By Bill Taylor, Contributor/Entoro Wealth
Utilizing the CME Bitcoin and Ethereum Reference Rates
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 preparingto 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 $8,500WHY? 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
