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Popular crypto analyst and trader Kevin Svenson is saying that Bitcoin is due for a steep rally to the six-figure level as BTC follows a widely-known pattern in the equities market.
âGeorge Lindsay says the basement is essentially a bear trap⊠So it would actually be a good bear trap if we did actually continue with a move up to the first floor and that would mean over the next month or two, we would expect a move back up toward the $50,000 to $60,000 to form our first floor. And this could potentially lead us to into a final mania phase all the way up to the $200,000 level.â
In other trending Bitcoin News today: Adoption And Scarcity To Fuel A Bitcoin Run To $100K!
Despite having fallen by nearly 30% since its November all-time high, Bitcoin is in a consolidating bull market and on its way to $100,000, according to a Bloomberg Intelligence report. The paper said it is unlikely that BTCâs bull run has come to a halt and predicts the fixed supply to sustain increasing prices.
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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:
Crypto Bull Cathie Wood Says Ethereum Is More Undervalued Than Bitcoin
https://bitcoinmagazine.com/business/bitcoin-to-hit-100000-in-2022-bloomberg-report
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BITCOIN (BTC) TARGETING BITCOIN (BTC) TARGETING $1,150,000 AFTER SHIFT IN FEDERAL RESERVER POLICY, SAYS REAL VISION CEO!!,150,000 AFTER SHIFT IN FEDERAL RESERVER POLICY, SAYS REAL VISION CEO!!
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Raoul Pal thinks Federal Reserve policies could lead Bitcoin (BTC) to 100x gains.
On Thursday, Fed Chairman Jerome Powell said that the U.S. central bank would prioritize keeping unemployment low over reigning in inflation.
Pal, the former head of European hedge fund sales for Goldman Sachs, says that the shift in monetary policy is lending major upside to gold and, to an even greater degree, Bitcoin.
âPowell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets â gold and Bitcoin.
Powell WANTS inflation. I donât think he gets true demand push inflation, but he will get fiat devaluation, in conjunction with the other central banks all on the same mission. Overall, I think Bitcoin outperforms gold. Gold can go up 2x or 3x or even 5x while Bitcoin can go up 50x or even 100x.â
The top cryptocurrency is currently trading at $11,496 so a 50x gain would mean a value of $574,800 per BTC, and a 100x gain would be a $1,149,600 Bitcoin price.
In the short term, Pal says both gold and BTC could drop further, and heâs loading up on Bitcoin and Ethereum amid the market downturn.
âGold has maybe 25% downside and Bitcoin 50%, so risk-adjusted BTC kills it. However, I own both but a LOT more BTC (and some ETH). Over time, all will rise again. Iâm buying more BTC and ETH as the price falls and my gold is in a vault not to be touched.â
Meanwhile, Pal says Ethereum (ETH) offers a unique use case.
â[Ethereum is] not a reserve asset but a call option on a future platform for finance and trusted ownership via smart contracts.â
In other trending Bitcoin News today:
Yearn.finance (YFI) Jumps to $25,000 Eclipsing Bitcoinâs All-Time High Price of $20k
Yearn.finance (YFI), one of the hottest crypto assets in the Ethereum decentralized finance space, has seen an extreme price performance in the past day.
The asset has gained approximately 30% in the past 24 hours. This is an outperformance of Bitcoinâs 1% gain and Ethereumâs 1.7% move higher.
YFI is currently trading above $25,000 at this time.
Whatâs especially notable about the rally in YFI is that it was launched just a month ago. Further, at the launch, creator Andre Cronje asserted that the cryptocurrency literally has âzero value.â
The crucial trend behind YFIâs ongoing move to the upside is it getting listed on another leading DeFi platform, Aave.
Aave is a money-market protocol that allows users to lend and borrow cryptocurrencies based on Ethereum. Aave announced the listing on August 28th.
This listing should provide YFI with some positive price pressure as that means holders can now earn further yields on their YFI.
YFI is also benefiting from the launch of Curveâs Curve DAO token (CRV).
The token is being used by Yearn.finance as a medium through which yield can be obtained on deposits of stablecoins like USD Coin and Tether.
These yields have become so attractive to investors that hundreds of millions have been siphoned into the Yearn.finance protocol.
This increase in deposits has led to an increase in the value of YFI, which is a proxy for the value of the Yearn.finance ecosystem.
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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 think he gets true demand push inflation but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.
Overall, I think #Bitcoin outperforms gold. Gold can go up 2x or 3x or even 5x while bitcoin can go up 50x or even 100x.
â Raoul Pal (@RaoulGMI) August 28, 2020
Prepare to be patient in #Bitcoin. Each up cycle takes longer to play out and is less extreme as absolute dollar value gets much larger.May or may not be another 6-12 months before price breaks up. Should not matter as end price point obscenely higher.
Hodlers rejoice. pic.twitter.com/IH7izyxXvm
â Dan Tapiero (@DTAPCAP) August 28, 2020
Yearn.finance (YFI) Jumps 30% Towards Bitcoinâs All-Time High Price of $20k
https://cointelegraph.com/news/history-shows-bitcoin-price-may-take-3-12-months-to-finally-break-20k
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FIRST U.S. BITCOIN MUTUAL FUND LAUNCHED BY $60 BILLION FUND MANAGER!!!!
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The first publicly available U.S. mutual fund that generally tracks the Bitcoin price has been launched by a $60 billion fund manager.
In a press release this morning ProFunds announced the launch of its Bitcoin Strategy ProFund (BTCFX). This will be the first publicly available U.S. mutual fund that generally tracks the price of Bitcoin.
On the ease of access and mass exposure that this mutual fund will provide, ProFunds CEO Michael Sapir said that âCompared to directly buying bitcoin, which may involve opening a new account with an unregulated party, this ProFund offers investors the opportunity to gain exposure to bitcoin through a form and investment method that tens of millions of investors are familiar with.â
On the increased demand for a Bitcoin mutual fund, Michael Sapir commented it âhas become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment.â
In other trending Bitcoin News today: Record 57K BTC leave exchanges in one day, dropping Bitcoin reserves to pre-crash levels.
Yesterday was the largest Bitcoin net outflow from exchanges since 2016. BTC needs to close above $40,035 today to make 9 green days in a row â the longest streak since May, 2017.
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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 game-theory kicking in with Americaâs hedge funds and political insider-traders. Beautifully, the protocol obviates the need for politicians â so good-bye asshat Liz Warren. $220,000 in 2021 still in play
Buy #Bitcoin, short đșđž pic.twitter.com/eM2u7lhhO9
â BITCOIN MAXIMALIST (@maxkeiser) July 28, 2021
https://bitcoinmagazine.com/markets/bitcoin-mutual-fund-manager-profunds
Itâs On, Elizabeth Warren Triggers Retaliation From The Crypto Community
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Bitcoin Price About to Tap Explosive Rally Trendline | BTC is Money Printing Protection
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Bitcoin Price Could Spark a Massive Market-Wide Rally If It Bounces at This Key LevelÂ
Crypto Bullet â another popular cryptocurrency analyst on Twitter â explained in a tweet that the BTC price is currently approaching a key macro trendline that has historically sparked explosive upwards movements.
âBTC 1M log scale update. Letâs once again take a look at our beloved log scale chart. As long we are closing the monthly above the trend line this is just another great buying opportunity. Zoom out and look at the big picture,â he explained.
If Bitcoin posts a highly bullish response to this level as it has done in the past, it is highly probable that the aggregated crypto market will also incur some intense upwards momentum in the weeks ahead.
Bitcoin Is Money Printing Protection as US Bond Yields Hit Lowest Ever
Bitcoin (BTC) is not a hedge against âeveryâ global meltdown but will ultimately protect its users from central banks, governments and fiat money printing.
That was the consensus building among cryptocurrency supporters on March 10, as traders awaited the next stage of worldwide panic â this had given much of the economy its worst day since the 2008 financial crisis.
On Monday, currency markets and stocks led the losses, which were later joined by markets such as United States government bond yields. In a move unprecedented in history, the entire U.S. bond yield curve dropped below 1% â signaling intense concern from traders over a global recession, an oil price war and, of course, coronavirus.Â
At the same time, Bitcoin shed around 15% overnight, volatility which at press time had nonetheless subsided. Noting historical behavior, Hunter Horsely, CEO of BitWise, said that BTC was performing much better than before versus the S&P 500 in particular.
âS&P is -7.6% today. Based on historical volatility, a -7.6% move in S&P is == to -41% in BTC,â he wrote on Twitter. âYet in the last 24 hrs BTC is only -5%. And only -0.5% since midnight today. Thatâs uncorrelated.â
AngelList CEO Naval Ravikant meanwhile suggested that investors zoom out from recent price adjustments. â
At the moment, Bitcoin is not a general hedge against every black swan and still behaves like a ârisk onâ trade,â he responded to criticism of the cryptocurrencyâs performance.
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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:
$BTCNice to see short term relief the past few hoursPrice couldn’t break above the daily open, and want to see it break this area before I feel good about any potential short term rally
I’ll take some profits at the resistance block above between $8030 and $8100 pic.twitter.com/UR6EXnR5Lt
â Josh Rager đ (@Josh_Rager) March 10, 2020
COVID-19 could lead to more people adopting crypto assets/#Bitcoin to reduce possible exposure to the virus
Crypto investors already knew fiat money was dirtyhttps://t.co/niME67UgJm
â Josh Rager đ (@Josh_Rager) March 9, 2020
At the moment, Bitcoin is not a general hedge against every black swan and still behaves like a ârisk onâ trade.
But long term, Bitcoin is a hedge against central banks printing money, which is inevitable as a reaction to the virus.
â Naval (@naval) March 10, 2020
S&P is -7.6% today.Based on historical volatility, a -7.6% move in S&P is == to -41% in BTC.Yet in the last 24 hrs BTC is only -5%.And only -0.5% since midnight today.That’s uncorrelated.
Treasuries are up (GOVT +1%)! That’s a negative correl, which is a different thing. pic.twitter.com/F0oVlGp8m0
â Hunter Horsley (@HHorsley) March 9, 2020
$BTC 1M log scale update đLet’s once again take a look at our beloved log scale chart.As long we are closing the monthly above the trend line this is just another great buying opportunity.
Zoom out and look at the big picture!#bitcoin #trading pic.twitter.com/Rx7v6X7ZzV
â crypto bullet (@SilverBulletBTC) March 9, 2020
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