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Bitcoins recent bullish price action is giving new life to crypto enthusiasts. The crypto token is up over 12% year-to-date. While the gains are not as impressive as they sound, the technical ramifications of bitcoin trading above $8,000 is whats important. To many bulls, this is an indication that the king of cryptocurrencies has already bottomed out.

As bulls come out of hibernation, there are those who are giving their fearless forecasts on how high bitcoin will fare in the next few years. Some are sharing conservative targets around $12,000 by the end of 2020. Then, theres one trader who believes that bitcoin will soar to $100,000 in 24 months.

Do you think that bitcoin can surge over 1,130% in the next two years? Whether you believe its possible or not, it doesnt matter according to trader Bitcoin Macro. The position trader took to Twitter to share his ultra bullish prediction on the top cryptocurrency. The analyst boldly said that the coin will breach $100,000 in a couple of years.

Many of his followers were quick to dismiss his forecast. User Don Barafranca replied that Bitcoin Macro is not thinking straight.

Others gave Bitcoin Macro the benefit of the doubt. They wished that the analyst supported his outrageous call with facts or analysis.

If you look at the historical performance of bitcoin after every halving, you would realize that Bitcoin Macros prediction is not so far-fetched. The top cryptocurrency rose from $12.31 at the price of the first halving to $994.21 at the all-time high of the reward era. At the time, the cryptocurrency surged 7,976%.

Furthermore, bitcoin stunned critics and naysayers as it catapulted from $650.63 to an all-time high of $19,535.70 after the second halving. Gains of more than 1,130% is within the realm of possibility.

Analyst dave the wave also believes that the cryptocurrency will move above $100,000 in the coming years. Even if the law of diminishing returns kicks in, the cryptocurrency would still ignite a face-melting bull run.

While bitcoin looks bullish, some top names in the industry are keeping their expectations conservative. Mike Novogratz, chief executive of crypto investment firm Galaxy Digital, predicts that bitcoin will end 2020 at $12,000. Fundstrat founder Thomas Lee says that the cryptocurrency will likely generate gains above 100% this year.

Only in bitcoin will you hear possible gains of 100% and people still call it conservative. The historical performance of the number one cryptocurrency has captured the imagination of both investors and speculators. Whether it goes above $100,000 or not, theres likely a possibility of raking in profits in the next few years. Of course, thats a classic high-risk, high-reward tradeoff.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

This article was edited by Sam Bourgi.

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Analyst: Bitcoin Will Skyrocket to $100,000 in 24 Months and Theres Nothing You Can Do About It - CCN.com

The true test of any asset class comes not during good times but during tumultuous times. Its easy to root for an investment when the world is peaceful, but life has its ups and downs. This applies to cryptocurrency just as much as any asset class. How will Bitcoin and other digital assets behave when the peace is threatened?

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Unfortunately, theres no easy answer to this question; after all, Bitcoin, the original cryptocurrency, has only been around since 2009. Thats when the mysterious Satoshi Nakamoto created the code for the digital ledger on which Bitcoin is built and maintained. It also happens to be the year when the U.S. stock market bottomed out.

There hasnt been a sustained financial crisis since Bitcoins creation. Therefore, it could be claimed that Bitcoin and other cryptocurrencies havent really been put to the test. There was, however, a recent mini-shock that tested out cryptocurrencys ability to function as a safe haven.

It didnt last long, but I believe that after the dust settled, Bitcoin emerged stronger than ever and convincingly demonstrated it has what it takes to serve investors as not just a vehicle of speculation, but a financial safety net.

The evening of Jan. 7 brought back feelings of fear and uncertainly the global markets hadnt experienced in quite a while. Everywhere you looked among financial headlines and social media, you could feel a sense of panic developing.

Iran had just reportedly fired over a dozen missiles at multiple U.S. military air bases located in Iraq, and there were concerns that American service members might have been harmed in the attack. Secretary of Defense Mark Esper ominously stated, We are not looking to start a war with Iran, but we are prepared to finish one.

The series of missile attacks, it seemed, were a retaliatory act against the United States killing a top Iranian general. President Donald Trump raised the stakes and the tension by hinting at the possibility of retaliation, tweeting that he was looking at 52 potential targets very important to Iran & the Iranian culture.

While we now know in hindsight that the threat of full-scale war fizzled out within a couple of days, lets not forget how scary it was in the moment. Sure, there have been trade wars and currency wars since Trumps election, along with multiple rounds of political posturing between Trump and North Korean leader Kim Jong-un. Yet, this marked the first time that Trump possibly had to respond to the killing of American military forces and the first time in years that the American markets had really felt the shock waves of potential wartime conflict.

Futures for the S&P 500, Dow Jones Industrial Average, and NASDAQ all fell sharply upon the news of the missile attack. Due to the Middle East connection, WTI crude oil futures increased in price, reaching around $65.50 at one point. Established safe havens gold and silver also increased in value, as one might expect during such a time of conflict and uncertainty. The true standout in the financial markets, though, was cryptocurrency but not every cryptocurrency, as one well-known digital coin truly outshone the rest.

Much to the surprise of the financial peanut gallery on social media, Bitcoin touched its highest price of the year so far. Amid all the turmoil and confusion, at one point in time it managed to reach $8,438. This represented a 24-hour price gain of more than 6%; in other words, Bitcoin actually managed to outperform oil during a crisis in the Middle East.

To be honest, other cryptocurrencies simply didnt measure up. During those same 24 hours, Ethereum (ETH) was basically flat and Ripple (XRP) actually declined by 3.5%. Other popular cryptocurrencies had mixed results during this tumultuous time; among the most famous cryptos, however, Bitcoin was the clear winner.

Digital Asset Capital Managements head of trading, Joshua Green, asserted that Bitcoins price performance was a response to these geopolitical events. I tend to agree with this assessment of Bitcoins price action throughout that unsettling time: when it came time for traders to hide out in alternative assets, Bitcoin was an obvious choice.

It also helps that Bitcoin trades 24 hours a day, seven days a week. Its also tradable on every continent in the world, making Bitcoin a convenient place to store assets when market volatility erupts. Besides, most people dont have a futures trading account, and I dont see that changing anytime soon because futures trading is relatively complex.

Meanwhile, more people are learning how to trade cryptocurrency, and Bitcoins brand-name recognition remains unrivaled in the domain of blockchain-based assets.

This is just one incident and we cant form any major conclusions yet. Still, its encouraging to see Bitcoin do well in these circumstances, even if the broader cryptocurrency market lagged somewhat.

Hopefully Bitcoin will maintain its value the next time its put to the test as a safe-haven asset. But in this instance, at least, Bitcoin passed with flying colors.

As of this writing, David Moadel did not hold a position in any of the aforementioned securities.

Read more here:
Cryptocurrency Has Earned Its Place as a Safe Haven - Investorplace.com

Hello Hard Forkers, welcome to another Moonday Morning where we wrap-up the weekends hot cryptocurrency and blockchain headlines.

Take a look.

A small but illegal Bitcoin mine has been located and dismantled in the Ukraine, according to a Facebook post published by an account which appears to belong to the Chairman of Ukraines state railway. Late last year, Yevhen Kravtsov said the farm was located in a railway building in Ternopil in the west of Ukraine.

The farm allegedly installed more than 100 cryptocurrency miners which were attached to the railway buildings power supply in such a way they bypassed the electricity meter. Kravtsov said the people running the mine had saved themselves more than $40,000 by doing so.

Virgil Griffith, the Ethereum ETH developer that allegedly travelled to North Korea to give a talk on how cryptocurrency could be used to evade sanctions, has been released on a $1 million bond, AP reports. The bail has been granted despite prosecutors fears that Griffith may flee the country before his trial

The news comes shortly after Griffith was formally indicted by US authorities late last week. The developer was placed on house arrest, with an electronic tag, at his parents home.

The Reserve Bank of Australia (RBA) is skeptical whether Libra will make inroads in the country at all,ZDNet writes. According to the report, the RBA believes its still unclear if there will be strong demand for stablecoins, and cryptocurrency-based products like Facebooks Libra in Australia.

In a submission to the Select Committee on Financial Technology and Regulatory Technology the RBA said: Australia is already well served by a range of low-cost and efficient real-time payment methods, such as the New Payments Platform, that utilize funds held in accounts at prudentially supervised financial institutions.

The Japanese Financial Service Agency is reportedly planning to introduce a rule that limits the amount of leverage an investor can use in cryptocurrency margin trading, English-speaking outlet The Japan News reports.

The new rule would see leverage limited to twice the deposits of traders. The industry currently has a self-imposed cap of four times; the new law would cut potential leverage in half. According to sources familiar with the matter, the new rule looks set to come into force in the springtime.

And finally

Gregg Bennett, the man who allegedly lost $1 million worth of Bitcoin in a SIM-swap attack, has taken out Twitter adverts attacking cryptocurrency exchange Bittrex, the Seattle Times reports. The ads spread Bennetts claims that Bittrex is an unsafe exchange. He also maintains a website that documents his case against the exchange.

Bennett fell victim to the SIM-swap attack last year. He claims Bittrex violated or ignored its own security standards and industry-standard practices, which allowed hackers to steal 100 Bitcoin from him. Bittrex has said its not at fault and asked for the case to be dismissed.

There you have it, now go get on with your week.

Published January 13, 2020 09:41 UTC

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Moonday Mornings: Ethereum dev released on $1M bail over North Korea case - The Next Web