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Bitcoin is going mainstream, but is it a serious global currency?

It once started as a toy for technerds, but bitcoin is now reaching the general public. “Hundreds of thousands of bitcoin buyers are added every day.”

Do you remember what unnecessary purchase you made five years ago? That kitchen appliance you never used? Those shoes that turned out not to be comfortable for you? If you had put that money into bitcoin back then, you were now driving a bright yellow Lamborghini with gullwing doors.

But yes, afterwards it is nice to live. You did not buy bitcoin at the time. But still, anyone with a bit of a materialistic nature who looks at the course of the bitcoin will sometimes be taken aback: shit, missed the boat.

For your reassurance, in 2016, few people had heard of cryptocurrency or the blockchain technology behind it at all. Bitcoin may have existed since 2009, but it was mainly something for tech nerds, and even within that scene it was a niche.

Value times 200

Meanwhile, the value of the digital currency has increased two hundredfold and bitcoin has found its way to the general public. Tesla bought $ 1.5 billion worth of bitcoins this year, institutional investors flirted with the idea of getting into cryptos and last week crypto platform Coinbase took to the US Nasdaq stock exchange, where it turned out to be worth 70 billion euros in one fell swoop.

Bitcoin is everywhere: large billboards with screaming advertisements adorn the highway, all responding to the feeling of fomo (fear of missing out): you are not too late, get in now, free money for everyone!

Meyade Curfs warns his students against the latter. He gives workshops on cryptocurrency, and one of the first things he explains in them is that you have to keep emotions out. “Hastily putting all your savings into something without having an idea what it is or how it works is very unwise. I sometimes get shivers when I watch rash people get into it. Some think they will become a millionaire in no time. ”

Blockchain

Curfs wants to familiarize people with the at first sight quite inscrutable world of crypto. The first thing he teaches his students is the technology behind bitcoin, the so-called blockchain. This is a way of storing decentralized data in the form of a chain of blocks. In the case of bitcoin, every transaction is registered on all computers, so the blockchain serves as a public ledger with information. Curfs: “That’s what I find so interesting about bitcoin: it belongs to no one and everyone at the same time. Just like the internet doesn’t belong to anyone. ”

Bert Slagter, who runs the website LekkerCryptisch.nl together with his brother Peter, has always been interested in complex systems. He also sees parallels between the time in which the internet developed and the blockchain technology of today. “The Internet is a globally neutral information transfer network, bitcoin is a value transfer network. What makes bitcoin unique is that only a limited number of it comes into circulation, a total of 21 million pieces. In this it differs from ordinary money, which can be printed indefinitely by central banks. Saving with a bank now costs money, stocks and real estate are incredibly expensive and inflation is expected to rise. So you no longer become rich while sleeping, but poor asleep. That is one of the reasons that hundreds of thousands of bitco buyers are added every day. ”

Bitcoin’s ambition is to become a global money system, Slagter says. He does not dare to predict whether that will work. “Anything can happen: it can break down technically, be banned worldwide, or be so strictly regulated that it becomes unusable in practice. But the fact is that bitcoin has already built up a track record of twelve years and a market value of approximately 1000 billion dollars. I expect him to be here to stay. ”

No alternative

Wim Boonstra, advisor at Rabobank and professor by special appointment of economic and monetary policy at VU University Amsterdam, is skeptical. “First of all: I am an economist, I look at it with that perspective. Second, I do not give advice on whether bitcoin is going to increase or decrease in value. He can go to a million, he can go back to zero, I don’t dare to do that. ”

After those reservations, Boonstra starts off. “The first question is whether bitcoin, and all those other crypto coins, are money. Money is in principle a social convention: its value is borne by trust and acceptance. Furthermore, money is seen as something that is accepted in a particular society as a unit of account, as a medium of exchange and as a means of storing value. To a certain extent, bitcoin, within a certain community, meets those conditions. ” Spain Crypto prediction is popular.

Slow and volatile

But Boonstra doesn’t think soBitcoin will ever become a real alternative to the global monetary system. “To begin with, it runs counter to the theory of what the optimal size of a currency area can be. Bitcoin is far too slow as a payment system, and is too volatile for pension funds and institutional investors. Moreover, bitcoin has dark sides: because it is an anonymous system, it is used by criminal and terrorist organizations, for weapons, drugs and human trafficking. For that reason alone, authorities will never allow bitcoin to become systemically important and to apply increasingly strict rules. ”

What about the spectacular increase in bitcoin’s value? In the past year, a lot of people walked in with it. Boonstra: “Yes, there is a lot of hype going on. But bitcoin itself does not have an underlying revenue model and its general acceptance is very limited. You can only monetize your profit by selling your bitcoins to a new entry-level player. This makes it look like a pyramid scheme. ”

Sectarian world

Bitcoin believer Slagter calls this “intellectual laziness”, those references to tulip mania or pyramid schemes. “Then you completely ignore the added value of the system and the vision behind bitcoin.” Bitcoin is fundamentally apolitical, but it stems from an ideology, Slagter explains. It has anarchist traits, but also elements of libertarianism, and comes from the movement of the cypherpunks, a group that fights for radical freedom on the internet. They are also behind the torrents, VPN connections and the PGP technology, with which you encrypt messages.

There is also a close-knit bitcoin community online. The most fanatical members have laser eyes on their profile picture on social media and tweet about nothing else all day long. Supporters and opponents of crypto coins sometimes seem to be fighting an almost religious battle with each other. According to Boonstra, “it is better to make a Mohammed cartoon than to express doubts about bitcoin.” “The crypto world is sometimes somewhat sectarian,” admits Slagter. “And I am sometimes ashamed of that. Just as I find it incomprehensible what a plate some economists have in front of them. ” Price predicition currencyconverters.org is popular.

Where will the bitcoin be in five years? According to Boonstra, the blockchain technology will then have been taken over by banks and the hype will have died down, although he believes that bitcoin may continue to hold a place as an investment category. Curfs thinks that bitcoin will be more tightly regulated by then, and that of the 4,000 alternative crypto coins, only a small number will make it. And Slagter hopes that the price will stabilize and that bitcoin will be a lasting addition to the monetary system. But whether the crypto coin will soon be worth a million or nothing at all, no one dares to venture into that prediction. Last week, it fell again about 20 percent in value. Look before you leap – and especially keep dreaming of yellow Lamborghinis if it makes you happy.

Bitcoin Crypto Price Forecast World Cup 44: Record Price and Central Banks

Bitcoin analysis header price forecast. After the record month of October, expectations for the Bitcoin price and the prices of the top 25 crypto coins are high. In our weekly crypto price forecast we look ahead to the price developments for Bitcoin and the top 25 crypto coins in the coming week. We follow our usual approach. That means that we first do a reality check on our crypto price forecast from last week. Then we analyze the current price.

Finally, we look ahead using fundamental factors, technical trend analyses, oscillators and the Elliott Wave analysis for Bitcoin to determine the Bitcoin price forecast. Then we do the same for the top 25 crypto coins.

Bitcoin price in the past week

We started in a rising market. After this, the price leveled off, after which the price fell. We had to reckon with a crypto snowball, but the price rebounded to end the week neutral.

The current Bitcoin price

Over the weekend, Bitcoin price remained neutral in a slightly declining trend, but as usual, recovered over the course of yesterday. The current Bitcoin price is at EUR 53,803.76 ($62,175.81) at the time of writing. This is 2.10% higher than yesterday at around the same time, but still a fraction lower than when US markets closed last week.

We predicted a slightly positive week for Bitcoin. This expectation came true. The weekly result for the Bitcoin is +1.42%. This brings the monthly result to 28.77%. All results and the live Bitcoin price can be viewed as usual on the Tradeincrypto.com site.

The crypto price forecast for the Bitcoin price in week 44

Of course, the question is whether Bitcoin will start November as positively as it closed October. We analyze the forecast for the coming week. Renovato.io cryptocurrency has enough information. First, we map out the fundamental factors that play a role. For this we use, among other things, the macroeconomic calendar and the crypto calendar. We then try to interpret these factors on the basis of various technical analyses, such as the technical trend analysis, oscillators and Elliott Wave Analysis for Bitcoin.

Fundamental Analysis for Bitcoin in Week 44

On the general economic calendar, we see that today a little less trade volume can be expected from professional parties, since people in various countries have a day off in connection with All Saints’ Day.

We also see that various Central Banks will take an interest rate decision in the coming week and also look ahead to (the phasing out of) COVID-19 support measures. If analysts see this as a harbinger of inflation and economic turmoil, the Bitcoin price could benefit. On Wednesday, both the ECB and the FED will release figures and expectations, so that’s where the focus lies for the coming week.

On the crypto calendar we see that the ‘difficulty rate’ for Bitcoin mining will be increased again this week. This is the eighth time in a row and unique for Bitcoin. Investors therefore see this as a positive sign.

Also the behavior of hodlers, which we talked about on Friday, shows that they are very bullish. In addition, it appears that the crypto exchanges can expect a supply shock. They are almost out of their reserves. This means scarcity and scarcity means pushing up prices. The question is, of course, whether that will happen this week. Perhaps technical analyzes provide an indication of an answer.

Bitcoin Technical Analysis in Week 44

The technical trend analyzes show a strong buy signal for Bitcoin. The oscillators give a neutral signal for Bitcoin. If we perform these combined analyzes for the week, we see a continuous (strong) buy signal. The Fear & Greed Index also continues to indicate ‘greed’, without overheating.

Historical Analysis Shows: Bitcoin Is Running Like A Clock

As we have seen in recent weeks, the Bitcoin price trend in this fourth quarter of the year after halving is very similar to the Bitcoin price in the last quarter of 2017 and 2013. This week is no different.

The Elloitt Wave analysis becomes more positive

As we see in the Elliot Wave analysis for the coming week, the wave pattern is becoming more positive. Although there is still a chance of a correction, confirmation of a rising wave seems to be in sight. In the short term, the eyes are therefore mainly focused on the price level of $ 62,000. If Bitcoin stays above that, another bullish wave could ensue. If the price does not hold this limit, we can expect a correction towards the support level at $ 58,000, after which the bull rally will follow. You can view the entire Elliott Wave analysis for Bitcoin below.

Our Bitcoin price forecast for week 44

All in all, we see a lot of positive indicationears and few signals that indicate a (significant) fall in price. We therefore expect a slightly positive to positive price development for Bitcoin in the coming week. Of course we are curious if the other crypto coins will follow.

The price of the top 25 crypto coins in the past week

Last week was a good week for many crypto coins. We often saw bigger gains than for Bitcoin. We were even allowed to set a price record for Ethereum. Solana price prediction future is positive. Other cryptocurrencies also seem to be heading for new records. So all in all, it was a positive week for most cryptocurrencies in the top 25. This is reflected in the current prices.

The current prices of the top 25 crypto coins

At the moment we see that investors are in a positive mood. Only Stellar (XLM) recorded a price loss of 1.36%. All other cryptocurrencies write green numbers. Fastest climber is Shiba Inu (SHIB), closely followed by Solana (SOL). They record respectively +10.51% and +10.15% in 24 hours.

We expected a (slightly) positive week for the top 25 crypto coins last week. This expectation was largely fulfilled. There were some coins that recorded a loss. Cardano (ADA) took the biggest hit, losing 6.64%. With that, the month ended for this Ethereum killer with a loss of 11.56%. This also makes the coin the biggest monthly loser in the top 25.

The biggest gain of the past week was for Shiba Inu (SHIB), which is up 99.68%. This brings the monthly result to 841.63%. Of course, in addition to this absurd result, there was also a weekly return for many other crypto coins from the top 25. On the Tradeincrypto.com website you can analyze all weather and monthly results, but also all live crypto prices.

The crypto price forecast for the prices of the top 25 crypto coins in the coming week

We also look at the fundamental factors that are important for the top 25 crypto coins. We can then further interpret these on the basis of technical analyses.

Fundamental factors crypto price forecast week 44

Of course, we again note the fixed fundamentals, such as the Twitter thumb or a conference visit from Elon Musk, the process between SEC and Ripple and fundamentals that we mentioned for Bitcoin. We see a lot of events this week that are focused on NFTs. The individual cryptocurrencies note few items on the crypto agenda for next week. Two items stand out:

Strong Buy Signals

The technical trend analyzes show strong buy signals for most cryptocurrencies in the top 25 for the coming week. Exceptions are Cardano (ADA), Hex (HEX), Bitcoin Cash (BCH) and Filecoin (FILE), which get a strong sell signal. UniSwap (SWAP) and InternetComputer (ICP) record a regular sell signal.

The oscillators only confirm the sell signal for Bitcoin Cash (BCH), but are a lot more moderate. We see a lot of neutral signals. Buy signals are there for Ethereum (ETH), BinanceCoin (BNB), Shiba Inu (SHIB), Dogecoin (DOGE) and Cosmos (ATOM). These are all confirmed by the technical trend analyses.

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