{"id":383006,"date":"2019-05-20T18:00:35","date_gmt":"2019-05-20T18:00:35","guid":{"rendered":"https:\/\/ktsl888.com\/?p=383006"},"modified":"2024-06-11T13:40:08","modified_gmt":"2024-06-11T13:40:08","slug":"us-bank-bitcoin-btc-bubble-price-fall","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/us-bank-bitcoin-btc-bubble-price-fall\/","title":{"rendered":"U.S. Bank Say Bitcoin (BTC) is a Bubble, Will The Price Fall?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin (BTC) in range mode<\/em><\/li>\n<li><em>JP Morgan Strategists say current prices echo those of late 2017 and could burst<\/em><\/li>\n<\/ul>\n<p><em>After analyzing Bitcoin as a commodity, JP Morgan strategists now say there is a divergence between actual and intrinsic values and that Bitcoin echoes the spike of Dec 2017. In their view, the only correction is a drastic reduction in price against analysts\u2019 projections.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p>Analysts believe that the dilapidating winter of last year is over. In six weeks starting from early April, <a href=\"https:\/\/ktsl888.com\/2019\/05\/20\/heres-why-peter-schiff-lambasting-60-minutes-for-pro-bitcoin-show-is-optimistic\/\" target=\"_blank\" rel=\"noopener noreferrer \">Bitcoin (BTC)<\/a> prices have been on a roll after clearing the all-important Q1 2019 highs of $4,500. Since then, the path of least resistance is clear, and bulls are in the driving seat. In spite of Bitcoin\u2019s recent performance, investors as Kevin O\u2019Leary and even Warren Buffet are skeptical of Bitcoin.<\/p>\n<p>In a recent discussion, Kevin said <a href=\"https:\/\/ktsl888.com\/2019\/05\/14\/heres-what-shark-tanks-kevin-oleary-gets-wrong-about-bitcoin\/\" target=\"_blank\" rel=\"noopener noreferrer \">Bitcoin is \u201cgarbage\u201d and useless<\/a> because it has no intrinsic value even when the asset is quickly becoming a choice asset for shielding against inflation, censorship and government intervention like the deliberate devaluation of the Chinese Yuan in response to Trump\u2019s move. It is this lack of \u201cintrinsic value\u201d that a<a href=\"https:\/\/ktsl888.com\/2019\/03\/03\/jp-morgan-crypto-unlikely-immediate-threat-swift-xrp\/\" target=\"_blank\" rel=\"noopener noreferrer \"> JP Morgan<\/a> strategist says is the cause of divergence that echoes the development of the last crypto rally of late Dec 2017 and early 2018. While talking to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-05-20\/jpmorgan-says-bitcoin-s-jump-mirrors-2017-s-boom-bust-pattern\" rel=\"nofollow\">Bloomberg<\/a>, they said:<\/p>\n<blockquote><p><em>\u201cOver the past few days, the actual price has moved sharply over marginal cost. The divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time, this divergence was resolved mostly by a reduction in actual prices.\u201d<\/em><\/p><\/blockquote>\n<h3>Candlestick Arrangement<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-383007 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-20.png?resize=1168%2C934\" alt=\"Bitcoin\" width=\"1168\" height=\"934\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-20.png?w=1280 1280w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-20.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-20.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-20.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-20.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-20.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Bitcoin is consolidating and inside a $1000 range with limits at $7,500 and $8,500, our buy trigger line. Even though there is a bullish bar revealing demand, risk-averse traders ought to wait for a solid close above the main resistance line at $8,500.<\/p>\n<p>Such a breakout will confirm bulls of early May, and in a trend continuation phase printing after the correction of the over-extension of May 14th and 15th, there is a likelihood that <a href=\"https:\/\/ktsl888.com\/2019\/05\/16\/rally-150-percent-ytd-bitcoin-collapse\/\" target=\"_blank\" rel=\"noopener noreferrer \">Bitcoin (BTC)<\/a> may surge towards $10k. Odds of prices rallying to this ideal level are high.<\/p>\n<p>Note that from the chart, it is evident that prices did bounce off the 61.8 percent Fibonacci retracement level of the last leg up driving BTC to $8,500.<\/p>\n<h2>Technical Indicator<\/h2>\n<p>May 13th bull bar anchors our analysis. Participation is high, plus the bar is wide-ranging. Therefore, any break above $8,500 must be at the back of high transaction levels exceeding averages of 32k and 47k of our anchor bar.<\/p>\n<pre><strong><em><a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">Chart<\/a> courtesy of Trading View. Image Courtesy of Shutterstock<\/em><\/strong><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) in range mode JP Morgan Strategists say current prices echo those of late 2017 and could burst After analyzing Bitcoin as a commodity, JP Morgan strategists now say there is a divergence between actual and intrinsic values and that Bitcoin echoes the spike of Dec 2017. In their view, the only correction is a drastic reduction in price against analysts\u2019 projections. Bitcoin Price Analysis Fundamentals Analysts believe that the dilapidating winter of last year is over. In six weeks starting from early April, Bitcoin (BTC) prices have been on a roll after clearing the all-important Q1 2019 highs of $4,500. Since then, the path of least resistance is clear, and bulls are in the driving seat. In spite of Bitcoin\u2019s recent performance, investors as Kevin O\u2019Leary and even Warren Buffet are skeptical of Bitcoin. In a recent discussion, Kevin said Bitcoin is \u201cgarbage\u201d and useless because it has no intrinsic value even when the asset is quickly becoming a choice asset for shielding against inflation, censorship and government intervention like the deliberate devaluation of the Chinese Yuan in response to Trump\u2019s move. It is this lack of \u201cintrinsic value\u201d that a JP Morgan strategist says is the cause of divergence that echoes the development of the last crypto rally of late Dec 2017 and early 2018. While talking to Bloomberg, they said: \u201cOver the past few days, the actual price has moved sharply over marginal cost. The divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time, this divergence was resolved mostly by a reduction in actual prices.\u201d Candlestick Arrangement Bitcoin is consolidating and inside a $1000 range with limits at $7,500 and $8,500, our buy trigger line. Even though there is a bullish bar revealing demand, risk-averse traders ought to wait for a solid close above the main resistance line at $8,500. Such a breakout will confirm bulls of early May, and in a trend continuation phase printing after the correction of the over-extension of May 14th and 15th, there is a likelihood that Bitcoin (BTC) may surge towards $10k. Odds of prices rallying to this ideal level are high. Note that from the chart, it is evident that prices did bounce off the 61.8 percent Fibonacci retracement level of the last leg up driving BTC to $8,500. Technical Indicator May 13th bull bar anchors our analysis. Participation is high, plus the bar is wide-ranging. Therefore, any break above $8,500 must be at the back of high transaction levels exceeding averages of 32k and 47k of our anchor bar. Chart courtesy of Trading View. Image Courtesy of Shutterstock<\/p>\n","protected":false},"author":384,"featured_media":344600,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-383006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>US Bank Say Bitcoin (BTC) is a Bubble, Will Price Fall?<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) in range mode JP Morgan Strategists say current prices echo those of late 2017 and could burst After analyzing Bitcoin as a commodity, JP\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/us-bank-bitcoin-btc-bubble-price-fall\/\" \/>\n<meta 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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