Bitcoin and its lesser altcoin minions may have levelled out on the whole for now, but at least two bullish analysts are eyeing a big run-up soon for BTC – to possibly a future target of US$100k, if all goes stupendously swimmingly for the original crypto.

Hopium crack pipe a-gogo? Maybe, but we’ll look into it anyway.

Meanwhile, crypto firms have reportedly been getting the hell out of regular banking Dodge and flocking to investment bank bigwigs such as Fidelity.

But first, those ridonculously bullish calls…

 

DonAlt calls a $20k Bitcoin bottom

Crypto Twitter has more pseudonyms than every screenplay draft of all Top Gun and Iron Eagle films.

“DonAlt”, to be fair, is one of the less stupid-sounding accounts and one we actually included in our recent Crypto Twitter “alpha” listicle.

We didn’t actually mention this there, but part of the reason we gave him a follow in the first place is for his reasonably strong track record at calling tops and bottoms.

No, not saying he gets it right every time – absolutely no one does when it comes to crypto – but he did manage to pretty much nail the absolute crypto market bottom last year.

While that might not quite be in the same league as GFC-predicting Michael “Big Short” Burry, we still take some notice when he tweets BTC bottom-calling things like this…

… while sticking to a trading target of US$100,000 for the OG crypto asset, which, judging by his chart projection, might be a timeframe he’s looking at within the next year or two.

 

‘Bump and run reversal bottom‘

Someone who we didn’t include on our Crypto Twitter curation, but probably should have, is prolific poster Charles Edwards, the founder and CEO of investment firm and digital asset hedge fund Capriole.

The quant trader and analyst posted a tweet yesterday, on March 15, that noted Bitcoin’s recent price action resembling a “textbook perfect bump & run reversal bottom” (while caveating that chart patterns do sometimes fail).

A bump & run reversal, according to the StockCharts traders’ info website, is “a reversal pattern that forms after excessive speculation drives prices up too far, too fast”.

Edwards is spotting the bottom of that pattern at present.

And according to a similar trading-education source – thepatternsite.com – a bump & run reversal bottom, “is a surprisingly good performer in both bull (ranking best for performance) and bear markets (ranking second best). It has a low break even failure rate and high average rise after the breakout”.

“Close this week above $25[k] and it doesn’t get much better from old school technicals perspective,” added Edwards in another tweet. Although, as someone pointed out, we think he meant to say “inverse head & shoulders”.

 

Crypto firms move cash to Fidelity

Amid the bank-run implosion contagion crisis seemingly spurred by American banks Silvergate, Silicon Valley Bank and Signature, crypto firms have reportedly been moving their money over to large institutional asset managers, such as Fidelity.

Per a report by Bloomberg, crypto companies have found it tricky to find new banking partners in the wake of those three crypto-friendly bank collapses (although Coinbase hooked up with another, called Cross River this week).

Asset management firms – as opposed to regular banks – are reportedly now looming as more appealing alternatives for the crypto industry.

“A rising number of companies in the digital-asset sector are reaching out to asset managers such as Fidelity Investments to invest their cash in products like Treasuries in the aftermath of the recent collapse of several crypto friendly US banks,” wrote Bloomberg.

Justin Bram, co-founder and CEO of crypto startup Astaria, told Bloomberg that he’d received several messages from other crypto firms after he put out an offer to make introductory calls to Fidelity on their behalf.

“I’ve referred probably 25 companies and funds their way in the last three days,” Bram said, adding that the introductions included large market makers and venture capital firms in digital assets.”

“Fidelity isn’t a traditional bank, but they’re certainly safer than the tier-two-and-beyond banks,” Bram added.

The investment firm giant, and a few others like it, are possibly not a bad go-to for crypto firms, seeing as several of them have been leaning for some time towards Bitcoin and Ethereum as investments for their institutional clients. (And now retail clients, too in the case of Fidelity and Bitcoin.)

Read MoreBitcoinCryptocurrency

You might be interested in