Bitcoin Could Surge to $6,000 as Wall Street Firms Back it Up - NEWSBTC
It’s Wednesday, October 4th, I’m Kiana Danial, CEO of Invest Diva with NewsBTC and here is your crypotocurrency update. BTC/USD was unable to break above the daily Ichimoku cloud on Tuesday and formed a morning star candlestick pattern after Monday’s spinning top candlestick on the daily time frame. While the Kijun line has crossed above the Tenkan line, the future cloud has turned thin and flat, giving us mixed medium-term signals. This is despite the fact that the markets saw more investment bankers backing Bitcoin. While many on Wall Street are rallying behind JPMorgan CEO Jamie Dimon and his criticism against Bitcoin, there are others who are far less skeptical. For one, Goldman Sachs Group Inc. (GS) is weighing a new trading operation dedicated to bitcoin and other digital currencies, the first blue-chip Wall Street firm preparing to deal directly in this burgeoning yet controversial market
Another major financial institution on Wall Street, Morgan Stanley, have had their CEO James Gorman come out and say that Bitcoin is not a fraud, nor even a ‘fad.’ With the growth we have already seen in the cryptocurrency market, especially in Bitcoin, there is a good chance we could see it reaching and even surpassing its all-time high level of $4,975 and potentially even reach the $6,000 area by the end of the year. Thanks for watching, invest responsibly, and I’ll see you with more
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Wall Street won't get fully behind bitcoin until they've crashed it and picked it up for very cheap.
Right now, in the usual PR process of encouraging weak hands to buy the top so they can hammer it down better - is my suspicion.
But long term I believe that cryptos have a very bright future as it becomes more widely established as a medium to exchange and store value.
This will not be so easy, since the majority (90%) of BTC are with major holders.
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You don't necessarily need to own a lot of the market to make it swing wildly. You just need moments of low liquidity and some weak hands bought in near the highs. Bitcoin has both. Price is simple a function of what people are prepared to buy and sell at any moment in time. IN low liquidity you can make it do some real funny things.
Not saying it will happen, just that it's possible. But the usual banker protocol is to big up what your selling to bagholders, and to talk down what you want to buy. I think Jamie Dimon may have jumped the shark a little but he knows damn well his JP Morgan desks are trading bitcoin when he made his comments, he's not a stupid man.
But it's just a possibility
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