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We believe Bitcoin can reach our bullish scenario target of $178k by December 2021 or a bit later, in case this BTC cycle extends into 2022.
This will require minimal on-chain selling pressure, especially as Bitcoin price pushes above $100k. As long as the long-term holders continue to hold, even with BTC at $100k, we can easily expect prices to move higher.
Our technical targets to the upside found high levels of confluence around $178k to $190k. This also matches various other technical-based models, making this an area of interest for the 2021âs bull market top.
In other trending Bitcoin News today: PayPal launches crypto services for UK customers!
Beginning this week, residents of the United Kingdom will be able to buy, hold and sell cryptocurrencies through PayPal for the first time â marking a significant milestone for a company that began offering digital asset services less than a year ago.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:
https://cointelegraph.com/news/paypal-launches-crypto-services-for-uk-customers
https://cointelegraph.com/news/50k-btc-price-vs-the-fed-5-things-to-watch-in-bitcoin-this-week
https://cointelegraph.com/news/bitcoin-price-tags-50k-for-first-time-since-may
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BITCOIN IS UNDERVALUED, FAIR VALUE SHOULD BE K SAYS BLOOMBERG!! BTC COULD HIT NEW YEARLY HIGH!!
âĄïž Leverage OPM (Other Peopleâs Money): http://opm.cryptonewsalerts.net
Bloomberg cryptocurrency analyst Mike McGlone says the Bitcoin price is greatly undervalued, suggesting that the fair BTC value price should currently be somewhere around $15,000.
The BTC price has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one pundit described as âfakeâ breakouts.
The latest rout saw Bitcoin crash more than 8% within days from over $11,000 to $10,100.
McGlone, a senior commodity strategist at Bloomberg, based his arguments on various factors, including bitcoinâs rising hashrate, which continues to hit new records, industry media report.
The Bitcoin hashrate continues to increase and recently reached new highs.
Also advancing are addresses used.
A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.
Meanwhile, the number of active bitcoin addresses has soared to 991,000, Glassnode data shows, up from 684,000 at the beginning of this year, when the assetâs price averaged around $7,700.
When active addresses hit nearly 1.1 million on December 23, 2018, bitcoin traded for $14,800, on the average.
McGlone has remained upbeat about bitcoin throughout its volatile swings, at a point suggesting this is to be the year that the top crypto will become a digital version of gold, a prime store of value.
In his new analysis, he admits there might be pitfalls curtailing BTCâs price growth going forward â and that would have to be a reversal of the on-chain metrics related to âthe hashrate and active addresses.â
In other trending Bitcoin News today:
Bitcoin Could Hit New Yearly High on US Election Risks, Hints Citibank
Report New Citibank report hints that the Bitcoin price could hit a new year-to-date (YTD) high, abetted in part by the risks surrounding the US presidential election.
The analogy takes cues from a quarterly commodity outlook published by Citigroup.
The American banking giant specifically based its report on gold and its potential behavior amid the election season this November.
It noted that the precious metal may rise to a new yearly high, stating that the market is underplaying the assetâs ability to grow against the electionâs uncertainty.
Bitcoin, which has erratically tailed the gold market since March 2020, fell this week against a similar geopolitical outlook.
The cryptocurrency briefly touched $10,100 as the Federal Reserve Chairman Jerome Powell warned about their inability to support the US economy without the second coronavirus stimulus package.
The US Congress delayed the long-awaited financial aid as the Democrats and Republicans argued over the size of the help.
Many economists and analysts anticipated that the second stimulus package wonât arrive before the presidential election.
The said delay appeared even as the US reported a historically high unemployment rate, a rise in the number of bankrupted small and medium-sized businesses, a resurgence in coronavirus cases.
That further led investors to park part of their capital back into the US dollar.
It overall reduced the appeal of other safe-haven and risk-on assets.
As a result, Bitcoin, gold, and stocks gave up part of their gains to the stronger dollar outlook.
But for Citibank, there is still room to grow, at least for gold.
The bank wrote in its report:
âThe election could be an extraordinary catalyst for gold flat price and volatility skew late in the fourth quarter, even though historically there is no clear pattern for gold trading or price volatility into and after U.S. elections. That is one reason why we expect gold prices to hit fresh records before year-end.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.
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Wow check out #Bitcoin yearly lows, way more more interesting than itâs highs! đ Do you agree? 2010 â $0.012011 â $0.302012 â $42013 â $652014 â $2602015 â $1502016 â $3502017 â $7802018 â $3,1222019 â $3,322
2020 â $3,850
â carolina (@carolinaninap) September 24, 2020
Year-to-date asset performance:
+ 44% : #Bitcoin
+ 29%. : Gold+ 18%. : Nasdaq+ 15% : US 10-year Treasury+ 6% : S&P500â 3% : Dollar Index
â 36% : Crude Oil
â Cryptowatch (@cryptowat_ch) September 24, 2020
https://news.bitcoin.com/bitcoin-is-undervalued-fair-value-price-should-be-at-15000-says-analyst/
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BLOOMBERG ANALYST PREDICTS BITCOIN SHOOTING TO K TARGET RESISTANCE AND #post_titleT MARKET CAP IN 2021!!
âĄïž Leverage OPM (Other Peopleâs Money): http://opm.cryptonewsalerts.net
Bloomberg Intelligence senior commodity strategist Mike McGlone says he expects the big Bitcoin rally to continue in 2021.
In a new December outlook on BTC, McGlone says Bitcoinâs new line of resistance in 2021 will likely be at the $50,000 mark.
âBitcoin will maintain its propensity to advance in price into 2021, in our view, with macroeconomic, technical and demand vs. supply indicators supportive of $50,000 target resistance, implying about a $1 trillion market cap. The $10,000 mark has shifted to a critical support level after serving as the cryptoâs resistance mark since 2017.â
The report says Bitcoin is âfar from overheated,â noting its foundation of support may be greater than back in 2015 through 2017 due to increasing institutional investments and a drop in new supply due to this yearâs halving.
âThe year 2020 will likely be looked back upon as key to Bitcoinâs mainstream evolution, in our view. Strong inflows in regulated exchange-traded products, futures open interest, addresses used and allocations from corporate treasuries, and some billionaires, solidify the 2020 annual price of about $10,000 as foundation supportâŠ
Demand measures of Bitcoin and crypto assets appear to be gaining endurance for more of the same in 2021. From the Office of the Comptroller of the Currency (OCC) allowing banks to provide crypto-asset custody services to PayPal onboarding payments, clearing 2020âs volatility hurdle likely widens the path toward mainstream adoption.â
McGlone says the macro economy will also continue to serve as a headwind fueling both BTC and gold in the new year.
âThe digital newcomer and old guard quasi-currencies stand to be primary beneficiaries of unparalleled quantitative easing, rising debt-to-GDP and an increasing focus on modern money theory.â
In other trending Bitcoin News today:
CEO of $7.4 Trillion Asset Manager BlackRock Says Bitcoin Could Evolve Into Global Market Asset
Larry Fink, CEO of the worldâs largest money management firm, BlackRock, appears to be changing his once highly skeptical tune on Bitcoin and cryptocurrency.
Speaking to former Bank of England governor Mark Carney at the Council on Foreign Relations, Fink said BTC may be on a path toward evolving into a global asset.
âBitcoin has caught the attention and the imagination of many people. Many people are fascinated by it. Many are excited about it. But itâs still untested, itâs still a pretty small market relative to other markets. We see these big, giant movements every day⊠itâs a thin market.
So, can it evolve into a global market? Possibly. Certainly by evidence of the imaginations of so many who want to learn about it or are interested in it, to me, is a very telling sign.â
Fink also says the advent of digital currencies could weaken the status of the US dollar as a reserve currency for non-Americans.
âHaving a digital currency has a real impact on the US dollar because having a digital currency makes the need for the US dollar less relevant for international holders of dollar-based assets. Does it change the need for a dollar reserve currency if there was a true digital currency that was separated from dollar-based assets?â
In late November, BlackRock chief investment officer Rick Rieder also made a bullish case for Bitcoin, saying that the digital asset is here to stay and is well on its way to replacing gold as a primary store of value.
âDo I think it will take the place of gold to a large extent? Yeah, I do because itâs so much more functional than passing a bar of gold around.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:
#bitcoin stock-to-flow cross asset model-if BTC doesn’t break it’s historical path-BTC market cap will approach gold market value $5-10T in 2021-2024-and approach real estate market value $10-100T in 2024-2028
-after 2028 we can no longer interpolate and enter uncharted waters pic.twitter.com/DGf6T87Tdf
â PlanB (@100trillionUSD) December 4, 2020
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WALL STREET INVESTORS NOT READY FOR BITCOIN FOMO PHASE, SAYS BTC BULL ANTHONY POMPLIANO!!!!!
đ° BlockFi: (Up To $250 Bitcoin Bonus) https://blockfi.com/cryptonewsalerts
Crypto veteran and Bitcoin bull Anthony Pompliano, also known as Pomp, is predicting a BTC FOMO (fear of missing out) phase that he says Wall Street investors arenât ready for.
âBut if we go back and look at the FOMO phase of 2017 and other bull markets, it supersedes almost everyoneâs expectations. What weâre talking about right now is in the heart of a bull market, we had a 50 plus percent drawdown. The volatility on this thing is unlike any other asset.Â
And so when you start thinking about all of these Wall Street guys that come in, whether theyâre hedge funds, whether theyâre corporations, whether theyâre some sort of asset manager, I donât think theyâre ready for this. This stuff is going to absolutely rip their faces off.â
In other trending Crypto News today: Facebook Executive Says Social Media Giant âDefinitely Thinkingâ About NFTs!
Facebook Financial head David Marcus says the social media giant sees room to incorporate non-fungible tokens (NFTs) in conjunction with the upcoming launch of its cryptocurrency wallet Novi.
âItâs too early to talk about our plans, but weâre definitely looking at a number of ways to get involved in the space, because we think weâre in a really good position to do so. And when you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs.Â
And so while thereâs no immediate plans I can talk about, weâre definitely thinking about this. Itâs really an area worth exploring and one where we can have a positive impact for both creators and consumers on the other side.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.
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Facebook Executive Says Social Media Giant âDefinitely Thinkingâ About NFTs
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