ETFdb Logo
ETFdb Logo
  • ETF Database
  • Channels
    • Active ETF
    • Beyond Basic Beta
    • China Insights
    • Climate Insights
    • Commodities
    • Core Strategies
    • Crypto
    • Direct Indexing
    • Disruptive Technology
    • Energy Infrastructure
    • ETF Building Blocks
    • ETF Education
    • ETF Strategist
    • Financial Literacy
    • Fixed Income
    • Gold/Silver/Critical Minerals
    • Innovative ETFs
    • Institutional Income Strategies
    • Leveraged & Inverse
    • Managed Futures
    • Market Insights
    • Modern Alpha
    • Night Effect
    • Portfolio Strategies
    • Responsible Investing
    • Retirement Income
    • Richard Bernstein Advisors
    • Tax Efficient Income
    • Volatility Resource
  • Tools
    • ETF Screener
    • ETF Country Exposure Tool
    • ETF Sector Tracker Tool
    • ETF Database Categories
    • Head-To-Head ETF Comparison Tool
    • ETF Stock Exposure Tool
    • ETF Issuer Fund Flows
    • Indexes
    • Mutual Fund To ETF Converter
  • Research
    • ETF Education
    • Equity Investing
    • Dividend ETFs
    • Leveraged ETFs
    • Inverse ETFs
    • Index Education
    • Index Insights
    • Top ETF Sectors
    • Top ETF Issuers
    • Top ETF Industries
  • Webcasts
  • Themes
    • AI ETFs
    • Blockchain ETFs
    • See all Thematic Investing ETF themes
    • ESG Investing
    • Marijuana ETFs
  • Multimedia
    • ETF 360 Video Series
    • ETF of the Week Podcast
    • ETF Prime Podcast
    • Video
  • Company
    • About VettaFi
    • Get VettaFi’ed
  • PRO
    • Pro Content
    • Pro Tools
    • Advanced
    • FAQ
    • Pricing
    • Free Sign Up
    • Login
  1. An Ambitious Bitcoin Forecast Coming
News
Share

An Ambitious Bitcoin Forecast Coming

Tom LydonOct 31, 2019
2019-10-31

Bitcoin, the largest digital currency by market value, could make move higher into year-end if it can stay above some key technical levels this week, according to a note crypto-market analyst.

Bitcoin has recently struggled, but those woes could abate if the digital asset can stay above $8,500 this week, said deVere Group CEO Nigel Green in a Monday note. In fact, Green argues that if Bitcoin can accomplish that goal, it could rally to $12,000 by the end of 2019.

“Bitcoin has registered some impressive gains over the last 48 hours after being in a lull period in recent weeks,” said Green. “As of now, it has defied the so-called Death Cross – a bearish pattern that takes place when the 50-day moving average falls below the 200-day moving average.”

If Bitcoin holds around $8,500 or trade slightly higher, it could bring more interest in the form of crypto funds. Investors who are hesitant to jump into crypto assets may see the lower price volatility as a more favorable option to equities.

Bitcoin Kicking Off With A Bang

As it is, the digital currency is coming off an epic weekend rally. Bitcoin kicked off the weekend with a bang for the bulls, rising as much as 40% within a 24-hour period. The leading cryptocurrency hit a low of $7,300 prior to the weekend before surging just over $10,000, which signaled its largest price move since April.

Bitcoin got a boost from China President Xi Jinping saying that the country should “seize the opportunity” of cryptocurrency’s blockchain technology. Since the trade war with the U.S., China has been making moves to bolster its technology sector and blockchain could be one of the key areas where it has a competitive advantage over the U.S.

“This latest surge in Bitcoin was triggered by China’s President Xi calling the adoption of blockchain – the technology on which cryptocurrencies run – an important breakthrough for independent innovation of core technologies,” said Green. “This is a clear signal that the leader of the world’s second-largest economy is moving towards embracing the technology – in which Bitcoin plays a vital part – and therefore taken as a positive boost for the whole digital currencies sector.”

This article originally appeared on ETFTrends.com.


Content continues below advertisement

» Popular Pages

  • Tickers
  • Articles

May 26

Main Management Market Note: May 26, 2023

May 26

Family Offices Embrace Crypto, While Needing Support

May 26

ETF Issuer League: Avantis, Summit Up, Global X

May 26

Active ETFs Positioned Better for Opportunities in High-Yield Bonds

May 26

Insurers Own Major Stakes in Fixed Income ETFs

May 26

Cash Flow Kings at Home With These ETFs

May 26

Counter U.S. Default Risk With Foreign Equity ETF AVDE

May 26

Vangaurd's EM Bond ETF Surprises With Fixed Income Protection

May 26

The Economy Matters: PCE, GDP, Durable Goods & Employment Numbers

May 26

SPYI Captures Huge Single Day Nvidia Pop, Enhances Income

QQQ

Invesco QQQ Trust

SPY

SPDR S&P 500 ETF Trust

VGT

Vanguard Information...

JEPI

JPMorgan Equity Premium...

SMH

VanEck Semiconductor ETF

XLK

Technology Select Sector SPDR...

VOO

Vanguard S&P 500 ETF

IVV

iShares Core S&P 500 ETF

SOXX

iShares Semiconductor ETF

VFMV

Vanguard U.S. Minimum...


Content continues below advertisement

Loading Articles...
Our Sites
  • VettaFi
  • Advisor Perspectives
  • ETF Trends
Tools
  • ETF Screener
  • Mutual Fund to ETF Converter
  • Head-To-Head ETF Comparison
  • ETF Country Exposure Tool
  • ETF Stock Exposure Tool
  • ETF Database Pro
More Tools
  • Financial Advisor & RIA Center
Explore ETFs
  • ETF News
  • ETF Category Reports
  • Premium Articles
  • Alphabetical Listing of ETFs
  • Browse ETFs by ETF Database Category
  • Browse ETFs by Index
  • Browse ETFs by Issuer
  • Compare ETFs
Information
  • Contact Us
  • Terms of Use and Privacy Policy
  • © 2023 VettaFi LLC. All rights reserved.

Advertisement

Is Your Portfolio Positioned With Enough Global Exposure?

ETF Education Channel

How to Allocate Commodities in Portfolios

Tom LydonApr 26, 2022
2022-04-26

A long-running debate in asset allocation circles is how much of a portfolio an investor should...

Core Strategies Channel

Why ETFs Experience Limit Up/Down Protections

Karrie GordonMay 13, 2022
2022-05-13

In a digital age where information moves in milliseconds and millions of participants can transact...

}
X