Hey, everybody, met here with altcoin Buzz, Happy Hump Day. Hope your midweek is going very well indeed. Today we’re looking at the case for four bullish Bitcoin signals in 2020. We’ll also round out and in a responsible way, at least in our opinion, are going to try to give you the devil’s advocate argument and give you four reasons why there may be a bearish scenario to look forward to. However, we’ll start with the four positive ones that we’ll start here. First of all, I’m quite a market cap On this April 1st, we have a meteoric success in the form of toilet paper token. It has surpassed bitcoin up one thousand one hundred twenty-three point nine seven percent in these last 24 hours. In fact, it’s so hot that it is out of stock. Happy April, fools, everybody. Don’t forget, if you like this kind of content bitcoin blockchain, cryptocurrency. Make sure to hit the subscribe button. Hit the like button below. And stay tuned to the end of this video to learn more information on our crypto tag ZUS starter kit, which we give away every Saturday. OK. So the price of Bitcoin has been following a descending resistance line since the 15th of March when it reached its local high of six thousand nine hundred fifty-seven dollars and at the time of publishing the price was rejected from the resistance line and has begun to decrease. In addition, there is a strong resistance area at six thousand five hundred dollars, which the prices unsuccessfully attempted to break out from in these past two days. Now let’s look at some fundamental factors, both bullish and bearish for Bitcoin. Bullish signal number one, Bitcoin is very likely to follow gold if not at a one to one level, at least in part. So Bitcoin and cryptocurrency as a whole is still a relatively small asset class that is only currently getting slightly correlated to traditional markets and is in the process of being established. After all, the current market environment is a big test for bitcoin, and besides the Friday the 13th major drop, it has actually held up quite well being only an 11-year-old asset. And as for gold, which went up around 3.75 percent in Q1 of 2020, which is a much more established and safe-haven asset than Bitcoin and also has a smaller total user base. Bitcoin is a bit behind gold a bit in terms of performance. But one can argue that as we move along in the next few months and years, Bitcoin starts to take larger shares away from gold, though unlike gold, which can be found on the other planets in vast quantities and on asteroids and all the far corners and reaches of space. Bitcoin is absolutely scarce and has a strict limit of 21 million coins, which is enforced by a network of decentralized miners across the globe and it’s mathematically guaranteed. So that fact alone, the scarcity model from Plan B predicts it will make bitcoin more valuable than gold over the coming decades. And just a reminder, gold‘s market cap is far, far higher somewhere in the 7 to 8 trillion range. As we can see on coin market cap, bitcoin right now only has a total market cap of 114 billion. So approximately and this is just a ballpark figure, some 35 times less than where gold is. If gold were to be the world reserve digital currency, it could swell conceivably 20, 30, 40, 50 times or more. A bullish signal for Bitcoin. Number two, infinite money printing by the Federal Reserve and Donald Trump here on Against this backdrop of incessant money printing, Bitcoin is a disinflationary or deflationary currency whose total supply again is strictly limited to 21 million. Bitcoin has never seemed more attractive in light of what is happening now. And Mike Novogratz described it as the strongest bull case for the benchmark cryptocurrency. Even though Crypto failed to perform as a safe haven during the Corona virus-driven selloff, the Wall Street bull Mike recently opined that 20:20 could end up being another big year for Bitcoin, as we can see here. In his tweet, this from thirty-first of March. Money Grows on Trees 20:20 by Bitcoin after the Federal Reserve said it had, quote, unlimited money. Trump claimed that the state could manipulate infinitely, describing it as, quote, our money and our currency. This, in turn, sent shivers down the spine of Bitcoin supporters as the lack of such meddling in the money supply is a key benefit over Fiat, which makes the cryptocurrency a form of hard money. The third major bull signal of twenty twenty-four bitcoin is its upcoming having event. This event was shaping up to become really the main narrative and the main attraction of 2020. Given that it makes the asset more scarce after it’s first having the bitcoin price skyrocket 100 times in this year, and the second having also brought its investors 33 times returns, that may not be the case this time around. I’m not quite holding my breath, to be perfectly honest and candid, because I think contextually there’s just a lot more happening at this time and there are too many other variables that are going to be weighing in. But potentially the having could have a positive impact on bitcoin. Will it be 100 times or 33 times the current value afterwards? Probably not, but it should have a positive net effect. Overall, our fourth and final bullish signal for bitcoin in 2020 is the use cases for gambling, which are still increasing really on an everyday basis. Cryptocurrencies may still have people, many people asking questions about credibility and safety, but really for millions around the globe, they’re becoming a normal way of making payments in many different areas of life. And one such area is certainly AI gaming or online gambling. And players in Europe have become extremely savvy with using Bitcoin to make their sports bets and play casino games online. Really, the biggest factor for this is anonymity and ease of use. However, one negative side, at least for now and for some users, is the volatility of bitcoin because unlike fiat currencies whose value will barely move for months or years on end, the value of bitcoin has a tendency to jump up and down quite significantly. Of course, we have covered a lot of the leaders in this. Based such as at chillis, I want to clarify, chillis are not a gambling token, but it is affiliated with different football clubs, for example, the sports world. This is something that we’re gonna see more and more of in the months and years ahead. Mark my words. OK, let’s be fair at this point in round out this list with the mirror image for bearish signals beginning with number one, decreasing usage and also global payment, including visa usage, which is down right now. So the usage of bitcoin has plunged to actually to a two year low in the last couple of days with only 250000 transactions occurring per day in these last few days, as revealed by the founder and CEO of Quantum Economics, Matty Greenspan. The short term prediction for the leading cryptocurrency is actually thus quite bearish. The bitcoin price has also created a bearish, hammered candlestick for the month of March, but has managed to stay above an important monthly support level. In the short term, the price is expected to decrease towards the support line of the possible symmetrical triangle. And even as I mentioned, Visa is predicting only single-digit percentage revenue growth in contrast to Q1 last year 2019, where double-digit percentage growth was expected and for Q2 after a sharp drop in activity during March. They’re not all that optimistic based on everything that is happening in the world. Visa, I think at least is one of those recessionproof industries. They’re never gonna suffer to the extent that some others are. But you can see when they’re expressing some concern over their profits and revenues, you know, something is up. Number two, bearish signal for bitcoin. The hash rate is actually dropping and mining is becoming unprofitable at least a little bit. So the Bitcoin network hash rate took a steep dive on the twenty-sixth of March, dropping a whopping fifteen point nine five percent, which is a 45 percent drop from its peak highs of 2020. The hash rate dipped from one hundred thirty-six point two quintillion hashes per second on the 1st of March to just seventy-five point seven XA hashes on March 26, according to data from blockchain dot com. The fifteen point five percent drop had directly impacted the decrease in mining difficulty from a measurement of sixteen point five trillion to thirteen point nine trillion on the twenty-sixth of March, meaning that a large number of miners had disconnected from the chain entirely. Such a turn of events was expected after the past month’s turbulent events which saw Bitcoin roller coasting to three thousand six hundred, showing a 60 percent decline. And yeah, as a result, many miners allegedly found it unprofitable to keep mining and running their equipment, which, of course, consumes a lot of electricity. Our third bearish signal for 2020 is the technical analysis. So although the first quarter of 2020 was not the best ever quarter for Bitcoin, the flagship cryptocurrency still managed to beat two of the three major U.S. stock indices, the Dow Jones Industrial Average or the Dow and the S&P 500 index. Bitcoin beat both of those by a rather wide margin. But since then, this highly contagious viral disease that is now the focus of every headline has launched a devastating attack on how we live. And, of course, as a result, the world economy as well. Bitcoin rose in the early parts of the year because investors and enthusiasts were focused on the upcoming having season. But it declined. When the markets crashed and many investors exited the cryptocurrency to fill margin calls as stocks also declined again, this was a rush toward liquidity. In addition, as most investors got hammered, it lowered the demand for the currency and our fourth and final bearish signal for Bitcoin in 2020. The global economic turmoil, unfortunately, is not over. Just when the global financial markets were in a state of turmoil, Bitcoin failed to prove itself as a, quote, safe haven for investors. Again, after rising 40 percent during early 2020, Bitcoin entered Q1 with 10 percent negative returns year to date. Just as we are entering the second quarter of 2020, the crypto markets seem to be stabilizing after a major correction. Bitcoin, which has been a star performer in the early half of the Q1, faced massive sell-off in the second half, and as of the thirty first, of March, Bitcoin ended the first quarter with 10 percent negative returns year to date at press time. Bitcoin is trading at a price of about six thousand three hundred fifty dollars with a market cap of about $115 billion. Thus, Bitcoin alone contributes to nearly 65 percent of the overall cryptocurrency market cap. Hence the 65 percent dominance metric that we discuss and we reference every day while members of the old boy’s army. Are you on the side of the bulls or are you on the side of the bears? Let us know your thoughts about our reasoning and our suggestions and we have listed here in the comments below. There are arguments certainly to be made both ways, but that about wraps it up for today. To be sure. You’re following us on all the regular social media channels and keep checking back into altcoin by Scott. I owe for all the latest. Go ahead. Like subscribe, share and hit the bell to receive notifications of. If you’ve enjoyed today’s video. Best of luck if you choose to invest on this hump day. Best of luck. If you choose to enter or give away our competition, we give away a crypto tag ZUS starter kit every Saturday. To be eligible for that prize, you gotta make sure you’re subscribed to altcoin Buzz on YouTube. You get to like our videos and you got to comment on our videos. Have a wonderful midweek, everybody. Happy Humpday. And as always, we hope to see you again soon in our next video. Take care.


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