Billionaire investor Stanley Druckenmiller became the latest famous name to disclose a Bitcoin position. Although Druckenmiller did not specify the quantity he had purchased, he did say that Bitcoin will outperform gold a lot more “because it’s thinner, more illiquid, and has a lot more beta to it.”
Paul Tudor Jones, Stanley Druckenmiller, and Bill Miller are some of the most successful traders and investors on Wall Street. A stamp of approval from them is likely to attract several other investors who may want to diversify their portfolio and outperform the markets.
In further validation for the crypto space, controversial Australian politician Cory Bernardi has called Bitcoin (BTC) “the millennial’s version of gold.” Even though Bernardi said that risks remain, he believes they are similar to that of any other asset class.
Alex Saunders, founder of the crypto education site Nuggets News, views the endorsements for cryptocurrencies by high-profile figures as a sign of changing times and earlier this week the analyst predicted that Bitcoin price will reach $1 million by 2030.
These fundamental points are long-term positives for cryptocurrency prices. However, let’s analyze the charts of the top-10 cryptocurrencies to find out the path of least resistance in the short-term.
Bitcoin (BTC) had formed an inside day candlestick pattern on Nov. 10, which showed indecision among the bulls and the bears. The uncertainty has been resolved to the upside today with the bulls attempting to push the price above the $16,000 resistance.
If the bulls succeed, the BTC/USD pair could start the journey towards the next target objective at $17,200. This level is likely to be the last stop before the pair retests the all-time highs.
The rising moving averages and the relative strength index in the overbought zone suggest that bulls are in command.
Contrary to this assumption, if the price fails to sustain above $16,000, then the pair could remain range-bound between $14,000 and $16,000 for a few more days. A break