Sunday, January 21, 2018
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Bitcoin Price Exceeds Downside Target

Bitcoin price is extending below target as the idiocy of GavMikeCoin becomes apparent. Not only is Gav a limited capacity coder, but Mike has run away – leaving bright-spark Brian “Buzz” Armstrong to fend for his Silicon Valley Bank licence alone. It’s all going to end in tears.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis

Time of analysis: 15h00 UTC

Bitstamp 4-Hour Chart

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From the analysis pages of xbt.social, earlier today:

Sorry to say it, but Gavin Andresen is not a naturally endowed clever guy – you can look in his eyes and see that. A self-described “grumpy-old-man” he only wants to see Bitcoin compete with Visa and aquiesce to the current financial system in order for him to feel that Bitcoin has achieved status as an alternative money. Mike Hearn had managed to erode privacy wherever he engaged in the Open Source world since his late arrival in 2011. All in the name of “maximum adoption” of Bitcoin.

However, as any intelligent reader knows,the rabbit-hole goes deeper than that. By using Bitcoin and particpating in its existence every user is bringing forward the date of the end of central banking. The Fed, the ECB, the Central Bank of Timbuktu – no need to fool yourself – they will all implode as users prefer Bitcoin transactions over some centralized fiat hokus-pokus that lacks accountability.

Gold, too, will lose all meaning – being a favorite yardstick of “intrinsic value” of the banking clan – and controlled by it to the last ounce.

What to do? Spread your holdings 50:50 between the King of Cash, the US dollar and a short on Bitcoin. Be ready to buy Bitcoin when the Andresen clan declares defeat – they have no economic plan except a Chicken Licken – short-sighted idiots lead by an uninformed software maintainer who never contributed anything useful to the Bitcoin protocol, and Brian “The Buzz” Armstrong – frontman of an internet start-up sucking on the teat of Silicon Valley Bank for survival.

Satoshi, famously, accused Andresen and co. of breaking consensus and promoting a populist altcoin in 2015.

Summary

Bitcoin price is declining below expected levels as North Americans Gavin Andresen and Brian Armstrong keep promoting a loser Classic(TM) altcoin. Sure, have the Classic(TM) altcoin but don’t presume that Bitcoin users will follow the foolishness. We’ll stick to the Core blockchain to be sure… or maybe somebody’s wants to get hurt while messing with Other People’s Money?

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin-price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.

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