What's different about this time?

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It appears that the $ 6,000 mark has emerged as a level of support for Bitcoin.

The digital currency has lost 6.59 % of its value compared to the last twenty-four hours and 14.49% of its value in the last seven days: Ethereum and XRP recorded even greater losses in the same periods – see Table 1. Worse, only 3 of the 100 most important cryptocurrencies recorded gains – see Table 2.

In the past there have been both technical and psychological factors that have led traders to see this price as an entry point on the long side of the market.

However, there is something different going on The bitcoin tests come at a time of international currency turbulence, in particular the collapse of the Turkish lira and the sharp decline of the euro against the dollar, which should be a bullish environment for Bitcoin, which cer to assert itself as an alternative at the national level cies.

Digital money should be collected.

Table 1

Currency % 24H * % 7d
Bitcoin (BTC) -6.59% -14.49%
Ethereum (ETH) -17 , 08 – 35.14
XRP -13.97 -36.10

* Starting from 14/08/2018, at 4 am

Source: Coinmarketcap.com & nbsp;

Table 2

Number of cryptocurrencies that advanced / decreased among the top 100 positions in the last seven days

Cryptocurrencies Advance / Decline Number
Advance 3
Decline 97

* Starting from 14/08/2018, at 4 am

Source: Coinmarketcap.com

But apparently there are bearish factors that have surpassed the bullish environment generated by the turbulence in international currency markets. Like the continued refusal of US regulators to approve products that will allow for broad investor participation, for example

However, some cryptocurrency experts are very optimistic about bitcoin prices in the near future. Shidan Gouran, President and CEO of Global Blockchain Technologies is one of these.

" Bitcoin is definitely underestimated," says Shidan. "It is currently in the range of $ 6,000, which is the approximate cost of calculating for the extraction of a Bitcoin, despite the fact that its price movements do not seem to have any real model for them, the cost of" materials prime "is a defined metric from which $ 6,000 can be considered a bottom price. [19659003] That's why he does not believe that the price of Bitcoin may fall from here." On this basis, it is not plausible that the price of Bitcoin falls further ", adds Shidan." The new regulations coming soon and the new trading platforms will determine the considerable expansion of the Bitcoin pool of investors, which will bring many activities to the market, and will eventually bring the price upwards. . In short, it can not go down – and with what is on the horizon, it has many ways to go up. "

Shidan's upside vision is supported by Hayes' model and the Simulation market model my student Greg Giordano recently ran in. Indeed, these econometric models place the" intrinsic value " of Bitcoin well over $ 6,000.

But another econometric model, the Wheatley Model, places the price of Bitcoin well below the current price, see Table 3.

Table 3 [19659003] Three estimates of the intrinsic price of Bitcoin *

Econometric Model Price Estimate
Hayes $ 9,148.28
Wheatley $ 650.71
Market Model $ 7,743.54

* Starting from 8/12 [19659003] [Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any Bitcoin. Greg Giordano owns Bitcoins]

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It appears that the $ 6,000 mark has emerged as a support level for Bitcoin.

The digital currency has lost 6.59% of its value in the last 24 hours and 14.49% of its value over the last seven days. Ethereum and XRP recorded even greater losses in the same periods – see Table 1. Worse, only 3 of the 100 most important cryptocurrencies recorded gains – see Table 2.

In the past there have been both technical and psychological factors that have induced Traders see this price as an entry point on the long side of the market.

This time, however, something different is happening. Bitcoin tests come at a time of international currency turbulence. In particular, a collapse of the Turkish lira and the sharp decline of the euro against the dollar. This should be a bullish environment for Bitcoin, which seeks to establish itself as an alternative to national currencies.

Digital money should be collected.

Table 1

Currency % 24H * % 7d
Bitcoin (BTC) -6.59% -14.49%
Ethereum (ETH) -17.08 -35.14
XRP -13.97 -36.10

* Starting from 14/08/2018, at 4 in the morning

Source: Coinmarketcap.com

Table 2

Number of cryptocurrencies that advanced / Rejected in the first 100 ranks in the last seven days

Cryptocurrencies Advance / Decline Number
Advance 3
Decline 97

* Starting from 2014/08/14, at 4 am

Source: Coinmarketcap.com

But to apparently there are bearish factors that have exceeded the bullish environment generated by the turmoil in international currency markets. Like the continued refusal of US regulators to approve products that will allow for broad investor participation, for example

However, some cryptocurrency experts are very optimistic about bitcoin prices in the near future. Shidan Gouran, President and CEO of Global Blockchain Technologies is one of these.

" Bitcoin is definitely underestimated," says Shidan. "Currently it is in the range of $ 6,000, which is the approximate cost of calculating for the extraction of a Bitcoin, despite the fact that its price movements do not seem to have any real model for them, the" cost of materials prime "is a defined metric from which $ 6,000 can be considered a bottom price.

That's why he does not believe that the price of Bitcoin can fall from here." On this basis, it is not plausible that the price of Bitcoin is lower further, "adds Shidan." The new regulations coming soon and the new trading platforms will lead to the considerable expansion of the Bitcoin pool of investors, which will bring many activities to the market, and will eventually bring the price to the market. high. In short, it can not go down – and with what is on the horizon, it has many ways to go up. "

Shidan's upbeat vision is supported by Hayes' model and the model market in a simulation of my student Greg Giordano recently ran in. In fact, these econometric models place the" intrinsic value "of Bitcoin well over $ 6,000.

But another econometric model, the Wheatley Model, places the price of Bitcoin well below the current price, see table 3.

Table 3 [19659003] Three estimates of the intrinsic price of Bitcoin *

Econometric model Price estimate
Hayes $ 9,148.28
Wheatley $ 650.71
Market model $ 7,743.54

* Starting at 8 / 12 [19659003] [Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any Bitcoin. Greg Giordano owns Bitcoins]

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