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An interesting poll on Twitter revealed that if Bitcoins price reached $100,000, most people would prefer to sell either all or some of their holdings for fiat. A comparison with another poll, however, shows an exciting consistency with what Bitcoin holders supposedly intend to do.

One of the most important decisions that an investor has to do is to come up with an exit strategy. In other words, they need to have a clear picture in mind as to when to sell their holdings.

Bitcoin is no different. Despite the multitude of specifics that it has compared to traditional assets, its also an investment option as any other its price goes up and down. As such, those who buy it as a means of investment need to come up with a figure at which theyd eventually dispose of their holdings.

Thats precisely what popular cryptocurrency commentator Chris Dunn aims to understand with his latest Twitter poll.

In a straightforward question, Dunn asks Bitcoin holders what they would do if BTCs price reaches $100,000. Over 1,700 people took part in the survey, where 45% of them answered that they would sell some or all of their BTC for fiat.

Another major part of the voters answered that they would sell their Bitcoin for physical assets. In other words, $100,000 seems like a number that a lot of people consider as a price target to dispose of their BTC holdings, at least partially.

Going beyond this, however, the poll also reveals a very interesting similarity when compared to a similar survey from not so long ago. In late 2019, Cryptopotato reported on a similar poll carried out by Binance Life, which showed that 23% of the people dont intend to sell their Bitcoin holdings at all.

In Dunns poll, 20.8% of people said that they wouldnt be selling their BTC if it reaches $100,000 but instead would HODL everything.

This brings us to the other group of people who buy Bitcoin those who are in it for what it was intended to be a viable, peer-to-peer means of electronic payments. In a scenario where Bitcoin replaces traditional fiat currencies, however far-fetched this might seem right now, one wouldnt need cash as hed be spending his bitcoins instead.

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BTC HODL Target Found? Almost 50% Say They Will Sell If Bitcoin Price Reaches $100,000 - CryptoPotato

Today, markets are green, with most of the top 100 posting gains. At the time of writing Bitcoin is up to $8,962 on the daily. Having peaked 4% to just below $9,150 earlier on in the day.

Bitcoin daily price since Oct 19. (Source: tradingview.com)

Analyst, Mati Greenspan attributes this run of form to US fiscal factors, including the ever-booming stock market. While discounting any notion of the heightening coronavirus pandemic being a factor.

As such, at the present time, Greenspan sees Bitcoin behaving more like a risk asset, rather than a safe haven.

The outbreak of coronavirus began making headlines at the turn of the year. Reports centered around cases of pneumonia-like symptoms from a virus that did not match other known viruses. Symptoms include tiredness, trouble breathing, high temperature, and a sore throat.

Research shows that the coronavirus is similar in structure to Severe Acute Respiratory Syndrome (SARS). And much like SARS, its airborne, with touching infected people and objects also thought to transmit the disease.

The onset of the virus has been pinned on the central city of Wuhan, Hubei province, which is approximately 500 miles west of Shanghai.

Location of Wuhan. (Source: google.com)

Scientists believe coronavirus originated in animals, before mutating to the extent that it can survive in a human host. As such, wet markets in Wuhan, which are known for selling exotic animals for food, including bats, have been blamed as the source of the outbreak.

Official figures claim that 4,500 have been infected, and 106 have died. With the virus spreading to at least 16 countries worldwide.

Moreover, health services in China are being stretched to breaking point. With healthcare professionals voicing a lack of manpower and resources in fighting the disease. One video on YouTube shows a doctor collapsing from exhaustion after a busy shift.

But more alarmingly, there are fears that China is underreporting the severity of the outbreak. A chilling leaked video shows a nurse from Wuhan sharing her story of the outbreak.

Her heart-wrenching account criticizes the Chinese government for censoring the story while downplaying the true extent of the crisis.

Im in the area where the coronavirus started. Im here to tell the truth. At this moment, Hubei province, including Wuhan area, even China, 90,000 people have been infected by coronavirus.

All the same, few, including analyst Mati Greenspan, believe Bitcoins upward trend is the result of the worsening coronavirus pandemic.

Following the outbreak, Chinese stock markets posted massive falls. So much so that trading ceased on January, 23rd, with authorities recommending that they resume on the 3rd, February.

But investors did not flee to traditional safe havens, namely gold, and part of the reason why comes down to booming US stocks, which have been immune to fears over the coronavirus so far.

The S&P 500 is down 1.6% today but continues to keep most of Januarys gains.

Monthly performance of S&P 500. (Source: google.com)

As such, with US stocks performing well, on the back of repo money, investors have little motivation to jump to Bitcoin. And it makes sense that Bitcoins 30% gains, since the start of the year, have little to do with the outbreak.

Continue reading here:
No, Bitcoin Gains Are Not Down To Fears Of Coronavirus Outbreak - newsBTC

Bitcoin gained bullish momentum above the key $8,800 resistance. As a result, BTC price surpassed $9,000 and it seems like the bulls are now aiming a test of $9,500.

Yesterday, we discussed how bitcoin bulls aim big after the price surge above the $8,500 resistance. BTC even surged above the main $8,800 resistance level and the 100 hourly simple moving average to move further into a positive zone.

In the past three sessions, the price is up around 5% and it surpassed the $9,000 psychological barrier. A new weekly high is formed near the $9,145 and the price is currently correcting lower.

It is trading near the 23.6% Fib retracement level of the recent rise from the $8,873 low to $9,145 high. The first key support on the downside is near the $9,000 level.

Furthermore, the 50% Fib retracement level of the recent rise from the $8,873 low to $9,145 high is also near the $9,000 level to act as a strong support. If there are additional losses, bitcoin price might decline towards the $8,880 support area.

More importantly, there is a key bullish trend line forming with support near $8,880 on the hourly chart of the BTC/USD pair. If the price fails to stay above the $8,800 support, it could revisit the main $8,500 support area (the recent breakout zone).

Bitcoin Price

In the short term, BTC might correct lower towards the $9,000 and $8,880 support levels. However, the bulls remain in control as long as the price is above $8,500 and the 100 hourly simple moving average.

On the upside, an initial resistance is near the $9,200 area. If bitcoin surges above the $9,200 resistance, it will most likely set the pace for a test of the $9,500 hurdle. Any further gains may perhaps call for a push towards $10,000 in the near term.

Technical indicators:

Hourly MACD The MACD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently correcting from the overbought zone.

Major Support Levels $9,000 followed by $8,880.

Major Resistance Levels $9,150, $9,200 and $9,500.

More here:
$9,500 is Imminent For Bitcoin Despite 5% Intraday Gain: Heres Why - newsBTC

Bitcoin is only a decade old but it has come a long way on the path to becoming money. A couple of metrics to consider are precision of spending and unit of account status.

When bitcoin was first envisioned back in 2009 it was largely experimental. For its first year, tens of thousands of them were fired across networks just to see what happened.

The first real world transaction occurred in 2010 when Laszlo Hanyecz famously asked for pizza on the bitcointalk forum in exchange for 10,000 BTC. He received a $25 order of pizza in exchange for the coins marking the first ever transaction for a tangible asset.

It went from magic worthless internet money to something with real value, which was the desired intention for the transaction. At todays bitcoin prices that pizza would be worth $90 million.

BitMEX Research has delved deeper into the precision of spending on the bitcoin network to reveal how the accuracy has improved over time.

By dividing outputs into groups increasing by a power of ten (from 1 satoshi to 100k BTC) and plotting the results on a chart it is clear to see the increase in precision over the past decade.

Currently over 70% of Bitcoin outputs use the highest available degree of precision (one satoshi), considerable growth since the c40% level in 2012.

The report concluded that an increase in precision would be beneficial to privacy based on the way bitcoin transactions work with UTXOs.

As our data shows, the level of precision is increasing, such that most outputs now have the maximum level of precision. This could inadvertently be positive news from a privacy perspective.

The study went on to state that bitcoin needs to achieve three major steps before it can be considered the same status as money.

Firstly it needs to be used as a medium of exchange which is already happening, driven by its potential unique capability: censorship resistant electronic payments.

The second step has been clearly evidenced this month and that is its status as a store of value. With market movements mirroring the worlds largest store of value, gold, bitcoin is being viewed in the same light, especially in times of adversity.

Thirdly is the unit of account status. This is when goods and services are priced in bitcoin, or satoshis in this case. This is still a very long way off due to price volatility as BTC is still primarily a vehicle for speculation. There are also a number of factors that need to happen to the technology before it sees mass adoption.

It added that if this does finally occur then the degree of precision may decrease due to the assets increased use as a unit of account.

How long will it take for bitcoin to have money status? Add your comments below.

Images via Shutterstock

Read more from the original source:
Bitcoin Moves on Path to Money But Unit of Account a Long Way Off - Bitcoinist