Key Takeaways:
- Legendary investor Bill Miller likens Bitcoin to digital gold, but raised concerns regarding altcoins.
- Meanwhile, Bitcoin broke above $57,000, almost touching $58,000 before pulling back.
NEW DELHI (CoinChapter.com) — Billionaire investor Bill Miller reaffirmed his bullish outlook for Bitcoin in a recent interview with author William Green.
The legendary investor and founder of Miller Value Partners also likened his Bitcoin investment to his bet on Amazon 20 years ago during the dot-com crash. Moreover, the billionaire investor also said Coinbase could become as valuable as Tesla in the future.
However, Mr. Miller shared his skepticism on altcoins, at one point saying that no more than a handful of them would survive the volatility of crypto markets. Instead, he singled out Ethereum and a few other altcoins, asserting them to be the only ones with the potential to ‘be around for a while,’ besides Bitcoin.
Meanwhile, Bitcoin continued its upward movement, conquering the $57,000 resistance as it gained 9.13% between Oct 8’s low ($53,062) to Oct 11’s high($57,909.98). Bitcoin moved above $57,000 for the first time since May 10. Overall, the OG crypto gained 15.10% over the past week. BTC seems poised to continue its uptrend this week.
Bill Bats For Bitcoin
Seasoned Wall Street investor Bill Miller is a proponent of the digital gold theory of Bitcoin, which states that Bitcoin is similar to gold as a store of value. However, Mr. Miller, unlike his contemporaries, is not crypto shy and first invested in Bitcoin in early 2016, diverting 30% of his portfolio in the digital asset, then priced at $500.
In Feb, the billionaire investor increased his BTC exposure, filing a motion with the SEC to invest in the Grayscale Bitcoin Trust.
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During the interview, Mr. Miller compared his belief in Bitcoin to his faith in the Amazon stock when the dot-com bubble burst. He further asserted that Bitcoin at its current price is less risky than when it was at $300, as institutional investments and VC funds now back the digital currency.
If you buy Coinbase or anything else, don’t get too worried about a quarter or two, or even a year or two. If you’re going to get shaken out by how the stock trades in three months or six months or nine months, you probably shouldn’t own it
Bill Miller in his interview with William Green
After sharing his skepticism on the future of altcoins, the seasoned investment highlighted Coinbase’s growth potential, comparing it to Tesla. He further stated that Coinbase’s growth potential is better than Tesla’s as the former is a disruptive company in an evolving industry.
The billionaire investor advised investors to stay bullish in the long-term and not panic over short to mid-term (6 months -2 years) fluctuations. Coming back to Bitcoin, Mr. Miller stated that Bitcoin could increase 10-times its current value if investors start treating it as a haven asset.
Mr. Miller also highlighted some non-crypto investing options such as Alibaba, JD.com, and Baidu stocks in the interview. However, he also warned that he doesn’t expect these stocks to outperform others over the ‘next three, six, or nine months.’
BTC Price Charts
BTC continues to please its supporters as it continues to paint green candles on the daily chart. Bitcoin closed above $55,000 on Oct 10 and wasted no time making a move above $57,000. Bulls are now pumped up, eyeing Bitcoin’s ATH at $65,000.
Also Read: Young coders snub high-paying banking jobs to join the crypto sector.
However, the immediate battle for Bitcoin is the resistance at $58,290. If bulls pass the hurdle, the next resistance is at $59,941. In case of a market-wide sustained buying pressure, BTC may reach $61,593 before any pullbacks occur.
On the other hand, if the bull run fails, Bitcoin would find support near previous resistance at $55,521, followed by support at $53,945. $52,136, which acted as a resistance between Sept 7 to Oct 5, provides support in case BTC prices crash through the first two supports due to a widespread sell-off by traders.
Interestingly, according to data from on-chain analytics firm Glassnode, Bitcoin’s Balance on Exchanges reached a 3-year low of 2,450,952.419 BTC on Oct 11, suggesting a holding mentality in investors. BTC’s short-term (50-day) and long-term (200-day) moving average trendlines indicate a bullish outlook across all time horizons.
The momentum oscillator MACD continues to chart bullish bars on its histogram. However, the bars are not increasing in height, indicating that BTC’s momentum has softened slightly. In detail, bars on the MACD histogram plot the difference between the MACD line (12-day and 26-day EMA difference) and its signal line (9-day EMA of MACD).
Additionally, the relative strength index for Bitcoin is 71.32, indicating BTC to be overvalued. An RSI above 70 means an asset is overbought/overvalued and might be primed to reverse trends.
At the time of writing, BTC was trading at $57,388, up 3.83% on the day.
