Six Reasons to Remain Bullish on Bitcoin (BTC) Despite Recent Price Correction

Siamak Masnavi

On September 26, in the middle of a week during which Bitcoin (BTC) lost approximately 20% of its value, Hans Hauge, a Senior Quantitative Researcher at Ikigai Asset Management, found multiple reasons (based on fundamentals) to remain bullish on Bitcoin.

Based on data from CryptoCompare, Bitcoin started last week at $10,011 and finished it at $8,051:

BTC-USD 2-Week Chart on 30 Sep 2019.png

Around 00:00 UTC on September 26, Hauge took to Twitter to calm down those people who are worried about Bitcoin's latest price correction. This was how he started his Twitter thread:

He then proceeded to give five other reasons why investors might want to remain bullish on Bitcoin:

  • Bitcoin hash rate is at an all-time high (despite a minor hiccup on September 24):
  • The Bitcoin inflation rate continues to fall (in log scale):
  • The Bitcoin price continues to rise (in log scale):
  • Quantitative easing in the U.S. looks set to continue:
  • Bitcoin development activity (based on data from GitHub) is still taking place at a healthy pace:

Hauge concluded this thread by saying that based on these reasons he is going to continue HOLDing Bitcoin:

Another person at Ikigai who is quite bullish on Bitcoin's prospects over the next 18 months is Travis Kling, the company's Chief Investment Officer, who told Yahoo Finance in an interview on September 27:

Hard to say what happens between now and the end of the year... but it is our base case that bitcoin makes a new all-time high in the next 18 months -- that’s $20,000.

 

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Max Keiser: Bitcoin Dominates Altcoins in Cryptocurrency Debate

  • Keiser Report host Max Keiser claims that bitcoin continues to dominate altcoins and provide more investor security.
  • Keiser predicted bitcoin's market dominance and hash rate to reach 99 percent within the next five years. 

Max Keiser, host of the Keiser Report, claims that bitcoin has no cryptocurrency rivals and that most altcoins fail to live up to the standard set by BTC. 

Speaking in an appearance on London Real, Keiser dismissed the possibility of a new crypto-asset emerging and eating into bitcoin’s market dominance. 

He said, 

There’s no coin out there that can do what Bitcoin doesn’t do already or will be able to do shortly. What you’re buying with Bitcoin is security.

Keiser continued, arguing that hard forks of bitcoin such as bitcoin cash and SV lack security compared to the original BTC.

The avid bitcoin supporter also referred to several altcoins as being “pure exit scams,” intentionally designed to manipulate investors. 

He explained, 

They have huge ‘pre-mines’ that the founders are selling or dumping and making a lot of money. A lot of people are losing money, and they have no use case. So like a Ripple or an Ether, even, is an exit scam. It’s to be avoided. Those are the top coins.

Keiser predicted that bitcoin’s market share and hash power, sitting at 65% and 85% respectively, will continue to rise relative to the market. He claimed that within five years bitcoin will account for 99% of all cryptocurrency hashing power and market capitalization. 

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