By Bill Taylor, Contributor/Entoro Wealth
The opinions expressed below are my own and do not necessarily represent those of Entoro.
We compare the price of Bitcoin, Ethereum, & Gold, using the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference as well as the London Bullion Market afternoon price settlement.
4/8/20 Closing Prices:
Bitcoin: $7,254.30 (-$58.87)
Ether: $168.11 (-$1.00)
Gold: $1,649 (-$15.00)
Trading Summary Notes for Wednesday, 4/8/20
SEQUESTURED AT HOME? PANDEMIC FEARS? MARKET PANDAMONIUM? WHAT NEXT? GLAD YOU ASKED.
Having taken a few months off while preparing to launch a new investment fund AND a new newsletter/website (Digital Wealth News) I thought it might be time to look forward. Coincidentally, I also noticed that the last TAYLOR REPORT back in mid-December had BTC and ETH each basically the same price as today BUT GOLD is over $200 higher. So, let’s look ahead.
· First off, upside target (near term) for BITCOIN looks like $8,500
· WHY? Having been caught in the “sell everything NOW” month of Coronavirus March, BITCOIN has rebounded nicely. The $3,500-$4,000 area has proven to be a rock solid bottom.
· With the virus sparking a conversation among global central banks to move toward digital fiat currencies, BTC will gain more acceptance and respect.
· Remember……nobody will ever get a virus from touching a digital currency…..or BITCOIN (lol)
· ETH followed “big sister” BTC down with the market melt down and, of course, is following BTC back up
· ETH should see $200 again as BITCOIN rallies. Let’s look at $205-$210
· GOLD shook a whole lot of some long holders out. Let’s say $1,450-$1,460 is solid to place to be a buyer for next move up (this call was made in mid-December….thank you very much)
· GOLD upside target is $2,500……yup, $2,500
· Remember (part 2)…………nobody gets a virus from gold and certainly not digital gold
· Ignore the rhetoric. Forward looking, after throwing money to ensure a recovery, inflation may be on the rise and geopolitical/pandemic risks are only getting stronger. Positive for GOLD
· GOLD? Stay long. Super powerful move under way. $2,500 next target. Buy the dips.
· ANOTHER VERY STUPID COMMENT? I SAW SOMEONE SAID GOLD (along with BTC) COULD GO TO ZERO. HASN’T DONE THAT IN THOUSANDS OF YEARS SO GUESS THE SHORTS ARE GOING TO HAVE A LUCKY DAY? (sic)
Current trading positions: LONG BITCOIN, ETH & GOLD
Bill Taylor is Managing Director/CIO at EntoroWealth & a frequent contributor to FA-Mag.com