BITCOIN IS STILL HEADING TO $500K DESPITE RECENT CRASH SAYS ARK INVEST CEO!! WHAT’S NEXT FOR BTC?!!

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Bitcoin price needs to hit $340,000 just to match its performance from its last BTC halving cycle, data shows.

In a Twitter series on Aug. 20, popular statistics resource ChartsBTC noted that the BTC price still has huge room for growth at current levels of $11,700.

Comparing lows, highs and halving prices from its two previous Bitcoin halving cycles, ChartsBTC put the difference between peaks at 36x for the 2012 cycle and 17x for the 2016 cycle.

In order to repeat even the more modest cycle’s success, BTC/USD would have to trade at $340,000. 36x from last cycle’s high — Bitcoin’s all-time record of $20,000 — comes to $720,000.

Comparing cycle lows, the results are even more dramatic — the smallest jump of 130x from the previous cycle would deliver a Bitcoin price of $400,000.

Running the same diagnosis for Bitcoin’s price at the time of its halving events, the price target is $250,000.

“The multiples from prior cycles applied to the current one arrive at highs between $250k and $1.6M in the next 18 months,” ChartsBTC summarized.

The account noted that while the math adds up, there is little evidence which demands that such levels really do appear within the given timeframe. “While this may sound exciting, it’s just hopium,” it added.

“The prior highs and lows won’t dictate the future.”

In other trending Bitcoin News today:

Yearn Finance (YFI) Becomes First Altcoin to Exceed the Price of Bitcoin – Now What?

Yearn.finance’s native governance token YFI became the first-ever altcoin to surpass the price of Bitcoin (BTC) on Aug. 20.

It spiked to as high as $13,444 on Binance, fueled by the growing demand for Decentralized Finance, or DeFi.

Yearn.finance is a DeFi protocol that launched in July with no premine in a decentralized setting by developer Andre Cronje.

It is the first protocol on Ethereum that claims to give token holders all the power to govern the network.

Blockchain analytics firm IntoTheBlock said`:

“Just a month ago, the yearn.finance token was trading around the $1000 mark. #YFI is up more than 10x in one month, climbing to $10,551.25 yEarn Finance is the first project on Ethereum, whose governance is entirely in the hands of token holders.”

Cryptocurrency researcher Hasu explains yearn.finance as a platform that allows users to execute various investment strategies.

He says: “If you’re not familiar with Yearn, you can think of it as a smart bank account that automatically allocates your assets to different low-risk investment strategies that execute on the Ethereum blockchain.”

The price of YFI, the governance token of the protocol, increased naturally as the total value locked in yearn.finance surged.

According to data from Defipulse, more than $670 million worth of capital is locked in yearn.finance.

Compared to other tokens, the price of YFI is high due to its unique monetary supply.

Its supply is capped at 30,000, which is significantly lower than most digital assets.

While the price of YFI has surpassed $12,000, its market capitalization remains below $400 million.

By market cap, it is the 45th biggest cryptocurrency in the global market.

As such, crypto startup investor Ian Lee explained that YFI surpassing Bitcoin is more of a psychological event than anything else.

He explained:

“YFI ‘flipping’ BTC price is arbitrary & more psychologically than practically important. What is important is what yearn.finance is doing & Andre Cronje is building in DeFi.”

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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:

15,000 followers 🥳 Thank you everyone! Let’s break down the #bitcoin cycles and see how well history is rhyming. /1High $32, Low $2, Halving $12High $1,163, Low $152, Halving $658

High $19,892, Low $3,129, Halving $8572 pic.twitter.com/LmsuGjDiiq

— ChartsBTC (@ChartsBtc) August 20, 2020

The $ghost project is calling me a loose cannon because I called them on their bullshit.If I am a loose cannon because I dropped my support for a failing project so be it.

I will not support bullshit.

— John McAfee (@officialmcafee) August 19, 2020

https://cointelegraph.com/news/yfi-becomes-first-altcoin-to-exceed-the-price-of-bitcoin-now-what

https://cointelegraph.com/news/bitcoin-will-hit-340k-if-btc-price-repeats-2016-halving-cycle-pattern

https://cointelegraph.com/news/john-mcafee-has-left-his-own-privacy-asset-project

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Bitcoin price predictions are always hot topics, even more so when they are made by industry heavyweights and huge firms.

There have been a few of them over the past week or so and the figures are not small.

$150k Bitcoin From Tom Lee – Speaking to Bloomberg he added that big fund launches can have around $13 billion of first-year demand.

For Bitcoin to be able to cope with this demand he suggested it should be priced around $150,000.

The $150,000 price valuation is not too sky high and others are of the opinion that it could be even higher.

Pantera Capital founder Dan Morehead has also been talking BTC price predictions.

At the ‘Unchained’ podcast earlier this year he said that BTC could reach $42,000 by the end of 2019 but looking at current performance that appears very unlikely.

A longer term prediction could see BTC at $356,000 by 2022 according to Morehead.

“Graph the price of Bitcoin logarithmically, its trend is going to grow at 235% compound annual growth rate … And if you just extrapolate that line out for another year it’s $122,000 per Bitcoin and then one more year, $356,000.”

CEO of Bitcoin wallet provider Xapo, Wences Casares, made his own prediction earlier this year with the lofty call of $1 million in 7 to 10 years.

This would be on the premise that BTC succeeds as the financial experiment that started out a decade ago.

In other Cryptocurrency news today…

According to popular Crypto analyst, a Bitcoin bull run is to start on Thursday after difficulty adjustment.

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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 Bull Run To Start On Thursday After Difficulty Adjustment

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Bitcoin Readies for Next Leg Higher

Bitcoin (BTC) seemingly moves without rhyme or reason, but the cryptocurrency, just like any other asset, has patterns, has rhythms, that may lend insight into future price trends.

Mohit Sorout — a partner at crypto hedge fund Bitazu Capital — shared once such pattern when he published the chart below, indicating that Bitcoin “loves to paint” this price action.

According to Sorout, Bitcoin followed this exact schematic twice last year, once prior to rallying from $5,000 to $7,000, and another time before rallying from $8,000 to the $14,000 yearly highs.

Considering Bitcoin’s price action over the past few days matches the left side of the schematic perfectly, a near-term rally towards ~$11,500 has been made that much more likely, Sorout’s chart indicated.

Sorout’s schematic isn’t the only sign suggesting that Bitcoin will soon make a run past $10,000 to new all-time highs.

The same trader that predicted Bitcoin would bottom at $3,200 six months before it did argued this week that BTC’s chart implies an imminent upswing towards the $12,000 region.

In reference to the chart below, the analyst remarked that “Bitcoin [recently] smashed past” a key technical resistance while the cryptocurrency has held crucial technical levels.

This led him to the conclusion that a move towards $11,500 in July is possible.

More recently, he added that the historical downtrend from Bitcoin’s 2019 high of $14,000 was just broken just days ago.

Bitcoin holding key technical levels while crossing the downtrend indicates that BTC’s price action over the past few days constitutes consolidation above a level of resistance — a sign deemed bullish by the trader.

Bitcoin could also be buoyed by positive fundamental events, such as billionaire hedge fund manager Paul Tudor Jones’ entrance into the cryptocurrency space.

The Wall Street veteran revealed this week that he is investing around $100 million worth of his personal wealth in Bitcoin.

The investor attributed to his newfound belief in the benchmark cryptocurrency to central banks, which are not printing more money than ever before to save the flagging economy. 

In other trending Bitcoin News today:

Hedge Fund Manager Predicts Bitcoin’s Post-Halving Trajectory

Hedge fund manager Matt D’Souza thinks patience is the key for Bitcoin holders looking to capitalize on the halving. D’Souza, who’s also the co-founder and CEO of the crypto mining operation Blockware Solutions, says it’s not the time to day trade.

“In 2016, Bitcoin rallied ~67% into Halving. It corrected 33% & bottomed within 3 weeks only to begin a 17-Month Bull Market. In 2020, we didn’t rally going into Halving as we recovered losses from a Global Market Melt Down. The Fundamentals for Bitcoin have never been better. Halvings are typically Buy the News, Sell the Rumor Events.

In 2020, I expect a shallower sell-off than 2016 (we already corrected 20%) & only a 1.5-3 week duration max. Now is the time to be patient & Hold – NOT day trade. The big money is in the sitting & capturing the Cycle.”

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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 understand bitcoin. Please explain it to me.

— J.K. Rowling (@jk_rowling) May 15, 2020

The decoupling is underway:•Stocks selling off and back below where they started May

•BTC bounce continues with slow & steady rise https://t.co/FUYbF8k4h3

— Luke Martin (@VentureCoinist) May 13, 2020

4) The Supply Side Economics has improved w/ the Halving & Demand Side is robust due to the exceptional fundamentals: $SQ‘s Cash App had a record quarter in BTC Sales – signaling retail participation (H/T @IgNoffs)
Paul Tudor Jones is a strong signal of what’s to come from funds

— Matt D’Souza, CPA (@mjdsouza2) May 13, 2020

the rise from 3-14k was clearly an impulsive move.

sure, you could wait for the downtrend from 20k to be broken but you will simply just be jumping in later

— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) May 15, 2020

The Paul Tudor Jones letter is the single most bullish thing ever written about bitcoin, and it came from Tudor himself. I see it as a game changer. Think many macro investors will follow. Mandate changes and onboarding take time. PTJ will be on CNBC this week.

— Alex (@classicmacro) May 11, 2020

Hedge Fund Manager Predicts Bitcoin’s Post-Halving Trajectory