Winklevoss- ‘Bitcoin on the way to breakout bull run into the new year’.
The price forecasts for Bitcoin are starting to roll again. Bitcoin billionaire Tyler Winklevoss has a particularly bullish outlook that extends into the new year.
Hedgeye CEO Keith McCullough, on the other hand, is bearish at Bitcoin Loophole in the short term.
Price forecasts are coming back
With the Bitcoin price comfortably over 11.000 dollar the forecasts begin again – both from the bullish and from the bearish camp.
It is not difficult to guess which side Bitcoin billionaire Tyler Winklevoss is on. He predicts that the prize is “ready for a bull run into the new year.
The Gemini co-founder’s prediction may have something to do with the Federal Reserve’s recent stimulus package, which provides for an additional $1.8 trillion to fight the coronavirus. Winklevoss calls the package an “advertising campaign for Bitcoin” and adds: “to the moon”.
The positive mood in the Bitcoin market has recently been fuelled in large part by the investment of U.S. companies, including MicroStrategy, which has made public its $425 million investment in Bitcoin. On October 13, Stone Ridge, a $10 billion asset management firm, revealed that it has acquired 10,000 Bitcoins worth more than $100 million, which are held by its subsidiary NYDIG.
This is the latest step in a wave of companies that many expect to include Bitcoins on their balance sheets. Krypto-Twitter can hardly contain its joy in this regard.
Bulls and bears
If you look closely, there are also some bearish prospects for the BTC Prize – even if only for the near future. Keith McCullough, for example, CEO of Hedgeye Risk – his company has sold its Bitcoin investment. McCullough was first cheered and then derided during his Bitcoin trip when he changed his position and outlook to reflect his “risk management process”.
Most recently, this strategy has left him on the sidelines, as the BTC price has made gains, which has made him a target for the crypto community in some ways. McCullough has defended his decision, saying he sold his last position for $10,600.
Most recently, in response to a question in a Twitter thread, he stated that he was “bullish in the long term” and “bearish in the short term (to possibly medium term)” in response to the Bitcoin price.
At the last review, the Bitcoin price turned negative, but it has still risen more than 6% in the last seven days. Its returns of more than 67% since the beginning of the year are above those of gold and the S&P 500.