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Crypto trader and market analyst Lark Davis is looking to the past to see if Bitcoin could hit six figures this year.
Davis says that the current BTC price action is reminiscent of Ethereumâs 2017 bull run.
âIs there precedent for an asset having a massive run up, then a long brutal corrective period followed by a spectacular blow off top later that year? Yes, of course.
Ethereum did almost [exactly] that in 2017, ended the year 237% higher than the âtopâ.â
In other trending Bitcoin News today: Ukraine Unveils Roadmap to Integrate Cryptocurrencies by 2024
Government and business representatives have produced a roadmap to transform Ukraine into a leader in cryptocurrency integration. The authors of the new strategy want to see half of Ukrainians using digital currencies by 2024. The East European nation is expected to regulate its crypto space by the end of this year.
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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://news.bitcoin.com/ukraine-unveils-roadmap-to-integrate-cryptocurrencies-by-2024/
https://cointelegraph.com/news/bitcoin-traders-watch-32k-ahead-of-friday-s-330m-btc-options-expiry
https://cointelegraph.com/news/3-reasons-why-traders-think-bitcoin-price-bottomed-at-29-500
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Bitcoin Price To Reach K As Fed Prints and Buys Too Many Dollars | PayPal BTC 'Global Hash War'
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Former Wall Street hedge fund manager and prominent investor Mike Novogratz recently said that the Bitcoin price could break the coveted $10k mark soon and jump to $20,000 per BTC.
He also noted that the digitalization of money had begun worldwide, and the US needs to catch up with other nations such as China.
Novogratz is the CEO of the cryptocurrency investment firm Galaxy Investment Partners and a long-time Bitcoin proponent.
In mid-2019, he predicted that BTC would return to its all-time high price of $20,000 by the end of the year, which didnât happen.
The primary cryptocurrency descended in value towards the end of 2019, and Novogratz made another forecast that it will finish 2020 at about $12,000.
In a recent interview, however, he appeared much more bullish regarding the upcoming price developments.
While he refuted any assumptions that Bitcoin could displace the dollar as the main currency in the US anytime soon, he noted that people are turning to BTC and gold for the same reasons, which could ultimately boost the prices:
âWhy are people buying Bitcoin? They are buying it because of the same reason they are buying gold. Gold is on the highs, Bitcoin has come from being sold-off below $5,000, and itâs back at almost $10,000. Because people worry that the Fed and the Treasury are printing and buying too many dollars. We got this unholy alliance between huge fiscal stimulus by the Treasury and the Fed financing the whole thing.â
Therefore, as excessive amounts of USD continue to flood the economy, the dollar could experience a massive devaluation, Novogratz added.
To fight these adverse consequences, people âare using Bitcoin as a hedge for that.â
As such, he continued that âit will surprise me if we donât take down that $10,000 soon, and after that, you are going to see $14,000 and then $20,000.â
Novogratz also touched upon the topic of transitioning into a financial system entirely dominated by electronic transactions. He said that 93% of all transactions in China are completed electronically, while the US seems to be falling behind.
âWeâre moving into a digital era. And weâre still talking quarters vs. nickels. We need to get our act on the ball fast, or the US is going to fall way behind.
In other trending Bitcoin News today:
PayPal Bitcoin Rumor Boosts $12K BTC Price Rally Chances
Sudden suggestions that Bitcoin support is coming to PayPal and Venmo is causing traders to reassess the likelihood of a BTC price bull run.
Bitcoin (BTC) coming to PayPal and Venmo may be just a rumor, but some of the cryptocurrencyâs best-known names are turning bullish.
As the news hit that the payment processor was allegedly planning crypto buying and selling for its 305 million users, BTC/USD spiked to test resistance at $9,600.
Despite PayPal declining to confirm its plans, a wave of optimism has since flooded social media, with various figures welcoming the move while highlighting its irony.
âSlowly, then suddenly,â the Bitcoin Twitter account summarized. For RT host Max Keiser, the move appeared tied to competitive advantage.Â
Square, the sister company of Twitter, rolled out Bitcoin support with great success last year.
âBitcoinâs built-in game theory strikes again. Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences,â he tweeted.Â
âGlobal Hash War is coming!â
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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:
#Bitcoinâs built-in game theory strikes again.
Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences.
Global Hash War is coming!
â Max Keiser (@maxkeiser) June 22, 2020
“PayPal seized my bitcoin, how do I get it back?!”
â Some poor pleb in the future
â Jameson Lopp (@lopp) June 23, 2020
https://cointelegraph.com/news/paypal-bitcoin-rumor-boosts-12k-btc-price-rally-chances
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KRAKENâS DAN HELD SAYS BITCOIN TARGETING 0K!! BTC WILL TAP 0K-8K 'BEFORE' DECEMBER 2021!!
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Dan Held from the crypto exchange Kraken, says Bitcoin is in a much stronger position now with the possibility of skyrocketing to $100,000 per BTC in 2021.
In an interview with crypto influencer Lark Davis, Held says that Bitcoin remains a risk-on asset as he anticipates the Biden administration to print more money at an unprecedented rate.
âIf you look at options pricing in Biden, heâs being priced into the market and his impact is being priced in as a positive because he will spend more money. Money printer will go brrr, and the Democrats will likely go brrr at an even faster rate than Republicans and theyâre both brrring at a rate weâve never seen in US historyâŠ
Insane amounts of money. People are like âBitcoin, at a $100,000? Oh man, that would be a $2 trillion market cap.â Iâm like âYeah, we just printed that much last week alone.â
Despite the bullish target, Held doesnât discount the possible threat of the paperization of Bitcoin where large corporations such as PayPal buy huge amounts of BTC but do not allow the deposit or withdrawal of the crypto asset from their ecosystem, which eliminates the need to settle transactions on-chain.
âIf big corporates decided that they donât care about Bitcoinâs layer one or care about Bitcoinâs settlement mechanism and then they [are] fine with settling with each other, then that gets pretty scary where itâs like, âWell, what if we just rebuilt the old system where no one cared about the settlement guarantee of the Bitcoin layer?â
Held himself though says he still strongly believes in Bitcoinâs core settlement system and doesnât see any reason to use any counterparty.
âWe look at that from a very critical perspective, we donât want to take on any additional risk. Bitcoin as a settlement mechanism is phenomenal so I think there would have to be a really strong reason not to use that.â
In other trending Bitcoin News today:
âPLANB SAYS BITCOIN WILL TAP $100K-$288K BEFORE DEC. 2021!!â
In a recent tweet the stock-to-flow model creator PlanB shares the following Bitcoin price prediction:
âPeople ask if I still believe in my model. To be clear: I have no doubt whatsoever that Bitcoin S2FX is correct and Bitcoin will tap $100K-288K before Dec2021. In fact I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular. Not financial advice!â
And regarding Bitcoinâs relationship to gold he pointed out the following in another tweet:
âBitcoin priced in gold. 1BTC = 8 ounces of gold, up 1 ounce in 1 month .. and countingâ
In other trending Crypto news today:
â3 Ways Bitcoin Price And Stocks May React to a Biden Presidencyâ
On Nov. 7 several major media outlets announced that after 4 days of rigorous vote-counting in key battleground states Joe Biden had managed to secure enough electoral votes to become the 46th President of the United States.
As the excitement over an incredibly close election starts to abate, analysts will take a closer look at how a Biden presidency may impact traditional markets and Bitcoin price.
Three key factors to consider are the eventual passage of a new round of economic stimulus, a strengthening U.S. dollar, and the possibility of a stock market recovery.
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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:
People ask if I still believe in my model. To be clear: I have no doubt whatsoever that #bitcoin S2FX is correct and #bitcoin will tap $100K-288K before Dec2021. In fact I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular. Not financial advice! pic.twitter.com/GNSxLIt7NG
â PlanB (@100trillionUSD) November 8, 2020
https://cointelegraph.com/news/3-ways-bitcoin-price-and-stocks-may-react-to-a-biden-presidency
https://cointelegraph.com/news/bitcoin-at-15k-is-now-bigger-than-paypal-coca-cola-netflix-disney
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BITCOIN PRICE WILL SEE A 90% RALLY TO ,000!!! | XRP Price Hits Three-Week High!
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A new Bitcoin price prediction model created through machine learning is predicting that the BTC price will begin to head higher in the coming months, and will hit around $15,000 by the time of May 2020âs block reward reduction aka Bitcoin halving.
This model implies that Bitcoin will rally by 25% to $10,000 by mid-November, hit a local peak at $11,500 by January, and then dip back down to $11,000.
Should the model play out 100% in full, Bitcoin will rally by some 90% from the current price of $8,000 to hit $15,500 by the approximate date of the halving in May 2020.
In other cryptocurrency news today:
The XRP price exits downtrend to hit a new three-week high.
Are Altcoins ready to explode?!
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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.
News Resources From Todayâs Show:
Bitcoin Will See 90% Rally to $15,000 By 2020 Halving, Model Predicts
0/ Been working on a $btc price prediction model based on Stock-to-Flow analysis, using Machine Learning. for the past few days. Here’s how the prediction looks going into the halving next May.
Details will be shared later.$btcusd $xbt pic.twitter.com/5g5wA1lKYF
â (Stationary) Data Dater (@datadater) October 16, 2019
#Bitcoin aiming for 100trillionUSD (after 2028)?!
All physical commodities are nicely lined up on the stock-to-flow / market value grid. I added diamonds (S2F19, market value $1.5trn). Bitcoin seems to grow towards the 1 free spot on the S2F periodic table đ pic.twitter.com/OZdEz72U8Eâ Planâż (@100trillionUSD) June 6, 2019
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