KEY LEVELS TO WATCH AS BITCOIN PRICE SLIPS BELOW $34K!! WILL BTC STILL HIT 6-FIGURES THIS YEAR?!!

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Bitcoin has every possibility to grow its market size by 15-20X within the next 15 months, according to BTC bull Anthony Pompliano of New York-based hedge fund Morgan Creek Digital.

“My base case is approximately 10x to $100,000 and the bull case is around $250,000 per bitcoin,” he predicted after assessing all the said catalysts.

The founder said in a note to investors that they should put 1-10 percent of their investable capital into Bitcoin.

Recalling his own portfolio’s 50 percent exposure in the cryptocurrency, Pomp cited a string of upside catalysts that would benefit anyone who invests-in/holds the 11-year old financial asset.

The first optimistic fundamental in line was the Federal Reserve and its unprecedented monetary policies.

The US central bank in April cut its interest rate to near-zero to boost lending amid the coronavirus pandemic.

In its recent remarks, the Fed vowed to keep the rates lower for the foreseeable future.

More tailwinds Bitcoin’s bullish bias came from the US government’s $3 trillion stimulus package.

Because of it, the Fed’s balance sheet expanded by 75 percent since the beginning of 2020.

The bank further announced that it is targeting a 2 percent-plus inflation level.

“The average investor fears inflation right now, regardless of whether we [actually] see that inflation or not,” wrote Mr. Pompliano, adding that the “fear has driven significant capital flows into inflation-hedge assets (Gold, Bitcoin, Real estate, etc.).”

“The combination of the Fed’s asset price manipulation and inflation fears has driven gold and Bitcoin to drastically outperform equities and other commodities.”

Bitcoin rose by around 50 percent on a year-to-date timeframe. Pomp predicted a further upside for the cryptocurrency due to growing demand from the institutional investors.

For instance, Fidelity Investments, a Boston firm with $3.3 trillion worth of assets-under-management, favored a 1-5 percent allocation to Bitcoin in any portfolio.

Meanwhile, Stone Ridge, a $10 billion asset management firm, revealed that it now owns $15 million worth of BTC tokens.

Billionaire investor Paul Tudor Jones put 1-2 percent of his $22 billion portfolios into Bitcoin Futures.

Also, many pensions funds gained exposure in the cryptocurrency.

Pomp’s letter highlighted corporations that purchased Bitcoin as a reserve asset for part or majority of their treasury.

That included MicroStrategy, a $1.2 billion market cap firm that put 85 percent of its $500 million balance sheet ($425M) into Bitcoin, and global payments firm Square that last week purchased $50 million worth of BTC tokens.

“The demand outlook is strong, and it shows signs of actually accelerating into the first half of 2021,” added Mr. Pompliano.

The fund manager later discussed the Bitcoin market’s potential supply shock.

With a 21 million hard cap and 18.4 million units already in circulation, Mr. Pompliano noted that Bitcoin’s scarcity against its rising demand would act as another bullish tailwind.

In other trending Bitcoin News today:

Bitcoin pioneer Max Keiser went on a Crypto Twitter rant predicting a $28K short term Bitcoin target along with a $400K BTC price target for the long term…

“There is strong evidence to suggest Bitcoin futures traders are manipulating BTC down to give institutions a chance to load up on physical BTC cheap before the break to $28,000”

“The (temporary) Bitcoin price suppression scheme is a godsend for poor people to stack sats *now* before retail liquidity dries up and the price vaults to gold-parity levels around $400,000”

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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:

There is strong evidence to suggest #Bitcoin futures traders are manipulating BTC down to give institutions a chance to load up on physical BTC cheap before the break to $28,000

— Max Keiser (@maxkeiser) October 16, 2020

The (temporary) #Bitcoin price suppression scheme is a godsend for poor people to stack sats *now* before retail liquidity dries up and the price vaults to gold-parity levels around $400,000

— Max Keiser (@maxkeiser) October 16, 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

Bitcoin Will Likely Grow 15-20x in Next 15 Months: Fund Manager

https://cointelegraph.com/news/calm-before-the-storm-analyst-says-20k-bitcoin-possible-in-3-months

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The president of El Salvador’s bill to make Bitcoin (BTC) legal tender in El Salvador passed congress with a supermajority in the Salvadoran Congress with 62 out of 84 votes just before 6 am UTC. “It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place.

In other trending Bitcoin News today: Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation. Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country.

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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://cointelegraph.com/news/mexico-lawmakers-aim-to-follow-the-example-of-neighboring-countries-with-proposed-bitcoin-legislation

https://cointelegraph.com/news/berkshire-hathaway-invests-500m-in-brazilian-digital-bank

Paraguay Politician Promises Big Bitcoin Announcement

https://cointelegraph.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight

https://cointelegraph.com/news/bitcoin-price-targets-35k-bounce-level-on-el-salvador-legal-tender-milestone

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This past weekend, data shows the most active Bitcoin options contracts were calls for $28k, $32k, and $36k by the year’s end.

This means a number of options traders are betting the BTC price will exceed the all-time high (ATH) the decentralized currency touched in December 2017.

On September 14, researchers from the data analytics firm Skew.com tweeted about an unusual number of call options for December 2020 that are well above the 2017 ATH.

“[December 2020] $28k, $32k, [and] $36k calls among the most active bitcoin options contracts yesterday,” Skew tweeted.

All of these calls are well above the mid-December 2017 ATH, which saw BTC touch $19,600 per coin.

The new open positions took place on the crypto-financial derivatives platform Deribit.

The action took place after $570 million (notional) of BTC options contracts expired on Deribit on August 28.

There were 752 open positions for $36k, 462 contracts for $32k, and 230 for $28k.

Additionally, some $9k and $9,750 calls were set for the end of September.

Responding to Skew’s December calls tweet, one individual wrote:

“Without opining the possibilities to this, it will be entertaining to revisit at the end of the [fourth] quarter.”

Essentially, bitcoin options are crypto-derivatives products that provide a person or group with the right, but not obligation to buy and sell the BTC at a predetermined strike price, while also leveraging an expiry date.

“If you think from a technical perspective what we are getting right now is Bitcoin flipping a former resistance level at $10,000 to become a support. From May to the end of July, Bitcoin was desperately stuck below $10k. But for [seven] days now $10,000 is holding strong.”

In other trending Bitcoin News today:

Global Fiat Failure Will Push Countries to Accumulate Bitcoin, Says Max Keiser

Max Keiser, Wall Street vet and host of RT’s Keiser Report, says he believes countries will seek refuge in Bitcoin as fiat currencies fail on a global scale.

“You’ll see countries start to accumulate Bitcoin and start to mine for Bitcoin as well, and then they’ll start to subsidize the money they would be subsidizing the energy industry in and subsidizing that in the Bitcoin mining space.

So then the game theory kicks in. So, for example, Iran right now has something like 2% of the global hash rate of Bitcoin… Let’s say suddenly they’ve got 5% of the hash rate… So then America says ‘Wait a minute this is like the Sputnik moment.

Iran could potentially be the richest country in the world if they have a significant piece of Bitcoin,’ and the price goes to $400,000 to compete with gold…so then they (America) start to subsidize their mining.”

Keiser says the race to acquire more BTC between competing countries will drive the price and security of Bitcoin to heights never before seen.

“So what this does is it increases the hash rate so the hash rate now is over a hundred quintillion calculations per second in the Bitcoin mining space… Which means the security goes up, which means it’s even harder money.

Bitcoin is not only hard money but it keeps getting harder every week and every month because the hash rate gets higher and higher and higher. So with that higher security, higher hash rate, the price goes up. It becomes a self-fulfilling prophecy. So now you’re chasing the Bitcoin up through to a $100,000, $200,000 a coin to get the hard money because all your fiat money is collapsing.”

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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

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

Ledger: ► http://ledger.cryptonewsalerts.net

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/bitcoin-options-traders-bet-the-price-of-btc-can-touch-36k-by-december/

https://cointelegraph.com/news/more-than-1b-in-bitcoin-has-been-tokenized-for-defi