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The number of people believing that Bitcoin could top $100,000 by the end of the year continues to grow, with the latest being Bloomberg’s Senior Commodity Strategist – Mike McGlone.
By outlining the growing mass adoption, declining active supply, among other reasons, McGlone predicted that BTC could more than double its value in the next three months.
In other trending Bitcoin News today: National Bitcoin Adoption Will Drive A $1 Million BTC Price!
With several governments adopting Bitcoin, it is only a matter of time for the BTC price to reflect the bullish sentiment.
As more and more countries explore adopting bitcoin in one way or another, it’s become apparent that El Salvador has put the world on notice. Whether these nations just legalize and regulate bitcoin, adopt it as legal tender or use it as an investment vehicle, their interest is undeniable and growing by the day.
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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://bitcoinmagazine.com/business/nation-states-adopting-bitcoin-price
https://cointelegraph.com/news/bitcoin-jumps-toward-49k-amid-fears-5-plus-inflation-is-here-to-stay
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BITCOIN BULL MARKET UNTOUCHED AND IN FULL SWING TO SKYROCKET OVER 450% IN COMING MONTHS SAYS PLANB!!
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Amid the continuing correction in Bitcoin and the broader crypto markets, top analyst PlanB believes that the BTC bull market is far from over. If Bitcoin’s RSI continues to hover above 90, PlanB calculates that the leading crypto asset will skyrocket over 450% in the coming months.
“RSI is 92 now and April is the 2nd month greater than 90. If this run continues 4 more months at RSI 92, BTC will be $300,000 in July (not saying this will happen, just what if). In my opinion, after next all-time high (maybe end this year), volatility will return and we can not rule out 50-80% draw down.”
In other trending Bitcoin News today:
Legendary longtime value investor Bill Miller told CNBC on Tuesday he believes Bitcoin is firmly entering into the mainstream, contending the cryptocurrency’s rally in recent months is significantly different from its 2017 ascension and subsequent plunge.
“I don’t think this is a bubble at all in Bitcoin, I think this is the beginning of the mainstreaming of it … I think it’s like digital gold.”
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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:
“I don’t think this is a bubble at all in #Bitcoin, I think this is the beginning of the mainstreaming of it … I think it’s like digital gold,” says legendary investor Bill Miller
— Bloqport (@Bloqport) April 21, 2021
This revisit of lower price has created incredibly strong price validation for Bitcoin about $1T cap. 14% of the supply last moved above $1T cap.
This is a key line in the sand imprinted into BTC’s price discovery, an area of immense support. pic.twitter.com/NxLKbXTYAC
— Willy Woo (@woonomic) April 20, 2021
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BITCOIN COULD SOAR TO 0K BY END OF 2021 AS DEMAND RAPIDLY EXCEEDS SUPPLY SAYS ANTHONY POMPLIANO!!
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Bitcoin could surge to $100,000 by the end of 2021, according to the crypto investor Anthony Pompliano.
BTC traded as high as $19,389 on Wednesday and is nearing its all-time high, reached in 2017.
Pomp, a cofounder of Morgan Creek Digital, told CNBC on Wednesday that demand for Bitcoin was rapidly outpacing supply, especially after its “halving” in May, when the number of Bitcoins awarded to miners was cut in half.
This occurs roughly every four years and serves to limit the supply of BTC coming into the market.
Bitcoin is “the winner of a supply-and-demand exercise,” Pompliano said.
Pomp added that the macroeconomic environment right now was “rocket fuel” for Bitcoin.
Low interest rates, money printing, and the Federal Reserve’s average inflation target of 2% have driven retail and institutional investors into BTC, he said.
The investor also said that Janet Yellen, President-elect Joe Biden’s pick for treasury secretary, was “notorious” for tolerating higher levels of inflation and that this could also push the BTC price higher.
“I don’t think it’s that crazy to see a $100,000 Bitcoin price by the end of 2021,” Pompliano said.
“And if we continue to get bigger and bigger buyers … if this kind of tips over and all of the sudden it becomes kind of a consensus trade, it wouldn’t surprise me to see something even higher than $100,000.”
Bitcoin has surged by roughly 160% this year as more major investors and institutions acknowledge the cryptocurrency’s legitimacy as a store of value.
The billionaire hedge-fund manager Stanley Druckenmiller told CNBC earlier this month that he owned a “tiny bit” of bitcoin as a hedge against inflationary pressure, while the venture capitalist Chamath Palihapitiya said in February that every citizen should hold 1% of their assets in bitcoin because it’s a “fantastic hedge.”
Despite his bullish view, Pompliano shared two potential risks he sees for Bitcoin.
“The first thing’s a self-inflicted wound, right, if there’s a bug introduced into the code or something like that,” he said. “The second thing would be some sort of geopolitical risk where we saw a really aggressive coordinated kind of action by multiple nation-states.
“But again, I think that those things are very low probability of occurring, so it doesn’t really kind of seem like that’s going to happen in the short term.”
In other trending Bitcoin News today:
How Massive Liquidations Caused Bitcoin to Plummet 16% in 24 Hours
Bitcoin fell by a whopping 16% to $16,334 on Nov. 26 since achieving its peak at $19,484 the previous day. Data suggests that cascading liquidations were the driving force of the massive correction.
Prior to the pullback, the open interest of the Bitcoin futures market hit a new record high. The derivatives market was also overheated with buyers, causing the market to sway to one side.
The combination of two factors triggered a rapid BTC price drop alongside a spike in futures trading volume.
Over a billion dollars worth of futures contracts were liquidated, similar to the March 12 crash. The Chicago Mercantile Exchange, for example, saw $1.8 billion in volume — its highest ever, according to Skew.
As the price of Bitcoin started to drop, inflows into exchanges spiked. This indicates that whales, or high-net-worth investors, were selling heavily on major exchanges, including Coinbase.
Ki Young Ju, the CEO of CryptoQuant, pointed out that the All Exchanges Inflow Mean indicator was showing the selling pressuring coming from whales.
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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:
Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects, and wanted to share those concerns.
— Brian Armstrong (@brian_armstrong) November 25, 2020
Bitcoin Falls as Mnuchin [Reportedly] Plans to Regulate Private Wallets
https://cointelegraph.com/news/how-massive-liquidations-caused-bitcoin-to-plummet-16-in-24-hours
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BITCOIN CAN HIT $400,000 IN 2021 AS ‘RISK-OFF RESERVE ASSET’ SAYS BLOOMBERG INTELLIGENCE!!
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Bitcoin still gets criticized for being too volatile, but one Bloomberg analyst believes that BTC is conversely becoming a “risk-off” choice for investors.
In a tweet on March 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that this year marked a watershed moment for the largest cryptocurrency and that a $400,000 Bitcoin price would ‘rhyme’ with history.
McGlone uploaded a chart of the BTC/USD average price and the Bitcoin Liquid Index, a price ticker specially created for institutional use.
“Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view,” he wrote.
A potential price peak this year, with previous behavior as context, could be as much as $400,000 per bitcoin, the chart shows. This dwarfs other estimates, such as that of stock-to-flow, which calls for an average of $288,000 between now and 2024.
While McGlone did not provide exact details of the factors behind Bloomberg’s view, the idea of Bitcoin reducing, rather than increasing portfolio risk is the talking point of the year among corporates. New reports of treasury allocations to BTC appear frequently, with appetite unfazed by price action.
“My mission right now is to fix the balance sheets of the world,” Michael Saylor, CEO of MicroStrategy, one of the largest Bitcoin treasury investors, said in an interview with TIME this week.
In other trending Bitcoin News today:
Here’s How Bitcoin Dolphins, Sharks and Whales Are Playing the Crypto Markets, According to Top Analyst Willy Woo
On-chain analyst Willy Woo is providing his take on how large Bitcoin (BTC) holders are attacking the market.
As Bitcoin takes a dive to the low $50,000 range this week, new crypto whales are entering the market, according to Woo.
“Some bearish scares over whales selling down, here’s more complete picture. Chart: BTC held by dolphin/shark/whales (100-10,000 BTC).
Whales becoming dolphin/sharks, new buyers coming in, cohort is still accumulating, they usually sell in the middle of the bull run. Still bullish.”
Woo points out that although it may appear as though whales have been parting with their BTC at an alarming rate causing the recent sell-off, the Bitcoin being sold on the market are newer supplies likely held by entities that are taking profits after the largest crypto asset’s huge run up.
“This is a new species of whale; hedge funds. Likely selling down for end of quarter rebalancing after such a good run from $10,00 BTC last year. Doesn’t look like the typical OGs selling (which they do on every bull season rally). The coins being sold lately are relatively young.
Bitcoin addresses are forensically clustered into wallets held by individual participants before extracting this view. Beware that looking at just raw address balances, which I’ve seen posted elsewhere can be misleading.”
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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 in Transition to Risk-Off Reserve Asset: BI Commodity — Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view. pic.twitter.com/Ycr1LSqEAJ
— Mike McGlone (@mikemcglone11) March 26, 2021
A Tesla is the new pizza
10 years from now people will be amazed that someone spent a whole #Bitcoin for a Tesla
— Max Keiser (@maxkeiser) March 25, 2021
Law of averages gives #Bitcoin an $83,000 price target for April.
Avg over 10 years in April +51%
— Danny Scott (@CoinCornerDanny) March 27, 2021
Pizza Day 2.0: Buying A Tesla With Bitcoin Could Be A Mistake
https://cointelegraph.com/news/bitcoin-can-reach-400k-in-2021-as-risk-off-reserve-asset-bloomberg
https://cointelegraph.com/news/stock-to-flow-creator-doesn-t-think-bitcoin-s-bull-market-is-done
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