Bitcoin’s 2019 Rally Could Have Real Legs – Mike NovogratzAugust 5, 2019
Mike Novogratz recently stated, “Bitcoin’s 2019 rally could have real legs.”
The recent tariff threats from President Donald Trump had the Yuan to sink to its lowest levels in a decade. This has happened because all the state-owned firms have required the suspension of imports of US agricultural products.
Anthony Pompliano tweeted: “UPDATE: Bitcoin is performing as designed during times of global instability.”
Due to the widespread arrests in Hong Kong due to city-wide protests and strikes Hong Kong might touch the verge of a very dangerous situation.” Further, “Bitcoin could easily continue to surpass expectations.”
The current macroeconomic factors are creating the right kind of storm to ignite the price appreciation of Bitcoin.
The Dovish Turn from the European Central Bank will play the role of a “rocket fuel” for Bitcoin. The Dovish policies are impacting the alternative currencies in a positive way, which is also hurting investment banks.
The bearish lower-highs patterns have been violated, and Bitcoin jumped to $11,120, and the gains were extended to $11,868. This is the highest level of Bitcoin ever since July 12, 2019. Eventually, the Bitcoin Dominance Rate as well touched the highest of 67.9% since April 12, 2017.
Vinny Lingham stated, “The key indicator for the start of a sustainable bull run is likely a decoupling of asset values from Bitcoin.” He further stated, “Anything else is just speculation over again.” He implied that might be we need another bubble to learn more lessons.
With the Dominance rate justifying the 9.5% price rise over the past 24 hours, trends likely project further gains towards resistance at $12,030. The continuation of the price rise is also indicated in the Technical charts.
At the time of reporting the news, BTC was at 11,794 USD.
The price trends have convinced the cryptocurrency community that the drop of the Yuan below the significant psychological level at 7 per USD caused the price rally of the BTC. The Yuan depreciation led wealthy Chinese investors to rotate their money into the BTC.
Alex Kruger has been wondering if “BTC did front-run People’s Bank of China’s (central bank) decision to permit yuan to slide beyond 7 per USD.” The Yuan seems to be regaining life though.
Meanwhile, Steve Bannon is opposite Trump’s views as he states that he thinks Bitcoin and “cryptocurrencies have a big future.” He further told, “[Bitcoin and cryptocurrencies] could be a very important part going forward, particularly in this global populist revolt.”