TORONTO--(BUSINESS WIRE)--3iQ Corp. is pleased to announce that it has filed and been receipted on its preliminary prospectus for The Bitcoin Fund (the Fund) in relation to an initial public offering of Class A units and Class F units (the Units) at a price of $10.00 USD per unit. The Fund is a closed-end investment fund established as a trust under the laws of the Province of Ontario and the Units will be an eligible qualified investment for registered investment accounts.

The Funds investment objectives are to provide holders of Units with:

(a) exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin, and

(b) the opportunity for long-term capital appreciation.

3iQ Corp., will act as the investment manager and portfolio manager of the Fund.

The offering is being led by Canaccord Genuity Corp.

3iQ is a Canadian investment fund manager focused on providing investors with exposure to digital assets. 3iQ currently manages two private digital asset funds which are eligible for investment by accredited investors in Canada or in reliance on other exemptions from the prospectus requirement.

Founded in 2012, 3iQ is currently focused on digital assets, disruptive technologies and the blockchain space. For further information, please visit our website at http://www.3iQ.ca or contact Frederick T. Pye (514) 775-0010.

A preliminary prospectus dated November 27, 2019 containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada other than Quebec. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from Canaccord Genuity Corp. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

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3iQ Files The Bitcoin Fund IPO - Business Wire

Private digital money just doesnt work. Or so say the doubters, and theyve been right. Wildly fluctuating cryptocurrencies bitcoin and thousands of variants have demonstrated that the miracle of blockchain-driven digital currencies, altcoins, crypto tokens and other forms of electronic cash cannot serve the role of money.

A true currency, as monetary economists have argued for more than a century, must have three core attributes before it can be described and accepted as money: It must be able to serve as a medium of exchange, a store of value and a unit of account, which means something that can be used as a steady measure to track the price and value of products, assets, business transactions, or to establish accounting reports.

Bitcoin fails two of the tests.

We could be one innovation away from something that could be seriously useful and therefore seriously disruptive

Timothy Lane, deputy governor of the Bank of Canada

Anyone who bought a bitcoin this past June

Central banking systems, of course, use laws and regulations in an attempt to stabilize their currencies (a.k.a. public money) to meet the three tests.

But although Bitcoins fail as money, Libra could pass the tests, Timothy Lane, deputy governor of the Bank of Canada, said during a digital currency discussion in October at the Institute of International Finance. With the Libra stablecoin model, he said, you actually do have stability of value, potentially.

Perhaps the best real-world demonstration of the concept behind the Libra plan is the Hong Kong dollar, which is managed through a currency board structure rather than a formal central bank. Established in 1983, the Hong Kong Monetary Authority issues currency that is fully backed and exchanged, dollar for dollar, though a reserve of U.S. dollars at a fixed rate of around 7.8 HK$ per US$.

If the HK$ exchange rate declines, the monetary authority is legally bound to start buying HK$ to maintain the 7.8 rate. If the HK$ rises, the authority must sell HK$. For every HK$ in circulation, the authority holds a corresponding reserve of U.S. dollars. In November, the reserve held US$460-billion.

As a result, the Hong Kong currency has remained rock steady through the mass anti-Communist demonstrations of the last year.

One of the worlds leading currency board experts, Johns Hopkins University monetary economist Steve Hanke, said Facebooks Libra proposal is exactly like a currency board.

Hanke advised Bulgaria on the 1997 establishment of the small European nations successful currency board setup. The Bulgarian currency, called the lev, is essentially a clone of the euro in the same way the HK$ is fixed to the US$. Libra would be a clone of a basket of currencies instead of one currency, he said in an interview.

As a currency board operation, every Libra issued by the Libra Association (based in Switzerland) would be fully backed by a reserve of foreign currencies. Hypothetically, the basket could include 80 per cent U.S. dollars, 10 per cent euros, seven per cent Japanese yen and three per cent Canadian dollars.

Hanke added the currency board proposal in the Libra reserve plan may be premature and lack economic rigour, but there is no problem with Libra. One of the major potential benefits of a private electronic currency is that it could wipe out all the crappy central bank currencies in the developing world.

Facebook Inc. chief executive Mark Zuckerberg told the U.S. House Financial Services Committee that members of the Libra group have met with regulators in 30 countries. The Bank of Canada said it does not disclose meetings with outsiders, but it is almost a certainty that Libra officials have met with Canadian officials, which may explain the banks supportive views. We could be one innovation away from something that could be seriously useful and therefore seriously disruptive, Lane said.

The deputy governor also envisaged the existence of a digital currency issued by the Bank of Canada, known as a Central Bank Digital Currency, assuming the federal government, including Finance Canada, agrees to such a move.

Under that scenario, both Libra and central bank digital money could simultaneously exist, a proposal recommended by associates of Princeton University economist Harold James in The Digitization of Money, a paper published in August in response to the Libra proposal.

In effect, James and colleagues propose interoperability between, say, a Bank of Canada digital dollar and a Libra backed by the technology platform operated by Facebook and associated companies.

In that scenario, central banks would still retain control over monetary policy while private money would provide the platform for payments and currency exchange nationally and globally.

Maybe it is not premature to say Vive le Libra!

Email: tcorcoran@nationalpost.com | Twitter:

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Why Libra passes the money test and bitcoin doesn't - Financial Post

Bitcoin is the emperors new clothes of financial commodities. Its been prancing up and down money street with nothing on for years, despite the fact that lots of thoroughly sensible people have been playing the role of the boy in the fablewho says ere, ees got nuffink on.

Does the fact that the cryptocurrency has endured two major crashes in the space of just three days signal a turning of the tide? The tipping point at which it runs back into the palace in search of a robe accompanied by a hail of stones from its victims?

Ive been waiting for it to happen. It almost always does when people put together a load of old cobblersand tout them as hot investments. Remember collateralised debt obligations or CDOs? They were created by the packaging up of dodgy mortgages that had been mis-sold to poor people, which were given a fancy sounding name so they could be sold around the world to people who should have known better.

Sharing the full story, not just the headlines

When sufficient numbers of them realised that CDOs were wearing the emperors new clothes the result was near global financial meltdown that was only narrowly averted courtesy of great wads of taxpayers cash.

The popping of Bitcoins bubble isnt likely to lead to something quite so dramatic, although therell be a lot of pain. There always is. Youll certainly find it high up on the worry lists of most regulators, who will kept very busy dealing with the aftermath.

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

The odds strongly favour it blowing up at some point because it always does. These things have been happening since the 17th century when people got wildly over excited by tulips during the Dutch golden age. Economic historians could probably point you in the direction of even earlier instances.

The thing about Bitcoin is there isnt even a bulb to put in the ground from which something pretty should grow.

As my colleague Hamish McRae wrote last year, it fails every test to be considered alongside what we commonly understand as money. Its a highly speculative investment commodity with nothing behind it other than sentiment.

A share is clothed in the earnings stream delivered by the products sold by the issuing company. A real currency is dressed in the prospects of the economy that uses it, and the willingness of a central bank to deploy its reserves to support it.

What is cryptocurrency and the technology behind bitcoin and its rivals?

They thus have a notional floor (although the bottom can still fall out which is why countries and companies go bust).

Bitcoin has nothing. Zip. And yet sentiment is a powerful thing. Already there have been articles aimed at boosting it by taking about how Bitcoins represents a hot buying opportunity now its lost its legs. They have graphs. They have lots of big, clever sounding words that dont mean very much. I saw one accompanied with a tweet talking about its parabolic upward trend. No, really. To those who look at that and say What on Earth?, what it means as that the person who said it is really really clever and should be taken seriously. The emperors new birthday suit is covered in fancy gold braid. Dont you see it? Get online, the hot investment is now affordable! Buy, buy, buy.

I got a giggle from one talking about the improving fundamentals of Bitcoin.

Thats classic finance speak. The word fundamentals usually refers to the prospects forcorporate earnings, or what a central bank might do to boost a currency (such as raising interest rates). There are lots of analysts paid lots of money to write reports and produce graphs based on how stocks, currencies or commodities (like gold, fine wine or frozen concentrated orange juice) might perform based on their fundamentals.

Bitcoin, however, doesnt have any fundamentals other than the fact that some people think it might go up from here because its relatively tightly-held and maybe the big the sellers have all been flushed out.

And you know what? It will go up if the herdputs enough money down.

Its happened before and it will keep happening until it doesnt. At which point it will leave a trail of tears behind it and the worlds regulators will be prodded into writing reports about why they didnt shut the thing down (theyd probably like to if they could find a way to do it) before the punters got hurt. People will get very cross. Fingers will be pointed. But no one will go to jail.

No one will so much as a slap on the wrist. And well all move on to the next one of these.

Original post:

Bitcoin has crashed again little wonder as it fails every test to be considered a currency - The Independent

Fidelity Investments evolution from mutual fund giant donating money to white nationalists to cryptocurrency player with correspondingly less money to donate to white nationalists took another step forward last week. The New York State Department of Financial Services, presumably in between howls of laughter, awarded Fido a crypto license. Obviously, fake money immediately took another nosedive, with bitcoin falling to its lowest level in six months as the Chinese once again took a large needle to the bubble and others recognized the Fidelity news as the contraindicator it is, once again putting John McAfees penis in mortal danger.

Throughout the long boom and (more common) bust cycle of bitcoin, swoons such as these have prompted the inevitable question, is now the time to buy bitcoin? In spite of the obvious answer to that question, we regret to inform you it has been posed again (and not by John McAfee, who certainly hopes so).

Wall Street veteran Peter Brandt, who made a name for himself by predicting bitcoin's devastating 2018 bear market, has called bitcoin's low for July 2020two months after bitcoin's closely-watched halving event. As well as the May bitcoin halving, which will see the number of bitcoin rewarded to miners cut by half from 12.5 bitcoin to 6.25 bitcoin, bitcoin investors are hopeful next year will bring an increase in the number of bitcoin retail investors and people using bitcoin and cryptocurrencies for payments. Bakkt's bitcoin futures daily volume hit a new all-time high, according to data from Intercontinental Exchange, with some $20.3 million across 2,700 futures contracts on Friday.

Bitcoin Has Crashed AgainBut Is This When To Buy Bitcoin? [Forbes]Bitcoin Matches Record Losing Run in Fall to Six-Month Low [Bloomberg]Bitcoin Drops Below $7,000 as China Euphoria Fades [WSJ]Fidelitys crypto company secures New York state license [Reuters]

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Bitcoin Is Cratering Again, Some People Believe For The Last Time, Again - Dealbreaker

Bitcoin declined to nearly $6,600 tonight, falling to its lowest point since May.

Bitcoin prices declined over the last 24 hours, hitting their lowest price in more than six months.

The digital currency reached $6,616.24 shortly before 8:45 p.m. EST, CoinDesk data shows.

At this point, the cryptocurrency had fallen more than 35% from its recent high of more than $10,000 in October and over 50% from its 2019 high of nearly $14,000 reached in June, additional CoinDesk figures reveal.

Bitcoins price remains under pressure, especially as the China-hype-driven speculative surge unraveled, said Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital.

Moreover, the recent China-Binance FUD also dampened market sentiments considerably, he added.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Michael Conn, founder and managing partner of financial services firm Quail Creek Ventures, also weighed in.

Though there are still rumours in the market about a Chinese crackdown on Binances offices in Shanghai, I think the majority of the pressure is from bears, with little support to the upside right now, he stated.

Going forward, the digital currency may be in for additional downside, according to technical analysis provided by Jon Pearlstone, publisher of the newsletterCryptoPatterns.

While there are a few key technical indicators that continue to show potential for upside, for now bears have the edge, he stated.

The next targets would be a test of support at $6500 then $5000, added Pearlstone.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

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Bitcoin Prices Fall To Their Lowest Since May - Forbes

What a tough month it has been for bitcoin.

The world's most popular cryptocurrency sank to $6,558.14 on Monday, its lowest level since May, according to industry site CoinDesk. It lost $3,000 in value in just a month as China accelerated a crackdown on businesses involved in cryptocurrency operations, a reversal from President Xi Jinping's previous signal to be more open to the blockchain technology.

Bitcoin jumped to above $10,000 briefly last month after Xi sang the praises of blockchain in a speech and called on his country to advance development in the field. However, on Friday, China's central bank, the People's Bank of China, pledged to continue to target exchanges and asked investors to be wary of digital currencies.

Beijing has taken a tough stance on cryptocurrencies, banning a fundraising exercise known as an initial coin offering and forcing local trading platforms to shut down in 2017.

"This was one of the worst weeks in the history of digital assets," Jeff Dorman, chief investment officer of Arca, told CNBC. "The market is clearly in contraction, with no new money coming in to soak up the supply."

Still, bitcoin has doubled in price since the beginning of the year, marking a significant turnaround from last year, when the digital coin tanked to as low as $3,122. It got a boost this summer after Facebook announced its own planned libra cryptocurrency, which analysts say has contributed to positive sentiment around bitcoin and boosted its price.

Bitcoin has a history of strong comebacks from big sell-offs, Dorman noted. The cryptocurrency gained 70% in the four months following a 16% loss in 2016 and similarly an 89% gain in the four months after a 22% sell-off in 2015, Dorman said.

Bitcoin is nowhere near its all-time high, near $20,000 in December 2017.

CNBC's Kate Rooney and Ryan Browne contributed to this report.

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Bitcoin sinks to lowest level since May, falling $3,000 in a month as China accelerates crackdown - CNBC

TheBitcoin price appears very close to reaching a bottom. A confluence of support areas suggests that the bottom will occur near $6000.

Even though yesterday the market experienced a rapid decrease, the current trading pattern and long-term support lines indicate that Bitcoin should be close to reaching a bottom.

Additionally, yesterdays decrease has not dissuaded investors to enter the market. On November 22, Bakkt reached a new all-time high at a volume of $13.4 million. This happened through the handling of 1863 Bitcoin contracts.

Therefore, if Bakkt is reaching such levels in a bearish market, the next bull run could bring extraordinary numbers.

As for when the bull market might begin, crypto trader and analyst @filbfilb tweeted the sole chart which he believes is the best one to predict the current market movement.

He is using a descending channel that shows the price bouncing on the support line.

Lets take a closer look at this channel and see where a reversal might occur.

Looking at the Bitcoin price movement, we can indeed see a descending channel in place since the June 24 high. Due to the presence of several wicks, the support and resistance lines could follow slightly different slopes.

Additionally, outlining a wave count we can see that the price is likely in the fifth and final wave of a 3-3-5 correction.

It is possible that the correction end near $6000, at the support line of this channel and previous support area.

The $6000 target also coincides with the long-term logarithmic support line in place since 2011.

There is a confluence of support from both the line and the channel right at $6000.

Looking closer at the movement, we can see that the price has found support above the 50-week moving average (MA).

While a decrease to $6000 would take the price below this MA, it would be right above the 200-week MA. We could see a scenario similar to that in January 2019 when the price bounced at the support line and the 200-week MA, which were at the exact same level.

Finally, the daily RSI gives us an interesting development.

First, it has reached oversold values. Every time it has done so previously, an upward move ensued.

Additionally, there is bullish divergence inside the oversold levels. The only time this happened was during the December 2018 low.

To conclude, the Bitcoin price is trading inside a descending channel. There are several strong support areas at $6000, making it a very likely place to initiate a reversal. This view is supported by the readings from the RSI and previous price history.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.

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Bitcoin Analyst Identifies $6000 as a Likely Bottom - BeInCrypto

Just before the internet became a massive display of human ingenuity and networking, a few individuals anticipated the emergence of tools that would help progress the end of politics and the nation states. 22 years ago, much like Nostradamus, Isaac Newton, Gerald Celente, and Carl Jungs forecasts, a book called The Sovereign Individual predicted the growing autonomy of the individual but also noted the development of the worlds largest economy flourishing in cyberspace.

Also read: Bitcoin Is a Viable Way to Remove the State From Your Life

Since the inception of Satoshi Nakamotos Bitcoin, many people have come to believe that cryptographic technology is meant to progress freedom and liberty by separating money from the state. The concept is similar to when the church was separated from the state but when the power of the church dissipated, the nation states quickly took its place. Cryptocurrencies now provide the means to transact financially without a middleman and this removes the great wealth of power from the states arsenal. More than two decades ago, the cypherpunks started spreading the seeds of crypto-anarchy after envisioning that the internet would help remove the parasites that stem from governments.

Just as the technology of printing altered and reduced the power of medieval guilds and the social power structure, so too will cryptologic methods fundamentally alter the nature of corporations and of government interference in economic transactions, cypherpunk Timothy May wrote in 1988. Humans have always tried to predict the future and forecasting trends has been popular since medieval times. People predicted the world wars decades beforehand, global economies collapsing, and monumental events that have changed society a great deal years before they happened.

Most people know about the cypherpunks from Silicon Valley and the great crypto-anarchist manifestos that were published at this time. In addition to these new philosophers, in 1997 two well-known investment advisors and authors, James Dale Davidson and Lord William Rees-Mogg, published a book that also predicted a huge change coming to society over the next century. Within the book of forecasts, the two authors of The Sovereign Individual predicted the coming of cryptocurrencies and economic realignment. Rees-Mogg and Davidsons book does not specifically mention Bitcoin, because it was published 12 years prior to the cryptocurrencys inception. However, the predictions do note the coming existence of an uncontrollable cybercash and that with technology we will see the growing autonomy of the individual and taxing capacity will plunge by 50-70 percent.

[Society will] develop what promises to be the worlds largest economy by the second decade of the new millennium, The Sovereign Individual states. If we were to look at the invention of Bitcoin as being part of the Sovereign Individuals timeline, we can see that things are just getting started. The cryptoconomy, for instance, is a $200 billion dollar economy that is not backed by a sole individual or endorsed by a corporate entity. Governments do not support the electronic borderless money, and ever since it was created the nation states have met the technology with adversity.

The open web has allowed online economies to flourish and financial epicenters like New York and technological regions like Silicon Valley have no hierarchy over the internets borderless and faceless power. Governments feel threatened by these technologies and The Sovereign Individuals predictions suggest that the nation states will push back just like the church did. At the time, during its predominant institution, the church, saw its monopoly challenged and shattered authority that had been unquestioned for centuries was suddenly in dispute, Rees-Mogg and Davidsons book highlights. The Sovereign Individuals timeline predicts the next millennium will be very similar. With economic tools like cryptocurrencies and other forms of technological advances like autonomous software, drones, defense groups, meshnet technology, Tor, VPNs, and influencer/gig economies, society can begin to remove the bureaucracy from their everyday lives. Davidson and Rees-Moggs novel states:

We believe that change as dramatic as that of five hundred years ago will happen again. The Information Revolution will destroy the monopoly of power of the nation-state as surely as the Gunpowder Revolution destroyed the churchs monopoly Like the late-medieval church, the nation state at the end of the twentieth century is a deeply indebted institution that can no longer pay its way. Its operations are ever more irrelevant and even counterproductive to the prosperity of those who not long ago might have been its staunchest supporters.

Right now, many people believe we are entering the initial phase of change that books like The Sovereign Individual predicted decades ago. On page 160 of the book, the two authors stress that as commerce takes hold on the internet it will lead inevitably to cybermoney. This new form of money Rees-Mogg and Davidson explain will reset the odds, reducing the capacity of the worlds nation-states. Unique, anonymous, and verifiable, this money will accommodate the largest transactions. It will also be divisible into the tiniest fraction of value. It will be tradable at a keystroke in a multi-trillion-dollar wholesale market without borders.

It is interesting to watch the forecasts written years ago come to fruition and especially ones that are changing society for the better. The advent of Bitcoin and the economy behind the thousands of digital assets out there shows that a massive transformation is indeed happening right now. Past predictions from the cypherpunks and books like The Sovereign Individual may help us understand why. Moreover, failing economies and protests worldwide clearly indicate the demand for freedom is just getting started.

What do you think about how Bitcoin and other tools apply to the Sovereign Individual thesis? Let us know what you think about this subject in the comments section below.

Op-ed Disclaimer: This is an Op-ed article. The opinions expressed in this article are the authors own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

Image credits: Wiki Commons, Shutterstock, Pixabay, Fair Use, and Twitter.

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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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How Bitcoin Applies to The Sovereign Individual Thesis - Bitcoin News

The worlds dominant cryptocurrency appears to have lost all bullish steam. The momentum that the bitcoin price generated when it printed a 2019 high of $13,880 has vanished, giving way to a rapid downturn.

This week, the cryptocurrency crashed through support at $7,400. This triggered a technical reversal on the daily chart. As much as I hate to say it, the bitcoin hater, Peter Schiff, finally got it right.

A head-and-shoulders structure is one of the most reliable reversal patterns in technical analysis. Thus, from a technical perspective, bitcoin is now in a downtrend, and many expect that it would plummet to $6,000.

For instance, Clem Chambers, CEO of ADFN and Online Blockchain Plc, predicts that capitulation will strike at $6,000. He told CCN:

Bitcoin is entering a capitulation phase as you can more easily see when you remove the recent dump and bump from the chart.

Nevertheless, Peter Brandt says that bitcoin bulls will likely face an even worse scenario, at least in the short-term. The analyst predicts a move below $6,000, which would usher in an extended bear winter.

Even though bitcoins fundamentals have been making numerous advancements, Brandt says that a strong buy signal would only come once the Crypto Twitter bulls have all but disappeared. A thorough cleansing might be required to jumpstart a full-blown bull market.

Once the nightmare is over, Brandt expects that bitcoin would be ready to soar to $50,000.

If youre a bitcoin investor whos hoping for the halving to catalyze the next bull market, Ive got bad news for you.

Brandt sees the purge lasting until July 2020, two months after the May 2020 halving. At that point, the analyst expects bitcoin to be trading around $5,000 which is not far from todays price.

If youre accumulating bitcoin, can you see yourself holding the digital asset for another eight months while taking losses?

For most bitcoin holders, this is a dreadful scenario. Many will likely cut their losses and move on. Brandt banks on the pain of waiting rather than the pain of losses to wear out bulls.

Peter Brandts forecast agrees with PlanBs popular stock-to-flow model, which analyzes the bitcoin price according to available supply (stock) and new units entering circulation (flow).

A look at bitcoins stock-to-flow chart suggests that the top cryptocurrency will likely trade below $10,000 until the latter part of 2020. Consequently, investors who are looking for quick gains would be flushed out.

The good news is that this model also suggests those who HODL could be richly rewarded eventually.

Both the stock-to-flow model and Brandt predict that bitcoin would soar to all-time highs after the prolonged purge. Brandt sees the possibility of bitcoin trading at $50,000, while PlanBs model could see a parabolic BTC surge as high as $100,000.

But dont get too excited. Months of pain may lay ahead before you can even hope to enjoy significant gains.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

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Bitcoin Price Will Rip to $50,000 But Only After a Nauseating Purge - CCN Markets

FRANKFURT, Germany--(BUSINESS WIRE)--

Designed to measure the performance of a Bitcoin portfolio priced on select exchanges

MV Index Solutions (MVIS) in partnership with CryptoCompare, the global leader in digital asset data, today announced the launch of the MVIS CryptoCompare Institutional Bitcoin Index (ticker: MVIBTC), an index designed to measure the performance of a digital assets portfolio which invests in Bitcoin, priced on select exchanges.

The MVIS CryptoCompare Institutional Bitcoin Index is a robust and transparent benchmark for Bitcoin, which will be used by Canadian investment fund manager, 3iQ Corp., for the purpose of NAV calculation of The Bitcoin Fund.

We are pleased to launch this index with our partner CryptoCompare, said Thomas Kettner, Managing Director at MVIS. The index follows our long-term mission in supporting new product developments with the aim of providing investors access to bitcoin.

Our mission is to bring greater transparency to the digital asset class by providing high quality, trusted data and indices. Together with our partner MVIS, we are excited to offer investors a reliable tool to better measure the performance of their Bitcoin exposure, said Charles Hayter, CEO and Co-Founder of CryptoCompare.

Key Index Features Full Market Capitalisation (bn USD): 127. 61 Number of Components: 1 Base Date: 12/31/2013 Base Value: 100

Note to Editors:

About MV Index Solutions

MV Index Solutions (MVIS) develops, monitors and licenses the MVIS Indices, a selection of focused, investable and diversified benchmark indices. The indices are especially designed to underlie financial products. MVIS Indices cover several asset classes, including equity, fixed income markets and digital assets and are licensed to serve as underlying indices for financial products.

Approximately USD 14.48 billion in assets under management are currently invested in financial products based on MVIS Indices. MVIS is a VanEck company.

About CryptoCompare

CryptoCompare is the global leader in digital asset data. Institutional and retail investors rely on the company for real-time, high quality data spanning 3,200+ coins and 150,000+ currency pairs. By aggregating and analysing tick data from globally recognised exchanges and seamlessly integrating multiple datasets, CryptoCompare provides a comprehensive, granular overview of the market across trade, order book, historical, social and blockchain data. For more information, please visit https://data.cryptocompare.com.

3iQ Corp.

3iQ is a Canadian investment fund manager focused on providing innovative investment products. 3iQ currently manages two digital asset funds including the 3iQ Bitcoin Trust and the 3iQ Global Cryptoasset Fund, two private investment funds which hold Bitcoin only and Bitcoin, Ether and Litecoin respectively. These funds are eligible for investment by accredited investors in Canada or in reliance on other exemptions from the prospectus requirement. Founded in 2012, 3iQ is currently focused on disruptive technologies and the digital asset and blockchain space. Please visit http://www.3iQ.ca to learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191125005493/en/

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MVIS and CryptoCompare Launch the MVIS CryptoCompare Institutional Bitcoin Index - Yahoo Finance