BITCOIN BLASTING OFF TO $700,000, ACCORDING TO CRYPTO INVESTMENT FIRM PANTERA CAPITAL – HERE’S WHEN!

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Bitcoin price experienced a massive spike towards $100,000 on its Quarterly Futures chart.

According to the official Binance announcement, a single user placed several large orders over a very short period of time creating an insane BTC candlestick wick up to $99,964.

This incident did cause the entire Crypto market to shake.

According to Binance, because Futures uses the mark price for liquidations and other calculations, no one was actually liquidated when the BTC price touched $99,964, however, on the spot market, there was a large fluctuation in price.

In less than 1 hour, Bitcoin went from a high of $12,123 to $10,518 before quickly recovering above $11,000.

Ethereum price also got affected dropping from $415 to $325 in the same time frame.

Other major coins suffered the same price action.

In other trending Bitcoin News today:

Bitcoin Now ‘Perfectly on Track’ to $100K, Says Stock to Flow Creator

PlanB, the well-known creator of the contested stock-to-flow (S2F) model, believes Bitcoin (BTC) is now well on track to reach $100,000 as the price has risen to yearly highs.

The optimistic sentiment coincides with the shift in momentum from alternative cryptocurrencies, or altcoins, to BTC. He recently shared,

“I can’t make a chart for you now (at sea), but S2F model perfectly on track.”

At the same time, the price of Bitcoin has increased by 17% this week, as it broke through a major three-year trendline.

As Cointelegraph reported, traders seemingly expect BTC to test higher resistance levels in the near term.

Altcoins declined particularly in the past 72 hours when the price of Bitcoin started to rally.

Ethereum’s Ether (ETH) moved in tandem with BTC throughout the rally, but it slumped against BTC in the past two days.

In the short term, as Bitcoin sees a profit-taking rally from altcoins, some investors expect BTC to outperform altcoins.

Kelvin Koh, the co-founder of Asia-based venture capital firm Spartan Group, said:

“If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term.”

In other trending BTC news today:

Chainlink (LINK) Surges 12% to a Fresh All-Time High of $9.72

For the first time in its multi-year history, the Chainlink price passed above $9.00 for the first time ever on Monday.

At the local highs, the asset reached a price of $9.72, as per data from CoinMarketCap.

This surge comes after Chainlink was subject to a strong retracement after hitting $8.94 near the middle of July.

Like many other leading altcoins, LINK suffered from volatility in the prices of Bitcoin and Ethereum, which centralized gains in those market players.

LINK currently trades at $9.50 as of this time, having dropped slightly from the local highs (which is also the all-time high).

According to Santiment, blockchain analytics firm, indicated amid the surge that there has been an uptick in trading volume and social sentiment.

This may suggest that Chainlink does have room to rally.

What it may also show, though, is that a near-term peak may be reached.

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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:

Chainlink (LINK) Surges 12% to a Fresh All-Time High Above $9

Bitcoin Price Hits $100,000 … Briefly

https://cointelegraph.com/news/bitcoin-now-perfectly-on-track-to-100k-says-stock-to-flow-creator

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Kraken Head of Business Dan Held explains why he believes the Bitcoin (BTC) price could reach $1,000,000.

Dan Held has been involved in crypto since 2013. In his latest interview with Cointelegraph, he dives into the early crypto meetups in San Francisco’s Mission District and explains how the price of one BTC could eventually reach a million dollars.

Bitcoin will become “very boring” Bitcoin is famous for its volatility, but Held thinks that won’t always be the case.

He believes Bitcoin to be digital gold. With that thesis comes the expectation that there will be immense growth in the asset’s market capitalization. 

“Bitcoin in its final stages decades from now will be something very boring. Like our grandkids will go, ‘Grandpa, Grandma, I only hear about Bitcoin. Everyone’s got Bitcoin.’ It’s like, who cares? Like it’s a boring investment. It’s like holding cash.”

Held predicts Bitcoin to hold from $5 trillion to $100 trillion dollars of value in its “final stages.”

This would result in a transformation from a highly volatile asset to a “very boring” currency. Held’s belief in Bitcoin is unshakeable.

He’s seen his net worth go up and drop 80% three times. And yet, 90% of his current net worth remains in Bitcoin.

His unwillingness to diversify his portfolio comes from a staunch belief that blockchain technology is only useful for Bitcoin.

“Satoshi purposely built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many tradeoffs to build Bitcoin that it is basically ineffective for almost anything else.”

Under this line of thought, which he calls “Bitcoin minimalism” to spite Vitalik Buterin, he doesn’t see a reason for altcoins to exist.

To Held, altcoins are just experiments that have yet to prove blockchain is useful for anything but Bitcoin.

In other trending Bitcoin News today:

Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021

The Bitcoin Stock to Flow (S2F) model created by the pseudonymous analyst “PlanB” has been a controversial subject over the past year.

A majority of cryptocurrency investors on Twitter seemingly believe in the model, though it’s increasingly come under fire.

Debate about PlanB’s work has come to a head over the past few days as prominent commentators have chimed in.

The model predicts that after 2020’s block reward halving, BTC will rise to a market capitalization of $1 trillion.

That corresponds with approximately $55,000 per coin. It has since been updated with a new regression formula that suggests Bitcoin will reach $100,000 in 2020 or 2021.

PlanB’s updated iteration of the model has a high R squared value of ~95% and is purportedly “cointegrated” with BTC’s price.

Statistics lingo aside, the S2F model’s proponents say that this is a confirmation that the model has credence.

“Why are people dunking on the s2f model just a few difficulty adjustments past the halving? The prediction was that BTC will be $100k before the end of 2021. Declaring victory now is like declaring victory 5 minutes into the game.” – Jimmy Song

“So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers. S2F is a valid and vital analysis of Bitcoin price that provides excellent insight into the market.” – Max Keiser

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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:

In this interview I debunk these arguments:– “S2F is invalid because it doesn’t work for altcoins”

– “Scarcity doesn’t give something value. I own a pair of socks my grandma made of which only 1 pair exists in the world. How valuable does that make them?”https://t.co/YS1pQiVsBs

— PlanB 🔴 (@100trillionUSD) July 3, 2020

Why are people dunking on the s2f model just a few difficulty adjustments past the halving?The prediction was that BTC will be $100k before the end of 2021.

Declaring victory now is like declaring victory 5 minutes into the game.

— Jimmy Song (송재준) (@jimmysong) July 2, 2020

So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers.

S2F is a valid and vital analysis of #Bitcoin price that provides excellent insight into the market. https://t.co/diqJfThIg3

— Max Keiser (@maxkeiser) July 3, 2020

Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021

https://cointelegraph.com/news/krakens-head-of-business-bitcoin-could-go-to-1-000-000

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The Bitcoin price has support to climb all the way to $15,000 per BTC if historic trends repeat themselves this year, a new report says.

Compiled by crypto index fund provider Stack Funds on Oct. 15, the report highlights Bitcoin’s market cap vs. realized cap ratio (MVRV) fueling gains, which could smash $12,000 resistance.

The BTC price has yet to attempt a breakout of $12,000, seeing rejection at $11,700 this week.

This has failed to dent optimism among analysts, who believe that $11,000 will provide solid support.

Going forward, however, the period following the United States elections in early November may result in more upside.

For Stack Funds, this hinges on the MVRV ratio. This is currently at 1.8, with signs that a retest of 2.5 from 2019, when BTC/USD hit $13,800, is in play.

“The current MVRV ratio is at 1.8, and is purportedly well supported by the trendline where bitcoin bottomed back in late 2018. The trend is also painting a similar trajectory as it did back in the 2017 bull run, with a steady growth inclination that tested an identical support trendline multiple times,” the report states. 

“Given the strength in support, we are expecting a significant break of 2.0 in the near term as it looks to retest the 2019 peak at 2.5, which will put Bitcoin price above the $15,000 level.”

Stack also noted increasing institutional interest in Bitcoin as cementing the idea that the future is firmly bullish for price action.

Stone Ridge investing $115 million followed Square’s $50 million purchase, both gaining publicity on the back of MicroStrategy’s larger $425 million treasury investment.

Bitcoin futures open interest is also climbing this month, signaling that institutional activity is picking up once more.

“We further view that a re-positioning is occurring in the market with a possible shift in the economic climate, as futures volumes and open interest are starting to recover,” Stack’s report explains. 

“Our eyes are peeled on the $12,000 key resistance level, as we expect further consolidation around current levels going into the elections before breaking into the upside going forward.”

In other trending Bitcoin News today:

‘Shorts Will Be Dead’ – Why Dan Tapiero Expects A Massive Bitcoin Shortage

In recent months, there has been a considerable spike in institutional demand for Bitcoin (BTC) following several high profile investments.

Over time, asset manager and 10T Holdings co-founder Dan Tapiero believes this could lead to a problematic shortage in BTC.

Alongside investments from Square, MicroStrategy and Stone Ridge, Bitcoin inflows to Grayscale Bitcoin Trust have surged.

Based on the rapid growth of institutional investments, Tapiero warns that short-sellers could see trouble in the future.

In the third quarter of 2020, the Grayscale Bitcoin Trust recorded an inflow of $1.05 billion.

This marked the firm’s first billion-dollar quarter and also highlights record-high institutional demand.

The firm’s quarterly report reads:

“Grayscale recorded its largest ever quarterly inflows, over $1 billion in 3Q20, making it the third consecutive record-breaking quarter. Year-to-date investment into the Grayscale family of products has surpassed $2.4 billion, more than double the $1.2 billion cumulative inflow into the products from 2013-2019.”

Considering the continuous increase in Grayscale inflow from institutional investors, Tapiero said:

“SHORTAGES of Bitcoin possible. Barry’s Grayscale Trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it’s lights out. Non-miner supply will get held off market in squeeze. Shorts will be dead. Price can go to any number.”

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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:

SHORTAGES of #Bitcoin possible.

Barry’s @Grayscale trust is eating up btc like there is no tomorrow.

If 77% of all newly mined turns into 110%, it’s lights out.Non-miner supply will get held off mkt in squeeze.

Shorts will be dead. Price can go to any number. pic.twitter.com/4S4TrLNH8J

— Dan Tapiero (@DTAPCAP) October 14, 2020

October is the month I gradually increase my $ALTS exposure, I’ll have at least 15% of my early October $BTC stash converted by months end.

No FOMO needed: smart bidding is the aim for now. I said it in 2019: couple months past halving I accumulate $ALTS big, trigger in motion.

— SalsaTekila (@SalsaTekila) October 10, 2020

❓Why does #bitcoin price not go up with all this institutional buying? Who is selling? BTC price is exactly where it should be, holding firm above $10K, waiting for that one moment .. asymmetrical returns .. patience! pic.twitter.com/pCyftmvHco

— PlanB (@100trillionUSD) October 16, 2020

https://mcusercontent.com/45836f27729699cf7a484a367/files/968c4a86-3082-4463-bf98-ab6beaa43011/Stack_Research_15_Oct_2020.pdf

https://cointelegraph.com/news/bitcoin-price-metric-suggests-15k-surge-after-us-elections-report

https://cointelegraph.com/news/shorts-will-be-dead-why-dan-tapiero-expects-a-massive-bitcoin-shortage