0,000 Bitcoin In 2021 If History Repeats During Next Bull Run! | 5 BTC Price Factors to Watch

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Bitcoin price broke out from a tightening range to rally above $9,500 but will BTC hold above the crucial resistance level?

Perhaps the move is purely technical as Bitcoin has been compressing into a tighter range of higher lows and lower highs since early June, or possibly investor sentiment has been buoyed by the following massive breaking Bitcoin news today:

US Banking Regulator Greenlights Crypto Custody at Federally Chartered Banks

The Office of the Comptroller of the Currency (OCC) has given permission to allow federally chartered U.S. banks to provide clients with crypto custody services. 

This is a positive step forward as it removes some of the rigamarole involved in acquiring and storing cryptocurrency, meaning, crypto investors will eventually be able to hold their digital assets in the same bank where they keep their checking, savings, and brokerage accounts. 

The recent announcement from the European Union to kickstart another $857 billion euro round of stimulus and the expectation that the U.S. Federal Reserve will follow suit with a $1 to $2 trillion economic stimulus package could also be boosting investors’ belief that as long as the Fed is printing, equities will rise and Bitcoin will soon make another run at $10,000. 

This issue has seen much skepticism, given that crypto wallets do not resemble the custody requirements of other sorts of assets. Nonetheless, in its interpretive letter on the subject, the OCC wrote: 

“The OCC recognizes that, as the financial markets become increasingly technological, there will likely be increasing need for banks and other service providers to leverage new technology and innovative ways to provide traditional services on behalf of customers.”

In the words of the announcement, the new opinion “applies to national banks and federal savings associations of all sizes.”

The OCC’s letter further specifies that bank “custody” of crypto assets is dependent on their access to the keys to the crypto wallets rather than any sort of physical requirement — a confirmation of Andreas Antonopoulos’ famous line of “not your keys, not your coins.” the OCC specifies:

“That national banks may escrow encryption keys used in connection with digital certificates because a key escrow service is a functional equivalent to physical safekeeping.”

In regards to the new rounds of stimulus Gemini exchange co-founder and CEO Tyler Winklevoss suggested that: 

“The Fed continues to set the stage for Bitcoin’s bull run.”

Central bank printing continues to push the markets higher In traditional markets, silver started off the week with a strong pump which completed a nice cup and handle pattern on the daily timeframe, and at the time of writing the asset is up 19.25% for the week. 

Gold has also continued its upward trajectory by pushing to a new high at $1,874 today. To date, gold has gained 29% since the coronavirus-driven market correction occurred in mid-March.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

Once there is attention, these illiquid altcoins then get a surge of buyersPushing the price up even more

You can see that with many defi alts $BAND caught on and ppl piled in, this week $ALEPH (both solid btw), next week will be be another

Always another trade to be made

— Josh Rager 📈 (@Josh_Rager) July 22, 2020

The altcoin chart set-ups that get the least engagement usually pump the hardestThat’s because most people arent in & that same mass of people won’t care unless you’re sharing about an asset they’re in

Until after that alt pumps – that tends to grab attention

— Josh Rager 📈 (@Josh_Rager) July 22, 2020

OK, there is the first lift in the BB Squeeze. Now we need to see follow through or we’ll be setup for real trouble, a Head Fake. $BTCUSD

— John Bollinger (@bbands) July 21, 2020

https://cointelegraph.com/news/us-banking-regulator-green-lights-crypto-custody-at-federally-chartered-banks

https://cointelegraph.com/news/bitcoin-price-rises-to-9-500-as-2-trillion-fed-stimulus-expected

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Bitcoin Price May Rally 4,900% and Hit Half a Million Dollars, Says Fundstrat Analyst Tom Lee – Here’s How

The head of research at Fundstrat Global Advisors, Tom Lee, says Bitcoin (BTC) could rise to half a million dollars in the long run.

In a new interview with Nasdaq, Lee says he stands by his view that the BTC price will hit $40,000 before the Dow Jones hits 40,000.

When asked if Bitcoin will hit $500,000, Lee says he believes a 4,900% increase is possible based on the number of users that ultimately join the network.

“I think in the long term it’s possible because today Bitcoin’s transaction activity is twice that of PayPal, 7x the Discover network. It’s the second-largest transaction network after Visa, and there’s four billion Visa card holders. So if you get to five million Bitcoin users, it’s almost 100x increase in price.”

As for the timeline for such a meteoric rise, Lee says he’s unsure and doesn’t have a crystal ball.

But he does think Bitcoin has a strong use case in the current financial system.

“It’s not like I’m necessarily critical of how financial systems work, but too much money is paid to intermediaries. Today, roughly 6% of all GDP globally is paid to the financial system to manage trust. Bitcoin has been around for 11 years, has never had a single fraudulent activity on its blockchain with $5 trillion of activity. So it works better than the traditional financial system and the cost is vastly lower. Today, you can transmit a million dollars of Bitcoin between countries for $15. That same transaction using remittance counterparties would cost you 5 to 10% of that – $50,000 to $100,000.”

BITCOIN PRICE RETURNS ABOVE $10K, HERE’S WHY:

Bitcoin’s recent golden cross on the daily chart may have driven bullish enthusiasm for the leading crypto to reach a tipping point.

With the upcoming halving, many investors are buying up sub 10K BTC in preparation of the supply-side shock.

Many crypto analysts have predicted when we will never see BTC price under 10K again, but with the golden cross, it may actually be the final catalyst to push Bitcoin’s price into 5 figures permanently.

Bitcoin is often referred to as a deflationary currency due to it’s ever decreasing emission schedule of new coins.

Eventually the economic law of supply and demand will have its impact on Bitcoin’s existing supply, and its decreased production of new coins, causing a rise in prices overall.

As BTC rises in price, we can expect Altseason to really kick into overdrive, due to their heavy correlation with Bitcoin’s price.

We have already witnessed many traders diversifying into alts as BTC dominance has dropped over the last few weeks, dramatically.

Many altcoins have already been outperforming Bitcoin so far this year, acting as leading indicators for the largest market cap coin.

Smart money has been silently taking positions in both Bitcoin and Alts, while prices were down during the crypto winter.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://www.nasdaq.com/videos/marketbrief%3A-the-bull-case-for-bitcoin

Bitcoin Price Returns Above $10K, Here’s Why

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The Bitcoin price is heading to at least $100,000 during the bull cycle which has already begun, one of the industry’s best-known analysts has confirmed.

Speaking to RT financial news show the Keiser Report on March 3, Willy Woo described the BTC price hitting $135,000 as a “common-sense prediction.”

Woo to Keiser: BTC could soon clinch $250K

Woo highlighted the cumulative average Bitcoin (BTC) price as a particularly effective metric for forecasting future gains. 

“You go could 35 times the cumulative average of the price — and that’s actually picked every single top in the ten-year history of Bitcoin — right now that’s sitting above $50,000, but it keeps climbing the longer it runs for,” he told host Max Keiser.

Explaining that Bitcoin ebbed and flowed in line with the four-year cycles of its block reward halvings, Woo likened new highs in BTC/USD to water “sloshing” in a bathtub.

“If you make a best guess, it’s above $100,000; I think one of the more common-sense predictions would be around $135,000 based on the timing cycleture and the 35x of average cap,” he continued.

“I’m looking at around the $100,000 to $250,000 range depending on how long this bull market runs.” 

In other Crypto news today:

India’s Supreme Court (Effectively) Unbans Bitcoin & Crypto Per excerpts of the Bloomberg article shared by Three Arrows Capital’s Su Zhu, judges today ruled that the Reserve Bank of India was wrong in banning banks from offering services to those that dabble in cryptocurrency.

Commenting on this decision, Joe McCann, a prominent cryptocurrency analyst and an AI/cloud specialist at Microsoft said in a message published to his Telegram channel:

“If true, India is nearly as big as China. That would open up a potentially large market for Bitcoin buyers…”

Indeed, prior to the restrictions placed on the cryptocurrency industry, India was a hotbed for innovation regarding this industry.

Thus, a de-escalation of said restrictions by the regulators could revive Bitcoin investment and the level of technological developments for other projects.

NewsBTC’s very own Joseph Young said that this “will be the biggest news of the year,” likely referencing the abovementioned sentiment.

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Trezor: ► http://trezor.cryptonewsalerts.net

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

Bitcoin’s hash rate has hit another all-time high.This has happened in the face of a potential pandemic, absolute chaos in the public markets, and helicopter money being distributed in Hong Kong.

Bitcoin doesn’t care about anything other than doing what it was built to do. pic.twitter.com/q5VF2AFn0D

— Pomp 🌪 (@APompliano) March 3, 2020

India’s Supreme Court Just Made an Extremely Bullish Ruling For Bitcoin

https://cointelegraph.com/news/bitcoin-hash-rate-passes-record-150-quintillion-as-price-reclaims-9k

https://cointelegraph.com/news/bitcoin-hitting-135k-this-bull-cycle-is-common-sense-willy-woo