even take a few years. Hodl-timers hardly feels the pinch saying that it has happened before. Losing faith in the bear market. Panic selling is taking place. It takes a while to recover. Psychologically it’s a mind field just look at how Bitcoin Cash and the huge hit it has taken even as the fork has run its course. Will Bitcoin Cash permanently be an ABC soup now?
BAKKT Bitcoin daily futures contract is delayed to 24th January next year. Perhaps Thanksgiving is around the corner and they don’t feel like working when the market is depressed. Bakkt’s CEO Kelly Loeffler wrote a Medium post that went to elaborate that:
“toward year-end, there’s no shortage of progress at Bakkt. Our efforts over the last few weeks have resulted in important new features to support our offering.”
Created by the higherups at the Intercontinental Exchange (ICE), the new expected launch date is because there is a need to “get all the piece in place” to ensure that “participants are ready to trade on Day 1”.
As to why they are starting with BTC, the answer is obvious. “Bitcoin today accounts for over half of total crypto market capitalization and has been deemed to be a commodity, and its derivatives are regulated in the US by the CFTC,” she says.
“As the world’s most liquid and widely distributed cryptocurrency, and where we’ve seen the most customer demand, bitcoin’s profile creates a liquid product on which to build a futures contract. We’ll consider additional contracts as the landscape evolves and as we receive additional customer feedback about what they want and need.”
That means there is a lot of more potential buyers then who feel safe to get their toes wet. Or mistrusted ‘institutions’ need more time to accumulate and test their onramps. This provides the first wave of exposure for them. As to ensure that the good vibes are going after the holiday is over, it is sanctioned that the Bakkt Warehouse will feature warm and cold wallet insurance as we continue breaking towards the downside of the current market momentum.