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Bitcoin disciple Max Keiser said his BTC price target for this year remains $220,000 despite all the recent FUD which has crept into the crypto market over the past few weeks.
As host of The Keiser Report and Orange Pill Podcast, Max points to the 2008 financial crisis as the start of a spiral that brought forth and continues to fuel Bitcoinâs ascent.
Keiser, who is an early Bitcoin investor, says the digital assetâs parabolic ascent could ultimately take BTC to about the $2 million mark.
âTheyâre just going to keep printing. And well, you know, my Bitcoin is up 9,000,000% since I first bought it. And itâs probably going to go up another 40x.â
In other trending Bitcoin News today: Bitcoinâs off-chain data points to more upward momentum for BTC price.
After months of unrelenting turbulence, the crypto industry has been on somewhat of a tear over the last couple of weeks, with the total market capitalization of the space recently topping the $2 trillion mark for the first time since May.Â
In fact, over the last 21 days alone, a whopping $700 billion entered the digital asset sector, leading many to believe that more may be in the cards in the near term.
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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.
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https://cointelegraph.com/news/bitcoin-s-off-chain-data-points-to-more-upward-momentum-for-btc-price
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BITCOIN HASHRATE HITS A HIGH – BTC PRICE WILL FOLLOW SAYS MAX KEISER | 7 Cryptoâs Making Huge Moves
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Despite stagnation in the Bitcoin market, the hash rate of the leading cryptocurrency has grown stronger and stronger.
The hash rate is the measure of the computational power being allocated to mine BTC blocks.
As noted by CoinCornerâs Matt Ward, data shows that the hash rate just hit a new all-time high on July 13th.
The measure hit 147.88 exahashes per second, which is double that seen a year ago and over 10 times higher than that of 2017âs $20,000 high.
âBitcoin hashrate just reached an đźđčđč đđ¶đșđČ đ”đ¶đŽđ”. The đ”đ¶đŽđ”đČđż the hashrate, the more đđČđ°đđżđČ the network is.â
This indicates that Bitcoin is more secure as a computational network than ever before, even though the market has flatlined.
But what effect will the booming hash rate have on the price of BTC?
According to Bitcoin investor and the co-host of the Keiser Report, Max Keiser, BTC is likely to follow the hash rate higher.
In a series of tweets published on July 13th, Keiser cemented his sentiment:
âHashrate precedes price BTC. Bitcoin price â not that important â as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing Soon, BTC will actually be drawing energy away from fiat.â
As a pertinent aside, Keiser previously said that he thinks 99% of all the hash rate in the crypto industry will soon be allocated to Bitcoin.
This sentiment has been corroborated by other investors.
Charles Edwards, a digital asset manager, unveiled the âEnergy Valueâ model for the BTC price in December of 2019.
The premise is that the âvalue of Bitcoin is a function of its energy input in Joules.
The formula he created was then accurate, with his analysis indicating it has had an 80% R2 value over Bitcoinâs lifespan.
The same model predicts that BTC is currently around 28% undervalued. With the high accuracy of the model, should Bitcoinâs hash rate remain this high or continue to grow, the BTC price will eventually follow.
In other trending Bitcoin News today:
7 Crypto Assets Making Huge Moves As Bitcoin (BTC) and Ethereum (ETH) Prepare for Breakout, Says Analyst Nicholas Merten
Crypto analyst Nicholas Merten says the crypto markets are gaining momentum.
On a new episode of DataDash, Merten looks at digital assets in the 100-200 rank by market capitalization and points to a few that are making big moves.
âThe excitementâs happening. Weâre seeing a lot of plays starting to make 10, 20, 30% moves in a single day, and this is the kind of sign here of a reversal pattern in cryptocurrency markets.
Optimism starting to showâŠÂ Request Network up 26.6%. Band Protocol, a competitor within the Oracle space, up nearly 18%. Ocean Protocol [up] 14%. Haven Protocol, another one that many people have been talking about, up 13.69%.
And also things like Theta Fuel, Elastos and Unibright all up in double-digit territory. So this is really exciting to see.â
Merten is also bullish on Bitcoin (BTC), predicting a sharp move to the upside for the crypto king and for Ethereum (ETH) âin the next month or so.â
âI really do think youâre going to see Bitcoin above $10,000, youâre going to see ETH above $300, and youâre going to see a ton of altcoins continue day by day in this case to continue making double-digit returns into the month of August.â
Back in April, Merten said he believes $100,000 is a practical price target for Bitcoinâs next long-term 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:
Hashrate precedes price#Bitcoin price â not that important â as Gold price is not that important since both BTC and Gold trade inversely with the $USD BTC hashrate increasing shows confidence in fiat money collapsing
Soon, BTC will actually be drawing energy away from fiat
â Max Keiser (@maxkeiser) July 13, 2020
Bitcoinâs Hash Rate Just Hit a High â Max Keiser Thinks Price Will Follow
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BITCOIN HALVING DUMP FROM K TO .1K: 3 REASONS WHY | BTC Can Stay Bullish After 15% Retracement
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Bitcoin (BTC) price dropped from $10,000 to $8,100 within just over a day, as it plunged by 9% in a single hour.
It liquidated $200 million worth of longs, obliterating the futures market.
The three key reasons that triggered the immense Bitcoin correction were: strong multi-year resistance area above $10,000, whales moving to short the market on BitMEX, and extreme volatility heading into the Bitcoin Halving.
REASON #1: $10,200 to $10,500 is a multi-year strong resistance area for Bitcoin
Since mid-2018, the $10,200 to $10,500 range served as a historically strong area of resistance for the top-ranking cryptocurrency by market capitalization.
After its first breakout above $10,500 in June 2019, which led to a swift run to $14,000, Bitcoin failed to move above that level five out of six times in the last two years.
When the Bitcoin price initially broke down at $10,100 on May 8, it signaled the rejection of a key resistance level and left BTC vulnerable to a steep correction.
As whales started to sell at $9,900, it led to a cascade of long contract liquidations primarily on BitMEX and Binance Futures.
In one hour, more than $200 million worth of longs were liquidated.
REASON #2: Whales quickly moved to sell BTC at the point of rejection
Almost as soon as the rejection of $10,200 was confirmed, whales started to fiercely short Bitcoin across major cryptocurrency exchanges.
The open interest on the big four derivatives exchanges that include Binance Futures, BitMEX, Deribit, and OKEx plunged.
The term open interest refers to the total amount of long and short contracts open at a given time.
The rapid decline in open interest meant that as selling pressure began to build up, it caused over-leveraged buyers in the futures market to get trapped in their positions.
REASON #3: Massive volatility ahead of halving
Ahead of the Bitcoin block reward halving set to occur on May 12, trading activity on all major cryptocurrency platforms surged significantly.
CME saw record-high open interest, Deribit recorded all-time high volume for its options contracts, and spot exchanges demonstrated 2017-esque volume in the last three weeks.
When many new investors enter the market in anticipation of a major event, it opens the market up for a steep selloff.
For instance, after the 2016 block reward halving, the Bitcoin price dropped by more than 30%, as traders reacted with a sell-the-news response.
A confluence of an over-extended Bitcoin rally to $10,000, whales front-running retail investors with a sharp sell-off at $9,900, and high anticipation for the halving are triggering a near-term pullback prior to the May 12Â Bitcoin halving.
In other trending Bitcoin News today:
Bitcoin Can Stay Bullish After 15% Retracement as Long as This Crucial Level Holds
It may seem like all hope is lost for bulls, yet one top trader recently shared that this isnât the case.
Bitcoin holding $8,530 in the next 24 hours, a trader argued, will confirm a sweep of liquidity at a âpivotal level.â
Should Sundayâs candle close above this level, it would confirm that a bullish market structure remains somewhat intact.
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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:
$BTC Lots riding on the next 24 hours. Want to see 12H, followed by the daily, close above $8530 to confirm a sweep into pivotal level. Close below and we have our first significant HTF break in MS to the downside since the bottom.
Happy Halving, call your mom. #Bitcoin pic.twitter.com/6pnt1uA52m
â HornHairs đ (@CryptoHornHairs) May 10, 2020
https://cointelegraph.com/news/3-reasons-for-the-bitcoin-price-halving-dump-from-10k-to-81k
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BITCOIN IS 'STILL ON TRACK' TARGETING 8K STOCK-TO-FLOW PRICE LIKE CLOCKWORK!! K BTC NEXT?!!
âĄïž âThe Crypto Catch-Upâ â Teeka Tiwari Live Event: Register here: http://teeka.cryptonewsalerts.net
With Bitcoin closing the month of October at $13,816, this signals the highest monthly close for BTC since December of 2017.
Octoberâs monthly close also signals the highest red dot close to date via the Stock-to-flow model, a clear indication that this controversial Bitcoin price prediction model is right on track âstillâ targeting $288K by 2024.
Bitcoin briefly spiked above $14,000 again, this time perhaps on news from the US Presidential elections.
The altcoins have erased most of yesterdayâs losses, and the market capitalization has added about $10 billion.
Bitcoin broke above the coveted $14,000 mark on Saturday for the first time since January 2018.
Since then, though, the asset has primarily struggled with maintaining its high price tag.
In fact, BTC even dipped below $13,300 on two occasions in the following days.
It started recovering yesterday when it jumped above $13,500 and stayed above it for most of the past 24 hours.
Just a few hours ago, the primary cryptocurrency headed higher once more.
With a few decisive candles, Bitcoin surged to $14,050 (on Bitstamp) before retracing to its current level â $13,800.
Interestingly, the price increase coincided with surfacing reports that the current US President Donald Trump has become the betting favorite to win the 2020 Presidential elections.
Nevertheless, popular TV host Max Keiser recently highlighted that despite whoâs the US President following the elections, Bitcoin will emerge as the ultimate winner.
In other trending Bitcoin News today:
â$17K Next? Watch These 3 Key BTC Price Levelsâ
Bitcoin (BTC) has been on a tear and thereâs no escaping it.
But the majority of high-cap altcoins are seemingly suffering at the hands of this bull run, leading to the question: have we had our altseason already?
Is it over or is there more to come?
Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level. Â
After $14,400 there isnât much in the way of resistance until $17K before a new all-time high can be printed for the king of cryptos.
But the question is can Bitcoin run out of steam? Â
In other trending BTC News today:
âBitcoin Bull Cynthia Lummis Wins US Senate Seatâ
Cynthia Lummis, the Republican Party candidate for Wyoming, âpublicly saidâ on the night of November 3 âthat she wants to defend [crypto] against federal encroachment,â per a tweet from Avanti Bank & Trust CEO Caitlin Long, a Wall Street veteran and fellow crypto advocate.
Lummis is known to be a long-term bitcoin enthusiast and said she made her first purchase in 2013, in the days when one could buy BTC 1 for around $300.
Lummis has previously served in Congress, and recently told the Wyoming Blockchain Stampede in a video interview, âDuring my time in Congress, I first learned about bitcoin. I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply. [âŠ] Knowing that there are only going to be 21 million bitcoin makes it an attractive store of value.â
This last point, she stated, was important as the USDâs status as the worldâs de facto reserve currency is now coming under threat.
âBitcoin, to me, has shown great promise and may rise as a viable alternative store of value to the US dollar, both on the institutional level and the personal level. That potentiality is something we must at least acknowledge in our conversations about the economic future of our country.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:
Price of #Bitcoin at the last 3 US presidential elections: 2012: $102016: $7002020: $14,0002024: ?
Where do you think the $BTC price will be in 2024 at this time? My prediction is $288K! đđ
â Crypto News Alerts (@CryptoNewsYes) November 4, 2020
SENATOR LUMMISâŠYESSS!!!đ€ She is likely to be one of the most powerful US senators, given how divided the new senate appears to be. She LOVES what #Wyoming did in #cryptoâpublicly said tonight that she wants to defend it against federal encroachment. đCongrats Sen Lummis!đ pic.twitter.com/FVI7sBcB2t
â Caitlin Long đ (@CaitlinLong_) November 4, 2020
#Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC
â Mike McGlone (@mikemcglone11) November 4, 2020
https://cryptonews.com/news/bitcoin-bull-cynthia-lummis-wins-us-senate-seat-8197.htm
https://cointelegraph.com/news/can-bitcoin-hit-17k-next-watch-these-3-key-btc-price-levels
https://cointelegraph.com/news/bitcoin-is-targeting-288k-stock-to-flow-price-like-clockwork-planb
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