BITCOIN CRASHING AS WHALES MASS ACCUMULATE!!!! RELIEF RALLY COULD TAKE BTC TO THESE PRICE LEVELS!!!!

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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 Bitcoin’s new line of resistance in 2021 will likely be at the $50,000 mark.

“Bitcoin 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 crypto’s resistance mark since 2017.”

The report says Bitcoin is “far from overheated,” 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 year’s halving.

“The year 2020 will likely be looked back upon as key to Bitcoin’s 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 support…

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 2020’s volatility hurdle likely widens the path toward mainstream adoption.”

McGlone says the macro economy will also continue to serve as a headwind fueling both BTC and gold in the new year.

“The 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.”

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 world’s 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.

“Bitcoin has caught the attention and the imagination of many people. Many people are fascinated by it. Many are excited about it. But it’s still untested, it’s still a pretty small market relative to other markets. We see these big, giant movements every day… it’s 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.”

Fink also says the advent of digital currencies could weaken the status of the US dollar as a reserve currency for non-Americans.

“Having 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?”

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.

“Do I think it will take the place of gold to a large extent? Yeah, I do because it’s so much more functional than passing a bar of gold around.”

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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

— PlanB (@100trillionUSD) December 4, 2020

https://cointelegraph.com/news/bitcoin-whales-selling-to-institutions-as-grayscale-adds-7-188-btc-in-24-hours

https://cointelegraph.com/news/bitcoin-arrives-on-wall-street-s-p-dow-jones-launching-crypto-indexes-in-2021

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A user poll conducted by Kraken has revealed that most BTC traders are expecting the Bitcoin price to break into new all-time highs before 2021.

The poll analyzed the responses of 400 “VIP” crypto traders on Kraken: 41% of respondents described themselves as “investors”, 40% identified as “traders”, and 15% as “institutions” — with the remaining 4% comprising payment processors, crypto exchanges and miners.

84% of respondents manage less than $10 million in capital, while 11% manage between $10 million and $50 million.

The remaining 6% is divided evenly between traders managing from $50 million to $100 million and traders mobilizing more than $100 million.

The survey found that the average BTC price target for 2020 is $22,866.

However, traders do not expect Ethereum (ETH) to also see new highs — with $810 comprising the average price target for ETH. 

The overall market sentiment is slightly bullish, with 44% of participants stating that the cryptocurrency markets are in a bull market, while 22% believe we are in a bear trend and 34% stating they are unsure.

There was little consensus among traders as to what will accelerate crypto’s growth over the next 12 months, with the top answer comprising “adoption” with 19%.

Bitcoin’s upcoming halving came second with 15%, followed by political “conflict” with 11%, “fear of missing out” with 11%, and economic “crisis” with 9%. 

Respondents came to a greater agreement regarding the major threats to the industry — with 32% of participants agreeing that “regulation” comprises the biggest risk to crypto, followed by “fraud, hacks, scams” with 23%.

Bitcoin Price Drops to $6.1K Shortly After Equities Markets Close Red After trading in the $6,450 to $6,850 range for the past eight days, Bitcoin (BTC) price finally made a larger move, this time to the downside, as the digital asset dropped 8.72% to a daily low at $6,068. 

The move somewhat mirrors the performance of traditional markets, which also closed the day with losses.

The Dow closed with a 915 point loss, the S&P 500 pulled back 3.37% and the Nasdaq was down 3.79%. 

The break below $6,550 pulled the price below the ascending trendline and the $6,450 support.

Traders had anticipated that a sharp move was on the cards after the price had traded sideways on declining volume for the majority of the week, also failing to push above $6,850 and flip the resistance to support.

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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:

Kraken’s 2020 Sentiment Survey: Where We Are & What’s To Come

https://cointelegraph.com/news/bitcoin-price-drops-to-61k-shortly-after-equities-markets-close-red

https://cointelegraph.com/news/most-traders-expect-new-all-time-high-price-for-bitcoin-in-2020

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Pantera: Bitcoin in Early Stages of Large Bull Market Fueled by Powerful Macro Tide – Here’s How High THE BTC PRICE Could Go This Cycle

Executives at the crypto-focused venture firm Pantera Capital think future inflation will drive up the prices of Bitcoin and other crypto assets.

In a new market report, Dan Morehead, Pantera’s CEO and co-chief investment officer, and Joey Krug, the firm’s other co-chief investment officer, highlight the Federal Reserve’s new policy of allowing inflation to support the labor market, which they say is going to kick off a new bull run for digital assets.

“Assets such as gold which have not been impaired by the pandemic are rising even faster. Gold is at a 5,000-year high. Or, said another way, paper money is at an all-time low. However, the best performing assets are ones which have both fixed-supply and improved usage/fundamentals – like cryptocurrency.

Cryptocurrency has out-performed most/all other asset classes this year. We strongly believe we are in the early stages of a large bull market fueled by both a powerful global macro tide and growing fundamentals in the underlying technology.”

Morehead has placed his BTC price target at $115,000, which he thinks will likely happen by next summer.

Despite their confidence, however, they still warn that Bitcoin is volatile and risky, and remains a “massive hype cycle roller coaster.”

In terms of their own investments, Pantera recently sunk money into YFI and Terra (LUNA), according to the executives.

YFI is a two-month-old governance token for the decentralized finance (DeFi) protocol yearn.finance.

The asset has been largely immune to the September slump that plagued other cryptocurrencies and is trading at almost $40,000 at time of writing, according to CoinMarketCap.

Terra is a network of stablecoins pegged to some of the world’s major currencies. LUNA, Terra’s native staking asset, can be traded or staked to earn rewards in the network generated from transaction fees.

It is trading around $0.32 at time of writing.

In other tending Bitcoin News today:

Nasdaq-Listed Microstrategy Raises Bitcoin Holdings to $425 Million After Second Purchase

“On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.”

This follows an update the company provided the SEC about its bitcoin investment plan.

In the filing dated Sept. 11, the Nasdaq-listed company revealed that its board of directors has adopted a new Treasury Reserve Policy “that updated the company’s treasury management and capital allocation strategies.”

Under this new policy, the company’s treasury reserve will consist of two types of assets.

The first type comprises “cash, cash equivalents, and short-term investments … held by the company that exceed working capital needs.”

The second type consists of “bitcoin held by the company, with bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for cash assets, including future potential share repurchase activity.”

Microstrategy clarified:

“As a result of this new policy, the company’s holdings of bitcoin may increase beyond the $250 million investment.”

Michael Saylor, Microstrategy’s CEO, has not always been pro-bitcoin.

He tweeted back in 2013: “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”

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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:

On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.

— Michael Saylor (@michael_saylor) September 15, 2020

Apparently there is some kind of bitcoin buying race between MicroStrategy and @Grayscale

Game on

— Barry Silbert (@barrysilbert) September 15, 2020

MicroStrategy is adopting a #bitcoin standard. Other companies will follow. Finally, central banks will follow (Switzerland likely to be the first.) A new gold standard for the digital age. A neutral store-of-value will create more check and balances for governments.

— Datavetaren (@Datavetaren) September 16, 2020

https://news.bitcoin.com/nasdaq-microstrategy-bitcoin-425-million/

https://cointelegraph.com/news/other-companies-will-follow-mstr-stock-up-9-after-buying-bitcoin