Bitcoin Weekend Update - Calling All Criminals and Drug Dealers

Less than 72 hours after our BUY signal was transmitted to subscribers, Bitcoin surged almost $1000 on April 24, lifting the price to almost $9800 before settling back to around $9300 at the current time. Our indicators remain in their most bullish condition with all 3 indicators on BUY signals. Our latest trade is currently up about 7%.

Turning to the news, in a surprising development, the St. Louis Federal Reserve Bank provided some validation for the core premise of Bitcoin and other cryptocurrencies in a blog post titled "Three Ways Bitcoin is Like Regular Currency".

In it, the bank states that bitcoin units have no "intrinsic value", ok we've heard that before, but then acknowledge that "state monopoly currencies, such as the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either." They may finally be starting to get it.

At the Sohn investment conference in New York, John Pfeffer, a partner at UK-based Pfeffer Capital made the claim that Bitcoin is better than gold "on every front", and could eventually be work "around $700,000". Mr. Pfeffer stated that "Bitcoin is the first viable candidate to replace gold the world has ever seen." And, "if bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency." While we admire his enthusiasm we prefer not to waste our time throwing out price predictions. What we at the MCR Market Report can promise is a "survivable journey" in Bitcoin investing by using statistically-based risk-managed models that will invest as early as possible at the beginning of a new uptrend, and get out as soon as possible at the inception of a downtrend, growing capital and preserving wealth.

It was the first time that Bitcoin had been mentioned at the conference. It is rumored that globalist investor George Soros is preparing to invest in bitcoin, after previously calling it a bubble.

Not surprisingly, a panel of old white guys wearing suits and ties all spoke out against Bitcoin at a UBS Bank panel this week.

The panel seemed to agree that Bitcoin was "only good for drug dealers", not clarifying whether they were referring to street-level people of color dealers, or their own private narcotic prescription-pain-medication-dispensing physicians. The panel was comprised of four Nobel prize laureates in economics, who laughed nervously and looked at each other when asked about their views on Bitcoin. Angus Deaton (2015 winner), was happy to point out the difference between cash and Bitcoin is with Bitcoin "The only advantage as far as I can see is you can be a crook."

Finally, you better stock up because this week Bitcoin number 17,000,000 was mined meaning that there are only 4 million left to mine. Ansel Lindner, host of the "Bitcoin & Markets" podcast stated, "It's an event that makes the market more aware of the scarcity of bitcoin. It will eventually turn into higher prices." Also related to the scarcity of Bitcoins is that a significant number of bitcoins, an estimated 980,000, are not in circulation.

Now to the charts:

Bitcoin has managed to cross back above its' intermediate-term 50-day moving average, but is still finding resistance at its' long-term 200-day moving average. A convincing move above the 200-day ma would indicate a new bull market for Bitcoin has begun.

Turning to the Japanese Cloud charting technique, Bitcoin has broken back "above the cloud", a very bullish development, with its lagging line (the blue line) also poised to break through. According to cloud charting, the presence of both the price and the lagging line above the cloud also indicates an anticipated bull market going forward.

For price projections, the latest point-and-figure charts (a charting technique used on Wall Street for over 100 years), Bitcoin is in a confirmed uptrend given the new column of X's and a price target of $13,074 based on previous trading data. The MCR Market Report is the only source of percentage-based point-and-figure charts for Bitcoin.

We appreciate all of our drug-dealing criminal readers and followers. Thanks for reading, hope you enjoyed it. Have a nice weekend!