Bitcoin News Alerts | Daily BTC Macro Signal

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Virgin Galactic Chairman and Billionaire venture capitalist Chamath Palihapitiya who predicted Bitcoin hitting $1,000,000 per BTC is warning that the global economy appears on track to witness two phases of recession.

In a recent interview on the All-In Podcast, the Crypto O.G. says the world is currently experiencing a supply-side recession, which he notes is the first part of the process.

"We have been in a supply-side recession. That is what has caused inflation.

We have to go through a process of taking all the excess money, that's been put in, out. And when you do that, we will destroy demand and then that'll trigger a demand-side recession… and we will destroy asset values…

I think we're still firmly in that first phase, and I hate to be the bearer of bad news, but the reason why I still think we're in the first part of this process is because people, broadly speaking, still have a lot of savings because of all the stimulus checks. There is still a lot of money."

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It's been a rocky start to the year for Bitcoin, but experts still say it will hit $100,000 — and that it's more a matter of when, not if.

The most extreme crypto skeptics say Bitcoin will tank to as low as $10,000 in 2022, but a middle ground might be to say the cryptocurrency can still climb to $100,000 like many experts predicted late last year - just on a slower timeline.

"What I expect from Bitcoin is volatility [in the] short-term and growth [in the] long-term," says Kiana Danial, founder of Invest Diva and author of "Cryptocurrency Investing For Dummies."

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Zooming out, one Bitcoin price indicator led top crypto analyst TechDev to believe that BTC/USD would see a new all-time high before its next block subsidy halving in 2024.

TechDev flagged the True Strength Index (TSI) for Bitcoin, a metric that uses several base calculations to determine how overbought or oversold the asset is at a particular price.

"As such, I expect:

- Intermediate wave 5 top at 80-120K in 2023

- Primary wave 4 down to 30-50K in 2024

- Primary wave 5 over 200K in 2025 to conclude cycle wave 3"

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Bitcoin is still on track to hit $500,000 over the next five years, according to billionaire crypto investor Mike Novogratz. He also admitted he was "wrong" about the extent of the leverage in the industry.

Novogratz, the founder and CEO of Galaxy Digital Holdings Ltd, told Bloomberg at a summit on July 19 that demand for the cryptocurrency would be driven by higher rates of adoption and global economics.

"It's not like diving with two feet right now because institutions are a little bit more cautious. But once we get balance, once we get equilibrium and start a new narrative they'll come back. When I look at the global landscape, I just don't see how fiscal prudence gets put back into a box."

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A new report from Kraken Intelligence uses the Bitcoin 200-week moving average as a crystal ball, to project the future price of the king crypto.

Specifically, Kraken looks at the multiples that BTC has traded at relative to its 200-week moving average in the past.

If Bitcoin once again climbs to a 10x to 15x multiple of its 200-week moving average, which Kraken analysts say is in the historical range, this would imply a future price range of $214,985 to $322,478.

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A popular crypto strategist is predicting a surge in price for Bitcoin as he maps out BTC's possible trading range over the next few months.

Pseudonymous analyst Kaleo tells his 527,900 Twitter followers that a strong Bitcoin rally is imminent.

Kaleo's chart predicts a huge Bitcoin bounce to around $28,000 in the short term prior to another leg down below $20,000, which would then be followed by a grind up to $30,000.

"I still believe the most likely outcome is a range between $20,000 [and] $30,000 through at least the next several months, so while a bounce from here might take us to around $30,000, I don't see it as anything to get over-excited about quite yet."

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A popular crypto analyst is anticipating a major relief rally for Bitcoin (BTC) amid uncertainties in the cryptocurrency markets.

In a new strategy session, Nicholas Merten tells his 515,000 YouTube subscribers that more people are now willing to buy Bitcoin as sellers of the flagship digital asset have been forced out of the market.

"We do believe that an extended bear market could still play out. We [also] do believe in the reality that there is likely going to be a relief rally in the market like there has been in the past, and it simply has to do with the fact that a lot of sellers have been forced out of the market."

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Billionaire investor Thomas Peterffy – Founder and Chairman of Interactive Brokers – believes the American authorities might ban crypto amid concerns that they facilitate illegal activities. Nonetheless, the billionaire remains a HODLer, vowing to purchase more Bitcoin (BTC) if its price drops to $12,000.

"I believe inflationary pressures will continue for years, not months. This is not a short-term issue.

Even I myself have put a little bit of money into crypto, because even though chances are, I think, that this is not going to be a viable market, I think that there's a small chance that this will be a dominant currency, so you have to play the odds."

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Shark Tank millionaire investor, Kevin O'Leary thinks that the crypto market bottom will be marked by "total panic," at which point weak companies with "idiot managers" will be weeded out and the industry can continue to grow.

"Once regulations are in place, the price of Bitcoin will quadruple."

It's unfortunate that these companies have gone to zero but you end up with much stronger species."

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