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Bitcoin bull Max Keiser is unfazed by the recent 30% BTC price correction.
The RT host of the Keiser Report and the Orange Pill Podcast predicts a $65K Bitcoin short term target ‘still’ in play and even says, “I would not be surprised to see BTC hit a new All-Time High by this time next week.”
“$65,000 short term target still in play. Today’s ‘Double Spend’ FUD provided a rare discount to buy sats cheap.
I’ve been through three 90% corrections in Bitcoin since 2011. This 30% drop doesn’t phase me one bit. In fact it’s fun. The only people who should be worried are those holding worthless sh*tcoins (and they are *all* worthless sh*tcoins).”
In the most recent episode of the Keiser Report, Max shares:
“Here we are in 2021 exactly as we predicted. They did not reform the banks, in fact they just expanded their credit card, they expanded their capacity to print & borrow & give away the cash to their friends causing now this huge crisis.
It is an enormous number & it’s just going to inflame the fire of social unrest, hyperinflation… Bitcoin to $500K. Thank you politicians, I love being a BTC billionaire!” – MaxKeiser
In other trending Bitcoin News today:
“Crypto Market Cap Falls by $113B as Bitcoin Price Tumbles to $28,750”
On Jan. 21 the cryptocurrency market experienced an increased wave of selling pressure and within the last hour Bitcoin (BTC) price dropped below the $30,000 mark for the first time since Jan. 4.
Now that Bitcoin has lost the $32,000 and $30,000 support, a growing number of analysts are suggesting that the price could retest the $24,000 support. One theory behind the dip suggests that institutional investors viewed Bitcoin as a crowded trade and decided to take profits.
As reported by Cointelegraph, Scott Minerd, the Guggenheim’s chief investment officer, recently suggested that the price of Bitcoin has “likely put in a top” for 2021 and could see a “retracement back toward the 20,000 level.”
JPMorgan strategists John Normand and Federico Manicardi also warned that investors using BTC “as a portfolio diversifier are putting themselves at risk” as Bitcoin is more of a cyclical asset than a hedge.
This note of caution seems to have been well timed given today’s show of volatility. Although sell-offs can be painful for investors who are overleverged, taking a closer look at some of the social activity that occurred during the downside move hints that the current volatility might not be a macro trend change.
In private comments with Cointelegraph, TheTIE analyst Erik Saberski noted that during previous dips in Bitcoin price “its market cap dominance did not really change.”
“This implies that earlier in the month, sell-offs were cashing out entirely, while recent BTC sell-offs are moving more into other cryptos. Looking at daily sentiment, the same recent drops *usually* have corresponding drops in sentiment. We aren’t seeing that right now though.”
The traditional markets continue to be boosted by the prospect of a wide-ranging stimulus package from the Biden administration.
The S&P 500 and NASDAQ both etched new all-time highs on Jan. 21 and closed up by 0.03% and 0.82% respectively. The Dow also closed the day with a 0.04% gain.
Out of the top-100 coins, the only project with notable gains was CELO, which gained $48.87% and trades at $3.37. Ether (ETH) corrected by 21.28% and Polkadot lost 8%.
The overall cryptocurrency market cap now stands at $871 billion and Bitcoin’s dominance rate is 64.3%.
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Show Notes / News Resources:
– Max Keiser Bitcoin $65K Prediction: https://bit.ly/394hN3P
– Bitcoin Technical Analysis: https://bit.ly/3sN5QaG
– BTC Price Drop Tug-of-War: https://bit.ly/36415jc
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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