0

Related posts

CrowdStrike failure weakens Wall Street, TSX flatMarkets extend lossesSemis slide, Dow surges
Investor Insights

This summary was created by AI, based on 7 opinions in the last 12 months.

The experts have mixed opinions on Bitcoin (BTCUSD). Some believe it is very volatile and trades purely on emotion, lacking fundamentals, while others see potential in its long-term applications and expect it to keep rising based on supply and demand. There is also a consensus that the recent sell-off is the price of admission for such a volatile asset. Additionally, the rush of fund companies to market crypto instruments adds to the uncertainty, but also indicates potential for further growth. Overall, the reviews suggest a cautious but optimistic outlook for Bitcoin.

Consensus
cautious
Valuation
Fair Value
Similar
Ethereum, ETHUSD
TRADE
Bitcoin falls from record highs

The momentum is gone now, but it has before. Bitcoin is very volatile, lacking fundamentals, so it trades purely on emotion.

Cryptocurrencies
RISKY
Bitcoin falls from record highs

It's had such a strong rally. By nature, this is volatile, so the sell-off is the price of admission.

Cryptocurrencies
RISKY

It trades like a future contract, and momentum is the most significant indicator. It's volatile.

Cryptocurrencies
BUY

His only speculative holding. Fidelity, Blackrock and other funds companies are rushing to market their crypto instruments, so he's still buying. Would not sell if it slid 15%, but would hold.

Cryptocurrencies
PARTIAL BUY

He pared some yesterday, as it had grown to a 6% position, making him very uncomfortable. Now he's at 2.5%. Didn't sell all, because seasonality starts early February, so you could take a small position now.  Will be volatile, susceptible to 5-10% swings. Has long-term applications.

Cryptocurrencies
BUY

Doesn't see a use case for Bitcoin, but expects this to keep rising based on supply and demand. It's up 11% this week.

Cryptocurrencies
BUY

Because of the ETFs, this will become scarce and so will go higher.

Cryptocurrencies
COMMENT
Educational Segment. Should you include crypto in your portfolio? Called Bitcoin a Ponzi scheme last week. Was incorrect, it doesn't fit the definition of a Ponzi scheme but gets boosted the more people get involved in it. The difference with stocks is that we cannot value crypto based on real principles. It is valued based on its scarcity (there is a limited amount of Bitcoins). You want to add something to your portfolio that has uncorrelated returns. Historically, correlation between Bitcoin and stock market was low. Since Covid, correlation has increased. Low correlation of Bitcoin comes at the cost of huge volatility. These are the points to keep in mind when deciding to include crypto in your portfolio.
Cryptocurrencies
DON'T BUY
Is it a hedge against inflation? Fundamentally worth 0. Probably biggest Ponzi scheme of history. Can be traded. Can be correlated to an inflation hedge from time to time, but do not recommend to buy for diversification.
Cryptocurrencies
BUY

CRYPTO UPDATE

The triangle we spotted on Bitcoin was very effective and broke its resistance with a nice candlestick that made it take almost 6% in one day.

The take profit target is still located at $56,000, close to an important supply area (many sell orders pending in the order book). The price is currently operating a pull back on the resistance zone it broke recently, this is perfectly normal and occurs in about 60% of cases (Chartist analysis, by Francois Barron), this could also be a very good entry for investors who missed the low of the triangle and its breakout (we can also wait for the breakout of the last high.

Investors who took position at the low or middle of the triangle currently have a nice profit (+20-10% at the time of writing, +30-20% at the high), and can expect much more, if the pattern materializes until the end. The most sensitive (and they are right) to money management have already moved their stop loss beyond their entry point, and can no longer, regardless of future developments, lose money.

It is interesting to note the high correlation between Bitcoin and other cryptos. Indeed, since the break of the triangle on Bitcoin, the main other cryptos have all experienced interesting gains this week, including Ethereum (which also broke a triangle from above), and Solana (+60% for a week). The case of Solana is very interesting because we had two chartist figures, a triangle and a triple bottom that led to this rise of 60% in 1 week and 80% since March 11.

Although probabilistic, chartist analysis remains an extremely powerful tool to evolve with more confidence in the chaotic financial markets, no matter what the detractors say, provided of course to retain this elementary but crucial rule that is missing to 90% of investors, and allowing to extend its life (in the financial markets) on the long term: to have a perfect control of its money management.

Cryptocurrencies
WATCH

CRYPTO UPDATE

Last time we saw that BTC was oscillating within an ascending triangle. The pattern has been effective and the price has indeed touched the $45,000 mark today, which is the resistance of the triangle and an area that many economic players are positioned on.

2 scenarios seem to be taking shape:

  1. The price breaks the supply zone ($45,000-$46,000) and continues its ascent to the take-profit zone that we have defined at $56,000. Nevertheless, the price has reached the triangle resistance faster than expected and if there is a breakout in the next few days it would be a bit early (generally, a triangle has a better probability of success if the breakout occurs at 2/3 of the triangle length)
  2. The price bounces off the resistance and continues its advance within the chartist pattern, hitting the $40,000 area before making its final ascent.



Traders who entered on the bounce on the triangle support are in profit and can choose to close their position now, or wait for the triangle to break and strengthen their position if it does. They can also choose to raise their stop loss to break even if they don't want to take any risk in case the price bounces back as seen in point 2. For the others, it would be quite risky to go long now, as long as the supply zone has not been clearly broken. Finally, the most reckless traders (who like to play against the trend while having a good command of money management and derivatives allowing to short) can try to rebound on the supply zone with a stop loss at $46200 and a take profit at $40,000 for a reward/risk ratio of about 3/1.

Cryptocurrencies
RISKY

BITCOIN MINING, A STEP TOWARDS ENERGY INDEPENDENCE

In the U.S., more and more political actors are promoting the creation of a clear regulatory framework for cryptocurrencies. Many of them also argue that cryptocurrency mining would be an opportunity for the development of the energy sector in the US.

Many political leaders have understood, far from the usual clichés, the huge potential that cryptocurrency mining represents. For example, the city of North Vancouver, Canada, will be the world's first Bitcoin-powered city by the end of 2022, with an innovative low-carbon heating solution. In the United States, Congressman Pete Sessions says the mining farm industry could help America achieve energy independence.

It's true, in fact, that mining already prevents the waste of excess energy from already existing structures, but beyond that, the revenue from crypto mining provides funding for future energy facilities.

Cryptocurrencies
RISKY

Since January 18, 2022, Bitcoin has been oscillating within a clearly visible ascending triangle in daily units. According to empirical statistics gathered over time, traders have learned to view this chartist pattern as one with a higher probability of leading to an upward movement.

Currently, the price is sitting at the $41,100 mark, which corresponds to the support line of the triangle (analysis done on the Binance Futures BTCUSDT chart). By taking the distance between the highest and lowest points of the triangle, and using this distance as a profit target, we get a profit zone of around $56,300.

An aggressive trader can therefore place a buy with a take profit at $56,300, and a stop loss below the support line at $36,700. The more cautious trader can monitor the triangle daily, waiting for the resistance breakout at $45,000 before taking a position. Keeping in mind that charting is not an exact science (and this is the main reason to have an extremely strict money management) and that the markets are even more uncertain in this period with the Russian-Ukrainian conflict that causes daily repercussions on all markets.

Cryptocurrencies
BUY

THE HIDDEN ACCUMULATION

After declaring in 2017 that Bitcoin was most likely headed straight for $0, and currently many bankers still criticize the volatility of Bitcoin and crypto-currencies, there is much less vehemence behind the scenes. It is known, for example, that as of June 2021, Morgan Stanley Bank has "officially" begun accumulating Bitcoins.

Moreover, a recent analysis by MacroScope, a specialist in institutional trades, shows that Morgan Stanley has greatly increased, in many of its institutional funds, the number of its BTC holdings (by buying shares of Grayscale BTC). Most of these are relatively large double-digit increases (e.g. +18% for Morgan's Growth Portfolio). Thus demonstrating the appetite and desire of the American bank for this asset, and it is certainly not the only crypto it accumulates.

According to the analysis, we can see that with the frequency and volume of these purchases, the bank could become the main whale (known) of Bitcoin, and very quickly. Indeed, the CPOAX would have recently bought about $71M in BTC (or more than 1600 BTC). We can therefore understand why JP Morgan Bank, "thanks to the influx of liquidity", is very bullish and sees a BTC of $150,000 in the long term

Cryptocurrencies
COMMENT
THE CONSEQUENCES OF THE RUSSIAN INVASION On Wednesday, February 23, 2022, at around 9:45 pm, the Russian president, Vladimir Putin, announced that he had launched a special military operation in Ukraine. Faced with this geopolitical earthquake, all financial markets have fallen hard, and the crypto market has not escaped the rule. By analyzing the charts, we can see exactly that at around 9:45 pm, following the official announcement of the invasion of Ukraine by the Russian army, Bitcoin immediately started to fall, losing about 12%, with a low around $34,000. At the same time, gas and oil prices were soaring, and gold, considered a safe haven, was also appreciating. While the Russian ruble depreciated by 11% against the US dollar. We can consider that the fall of Bitcoin is understandable with the usual explanation for its realities: Investors are hedging against risk, knowing that Bitcoin is still considered a very risky asset. Moreover, knowing the correlation in recent months between BTC and the stock market, it is not so surprising that cryptos have fallen. Nevertheless, while one might have expected a more or less continuous descent into hell, Bitcoin quickly countered the downward pressure, even allowing itself the luxury of surpassing the high of the day on the 23rd, trading at $39500. It is highly likely that this same event is the reason for this strong rally. Indeed, with the Russian ruble and the Ukrainian hryvnia collapsing against the dollar, many investors flocked to crypto-currencies. For example, according to data from Coingecko, the volume of transactions on the Ukrainian exchange Kuna increased by 200% during the day. With this frontal aggression towards Ukraine, Russia has undeniably initiated a profound change in global geopolitics, and it is certain that this will affect the financial markets in the long run, and even more so the crypto-currency market.
Cryptocurrencies
Showing 1 to 15 of 34 entries

Bitcoin (BTCUSD)(CRYPTO:BTC) Rating

Ranking : 5 out of 5

Bullish - Buy Signals / Votes : 6

Neutral - Hold Signals / Votes : 0

Bearish - Sell Signals / Votes : 0

Total Signals / Votes : 6

Stockchase rating for Bitcoin (BTCUSD) is calculated according to the stock experts' signals. A high score means experts mostly recommend to buy the stock while a low score means experts mostly recommend to sell the stock.

Bitcoin (BTCUSD)(CRYPTO:BTC) Frequently Asked Questions

What is Bitcoin (BTCUSD)?

Bitcoin (BTCUSD) is a Cryptocurrency.

Is Bitcoin (BTCUSD) a buy or a sell?

In the last year, 6 stock analysts published opinions about CRYPTO:BTC. 6 analysts recommended to BUY the stock. 0 analysts recommended to SELL the stock. The latest stock analyst recommendation is . Read the latest stock experts' ratings for Bitcoin (BTCUSD).

Is Bitcoin (BTCUSD) a good investment or a top pick?

Bitcoin (BTCUSD) was never recommended as a Top Pick on Stockchase. Read the latest stock experts ratings for Bitcoin (BTCUSD).

Why is Bitcoin (BTCUSD) stock dropping?

Earnings reports or recent company news can cause the stock price to drop. Read stock experts’ recommendations for help on deciding if you should buy, sell or hold the stock.

Is Bitcoin (BTCUSD) worth watching?

6 stock analysts on Stockchase covered Bitcoin (BTCUSD) In the last year. It is a trending stock that is worth watching.

What is Bitcoin (BTCUSD) stock price?

On 2024-07-23, Bitcoin (BTCUSD) (CRYPTO:BTC) stock closed at a price of $65613.6449700936.