Litecoin Creator Correctly Predicted Price Crash Back in December Last Year

Charlie Lee, creator of Litecoin predicted back in December that Litecoin could crash to $20. Now in November, we are pretty close to seeing that price in reality.

It is no secret that Charlie sold all of his Litecoin holdings at the peak price, he received a lot of backlash from the community at the time and to this day people still criticize him. But it is less known that he predicted a multi-year bear market with Litecoin’s price dropping to as low as $20.

Charlie Tweeted:

“Ok, sorry to spoil the party, but I need to reign in the excitement a bit… Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy!”

Unfortunately, a lot of people ignored Charlee’s advice and were in the Euphoric stage at the time. But his prediction is pretty much on track to be true.

Even though the price more than doubled in a week after his prediction, it has dropped over 93% from the peak price of $366 to a low of $27 rhyming the previous bear market.

Litecoin’s Price After Charlie’s Prediction:

Image Source: Coinmarketcap

It turns out that Charlie took the right decision of selling the top at the time. He has justified his selling multiple times saying that it has nothing to with his belief in Litecoin but has to do with having a conflict of interest.

He wrote at the time:

“it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general,”


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Author: Shrikar
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Venture Capitalist: Be Patient With Crypto, Amazon Took 8 Years to Recover From 1999

Renowned venture capitalist Fred Wilson has said that crypto could go down even more in the short-term. But, investors that remain in the market will likely be rewarded, as was the case in the Dot Com era.

In a blog post on Nov. 25, Wilson said:

“So while crypto asset prices are down 80-95% in USD terms over the last year, they could and probably will go lower. Amazon was down 80% a year into the post-bubble bear market and it got cut in half again before it made a bottom almost two years after it peaked. What we have yet to see in crypto land is when they kick you when you are down. And that is certainly coming.”

Case of Amazon

Amazon, now the second largest technology conglomerate in the world behind Apple with a stock price of $1,500, was worth $6 less than 17 years ago. Investors that bought Amazon stocks in 2001 are up 250-fold. If you had invested $1,000 into Amazon at the time, that investment is now worth $250,000.

But, prior to 2001, in 1999, the price of Amazon stock achieved a new all-time high at $90 as the Dot Com bubble peaked. From then on, the stock price of Amazon collapsed, declining to $6 in 2001. It took Amazon more than eight years to recover to $90 in 2007.

Wilson noted:

“Amazon peaked in the Internet bubble in late 1999 at around $90/share. Almost two years later, at the trough, you could briefly buy Amazon at $6/share. And then it took until late 2007 for Amazon to trade above the highs it reached in 1999.”

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Like Amazon, the cryptocurrency sector has suffered several large corrections in the past and each one of the corrections averaged a drop of 85 percent. As an asset class at its infancy, cryptocurrencies will continue to experience bubble-burst-build-rally cycles in the years to come.

Wilson emphasized that similar to the case of technology stocks in the early 2000s, investors that remain in the cryptocurrency sector through long-lasting downtrends and bear markets will be rewarded in the long-term.

“I think some crypto asset (and possibly a number of crypto assets) will have a price chart like Amazon’s current one in 18 years. But we will have to do what Amazon did, hunker down and build value and survive, for quite a while to get there. And I think things will get worse before they get better,” said Wilson, adding that no paydays were awarded to investors in the technology space until 2010.”

Wilson added:

“But those who stayed were rewarded, although it took a long time for that to happen. We didn’t see meaningful paydays in the Internet sector until the 2007-2008 period and the big paydays didn’t start coming until 2010 and beyond.”

Promising Future

In 2017, as individual investors fueled a strong rally for major cryptocurrencies, the global crypto market secured a valuation of over $800 billion. Since then, the cryptocurrency exchange market has seen a drastic change in its infrastructure with the entrance of Fidelity and conglomerate-backed exchanges.

BitcoinEthereum, and other major blockchain networks saw the implementation of fundamental first layer improvements pertaining to security, privacy, and scalability.

In many areas including regulation, infrastructure, and liquidity, the cryptocurrency sector is in a much stronger position than it was in late 2017.

The latest cryptocurrency market crash was triggered by the movement of the market; when an asset class experiences a four-fold increase in value within a two-month period, it tends to correct. But, as Wilson said, it is important to objectively evaluate the state of the market and the sector with tangible evidence.


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Author: Joseph Young
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Bitcoin will still be able to hit $15,000 USD by the end of the year, according to Tom Lee

Tom Lee, the Fundstrat CEO and bullish Bitcoin advocate, has brought his original prediction about Bitcoin’s price down by $10,000 USD.

Fundstrat CEO Tom Lee, a prominent Bitcoin advocate, is known for his bullish approach to Bitcoin’s price. Despite the drastic downturn in the market, Lee still believes Bitcoin will be hitting a high figure by the end of the year.

Speaking with CNBC, Lee claims that the cryptocurrency will be able to reach a figure of $15,000 USD. In August of this year, Lee advocated that Bitcoin would be looking at a value of $25,000 USD. Although Lee is still claiming that Bitcoin will be ranging high, he has brought his figure down by a significant portion.

When Bitcoin was showing signs of non-volatility at the beginning of the month, Lee also claimed that the bottom of the cryptocurrency’s price would be at $6,000 USD. Since then, Bitcoin plummetted to figures of less than $5,400 USD – the lowest that the token has seen this year.

Although Lee is confident that Bitcoin will be able to recover from the dramatic decline following last week’s market crash, he also has noted that the psychology behind the markets is important and that anything below a certain point – that is $6,000 USD – will spark a “renewed wave of pessimism“.

Like other figureheads in the cryptocurrency market, Lee is blaming the decline on “crypto-specific events” such as the hardfork which Bitcoin Cash recently underwent – something which has been stirring the market since the controversy of the split.

At the time of press, Bitcoin is trading for $5,601.29 USD – which is a 0.99% increase in day-on-day trading figures.


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Author: REBECCA LEIGHTON 
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Op-Ed: November Is Here – Will Bitcoin Repeat Its 2015 Behavior?

With the end of 2018 right around the corner, many enthusiasts and traders alike are probably asking themselves a lot of questions, the biggest one likely being, “What will happen to bitcoin within the next 60 days?”

Out with the Old, In with the New

Since 2015, we’ve witnessed several price explosions for bitcoin during the final months of each year. In 2017, for example, December marked a time when bitcoin reached an all-time high of nearly $20,000. In 2016, bitcoin shot up to nearly $1,000, which was considered a relatively big deal at the time.

However, 2015 is a particularly interesting year in the sense that bitcoin has ultimately repeated its behavior during that time tenfold. Three years ago In January, for instance, Bitcoin fell below the $200 mark and caused panic in the crypto streets. While the currency had ultimately fallen since the year 2013 when it was trading for over $1,000, bitcoin had at least ended 2014 at around the $400 level.

This Looks Familiar…

The following month, the currency crashed and was experiencing its lowest trading volume in some time. From there, everybody’s favorite cryptocurrency spent roughly ten or 11 months trudging through the doldrums until November, when the price spiked beyond the $300 level. Bitcoin had lived in the gutter for virtually one year, then experienced a new high that left people wondering what would happen next.

From there, bitcoin would experience gradual rises throughout 2016 and even greater ones in 2017. In January 2018, the currency would experience several nasty falls that would see it lose heavy percentages of its value, much like what occurred in early 2015. In fact, most of what bitcoin has done this year has mirrored 2015. It has spent roughly the last year in a very dark place, experiencing consistent and regular price drops and seemingly unable to free itself.

Still Time for Something Big to Happen

If bitcoin has repeated its 2015 behavior up to this point, who’s to say things won’t continue? Now that we’re in November, is it possible another rally is headed our way as we saw three years ago? Could bitcoin suddenly begin ascending the financial ladder once again?

The November and December months of each year seem to present wild changes to bitcoin’s overall price and demeanor, and while such a quick jump might appear unrealistic on paper, we’ve witnessed time and time again that in the world of cryptocurrency, nothing is impossible, and traders have learned to keep their eyes open for just about anything.


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Author: Nick Marinoff
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Ethereum will see a price explosion soon, according to Fundstart’s Tom Lee

Tom Lee, a known cryptocurrency bull-ish, has claimed that the history if Ethereum’s market points that the token will face a peak soon.

Cryptocurrency advocate and Fundstart CEO Tom Lee has offered that he thinks that Ethereum will be seeing a major surge soon.

Not shy to be a cryptocurrency advocate, Lee thinks that the token is set for a rebound owing to factors in the market. According to Bloomberg, he thinks that Ethereum will bounce back after suffering a major sell-off this year. Investors have been scared off from the cryptocurrency market and the second-ranked crypto has been hit hard by that, having lost half of its price value in the last three months.

Lee apparently wrote to clients that the token’s underperformance by two standard deviance is a signpost that Ethereum will be boosting soon:

“Ethereum is about to stage a trend reversal and rally strongly. Sentiment is currently overly negative.”

Lee pointed to moments in the past when Ethereum underperformed similarly. He suggested that historically, the losses have been reversed and that a surge can be expected. The Fundstrat CEO is anticipating the coin to reach a $1,900 USD in valuation by the end of the year. Currently trading at $231 USD. Lee expects the token to achieve more than 40% of it’s highest peak. A shocking amount, but according to Lee, it is possible – and can be expected.

Lee also expects Bitcoin to boom again and believes that the original cryptocurrency will hit $25 000 USD by the end of the year. At the time, Lee likened Bitcoin’s market to that of BlackRock’s iShares MSCI exchange-traded fund (ETF).

He pointed out that there is an “important correlation” in their markets:

“Both really essentially peaked early this year, and they both have been in a downward trend… Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying Bitcoin.”


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Author: REBECCA LEIGHTON
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Here’s Why Bitcoin Will Grow SUBSTANTIALLY Into 2019

It seems like the string of bad news surrounding Bitcoin and other cryptocurrencies is slowly coming to and end revealing a light at the end of the tunnel for the market.



Over the past week, Bitcoin and other cryptocurrencies prices have been up relatively high, especially when you compare them to other recent prices.

Despite the obvious boom for the market last December and then a substantial fall as we entered the new year which continued into February.

Some analysts looking at the current boom in the market believe that there are a few reasons for this.

Alternate cryptocurrencies are achieving more independence from Bitcoin and its fluctuations in price.

Recently, we’ve seen many other cryptocurrencies slightly deviate from what Bitcoin dictates in the market. When we see Bitcoin jump in the market, we usually see Ripple and few other figureheads jump a similar amount at the same time. This has made the cryptocurrencies somewhat aligned.

Analysts also believe that, considering everything that has happened in the past week, the market could be well on its way for a bull run within the next few weeks. If you do intend to invest, some experts have recommended that you invest over time instead of investing in bulk all at once.

Michael Collins, founder and CEO of GN Compass says that after a four-month bear market, there are strong signs that we are heading towards a bull. He continues to say that:

“Bitcoin dropping to about 6600 on the 5th of this month [July] was probably the bottom for the year, it’s price will continue to climb and probably hit a peak of around 15,000 this year… Cardano is the most impressive so far.”

Collins’ outlook on the market is very optimistic and if anything, bullish.

Other experts say that investors are limited on time to get on the ‘cyrptocurrency train’. This is something investors will have to decide soon otherwise they might be to late. After hitting the $8500 level, we could see Bitcoin soon after, surging up to $10,000.

After having a tough past month, the last couple of weeks, have seen Ethereum recover nicely. After ETH jumped the $500 dollar hurdle there could be a bright future for the digital currency.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Robert Johnson 
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Expert Bets $8.5 Million That Bitcoin Will Reach $280,000, Surpassing Berkshire

Though Bitcoins market price has been anything but inspiring of late, as it lingers at 70% below its all-time high, one wealthy Australian Bull still believes enough to put it up against Warren Buffets Berkshire Hathaway.



 

Bitcoin Punter Puts up Against Berkshire Hathaway

One of the land down under’s leading Bookmakers, Tom Waterhouse, tweeted That a well-known crypto expert ( who is choosing to remain anonymous) has requested a bet that by 2023 one Bitcoin will exceed the price of one share in Berkshire Hathaway. This well-known expert is showing a very bullish disposition as the amount of the requested wager is $AU8.5 million, which if it pans out will pay off at $AU 1.2 billion.

At the moment Bitcoin has a lot of catching up to do as Berkshire Hathaway currently trades at $288,481, over 45 times the amount of BTC. Waterhouse who recently moved on from his position as chief executive of CrownBet-owned William Hill Australia reportedly put the prospective gambler in touch with a large syndicate.

The outlandish wager may be emblematic of Australia’s enthusiasm for all things blockchain related, marked just last week by Huobi Global opening their Australian operation. Which took the occasion to launch ten fiat to crypto trading pairs in celebration.

The gambit could also be a potentially costly provocation of the famous Omaha based holding company’s leaders. Both Warren Buffet and Charlie Munger have been openly vocal about their distrust and even disgust of Bitcoin and cryptocurrencies in general, even as they have confessed their combined ignorance about the technology that powers them.

Price Predictions Big and Small

Whatever reasons the secretive “crypto expert” has for taking this flyer, he’s not the first to make a potentially painful wager on the future of Bitcoin. Former cybersecurity entrepreneur and crypto personality John Macfee put his manhood on the line when he publicly announced that if Bitcoin doesn’t reach $500,000 by 2020 he would eat his own penis live on TV. People called the always eccentric Bitcoin bull crazy so he doubled down and raised the number to a million.

Bitcoin price predictions are a dime a dozen and it seems that some Bitcoin experts make a living by going on to CNBC to make predictions just to return a few days later and explain why they were wrong. This, though isn’t the first time someone has wagered Bitcoin against Berkshire Hathaway’s price. Back in 2015 when the crypto space was a bit smaller the owner of Bitbet put up a 1,000 BTC in a similar but much more complicated wager.

Some figures put Bitcoin as the winner in that bet, others disputed that outcome but in the end, it was all a wash since the instigator was outed as a fraud who had hedged against his own wager and was flogged for it on Reddit. Whatever the outcome of this new proposal it will be interesting to see if Bitcoin can make up some ground before the payout date.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: JOHN MCMAHON
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