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A $1 million Bitcoin price could be in our future a lot sooner than you think. The reality is that BTC is already in heavy use today as a store of value, and this underlying utility of Bitcoin could potentially take its price to $1 million per coin.
The size of the global bond market was recently estimated at $119 trillion. Remember, not all coins are for sale, meaning the total value of the Bitcoin market would be far greater than $20.9 trillion if all of this money were to move into the crypto asset.
Some estimates put the effect of new buy orders on Bitcoin’s market cap at 25x the value of the purchases, so from this perspective, $1 million looks quite conservative.
In other trending Bitcoin News today:
Bitcoin (BTC) has recorded its biggest mining difficulty drop of nearly 28% on July 3, but one model suggests that the BTC price will not bottom until October.
In a series of tweets on July 2, investment manager Timothy Peterson flagged the relationship between Bitcoin price and hash rate as arguable evidence that the dip is not over.
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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://www.fool.com/investing/2021/06/02/why-a-1-million-bitcoin-price-isnt-crazy/
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This Bitcoin Price Metric Is Up 940% Since BTC ,000 High | Chainlink (LINK) Nears ATH
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Over the past few weeks, investors have begun to doubt the veracity of the assertion that “BTC is on the verge of its next bull run.”
While there are reasons to believe this is the case, an analyst has asserted that per one key metric, the Bitcoin price has “never been more bullish.”
The past few weeks have undoubtedly been weak for the cryptocurrency market; the BTC price has collapsed from the $10,500 high to a price as low as $8,400 established just this weekend, while the hash rate of Bitcoin has stagnated.
But, according to the latest data from Blockchain.com, miners are once again allocating many resources to the security of the world’s largest cryptocurrency.
Case in point: the hash rate of the Bitcoin network reached a new all-time high of 136 exahashes (or 136,000,000 terahashes) per second just two days ago – nearly three times higher than it was one year ago.
Commenting on the significance of this, crypto price tracking app Blockfolio wrote:
“As Wall Street experiences the worst week since the 2008 financial crisis, Bitcoin’s hash rate has just reached a new all-time high. 136,264,908 tera hashes per second.”
This optimism has been echoed by analyst RookieXBT, who noted on Tuesday that the hash rate is almost “~940% from where it was when Bitcoin (BTC) was at an all-time high” of $20,000.
This, RookieXBT wrote, is a sign that “Bitcoin has never been more bullish.” Indeed, growth in the hash rate of the network suggests at least two things: 1) Bitcoin miners are confident in the long-term success of the cryptocurrency (especially in terms of price) and allocate more resources to the security of the network; and 2) the technology of mining machines is being improved on, resulting in the increase in hash rate.
Chainlink (LINK) Nears $5 All-Time High Unfazed by Bitcoin Price Slump
Chainlink’s (LINK) 27.48% gain over the past four days shows that the altcoin continues to function as an outlier when compared against the recent performance of other cryptocurrencies.
This strong recovery from the swing low at $3.30 to $4.79 has LINK now approaching its previous all-time high at $4.86.
Unlike Bitcoin (BTC), LINK trading volume has shown that traders are excitedly buying each dip and the candlesticks of the past 3 days clearly show that a strong reversal has occurred.
In the daily timeframe, the moving average convergence divergence (MACD) shows a bull cross between the MACD and signal line and the histogram has recently popped above 0, a rather compelling move considering that the altcoin has already gained 26.57% since March 2.
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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/chainlink-link-nears-5-all-time-high-unfazed-by-bitcoin-price-slump
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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 Level
Crypto Bullet – another popular cryptocurrency analyst on Twitter – explained in a tweet that the BTC price is currently approaching a key macro trendline that has historically sparked explosive upwards movements.
“BTC 1M log scale update. Let’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,” 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 “every” 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 — 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% — signaling intense concern from traders over a global recession, an oil price war and, of course, coronavirus.
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.
“S&P is -7.6% today. Based on historical volatility, a -7.6% move in S&P is == to -41% in BTC,” he wrote on Twitter. “Yet in the last 24 hrs BTC is only -5%. And only -0.5% since midnight today. That’s uncorrelated.”
AngelList CEO Naval Ravikant meanwhile suggested that investors zoom out from recent price adjustments. “
At the moment, Bitcoin is not a general hedge against every black swan and still behaves like a ‘risk on” trade,’ he responded to criticism of the cryptocurrency’s 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
— Josh Rager 📈 (@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
— Josh Rager 📈 (@Josh_Rager) March 9, 2020
At the moment, Bitcoin is not a general hedge against every black swan and still behaves like a “risk on” trade.
But long term, Bitcoin is a hedge against central banks printing money, which is inevitable as a reaction to the virus.
— 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
— Hunter Horsley (@HHorsley) March 9, 2020
$BTC 1M log scale update 📉Let’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
— crypto bullet (@SilverBulletBTC) March 9, 2020
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MAX KEISER: ,000 Bitcoin Price in Play Before a Pullback – Then BTC is Heading to 6-Figures!!
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Bitcoin pioneer Max Keiser says, “BTC will reach $100,000 and destroy anyone who gets in its way.
In a recent tweet who told his 230,000 followers:
“$28,000 is in play before we see a pullback – and then we’re heading to 6-figures”
Here are some more Max Keiser Bitcoin price predictions:
“All of these projects will be eviscerated,” Max says, adding “Now, bitcoin is going to make its move.”
He explains that bitcoin has been playing cat and mouse with these other projects to see who’s right and who’s wrong.
“It’s going to go up to $100,000 per coin but it’s going to destroy everyone who gets in its way. So, all these altcoin posers and government subsidy-welfare bums will be eviscerated by the one true bitcoin. It’s about time…” says Max.
We also have full-time futures trader Adam Mancini taking note of Bitcoin’s latest exploits.
He predicts that BTC will print a new all-time high of $24,000 in only six months.
Mancini tells his nearly 60,000 Twitter followers that the crypto king is poised to end its three-year-long consolidation and follow gold’s lead.
“Bitcoin BTCUSD is setting up for a move – likely to follow in GOLD‘s footsteps. We’re coiling into a multi-year triangle, and these don’t resolve with small moves. Given the trend entering this pattern was up, this should resolve the same way with 15k then 24k targets.”
Mancini’s forecast comes as Bitcoin breaks psychological resistance at $10,000, reaching $10,824 at time of publishing according to CoinMarketCap.
While the top cryptocurrency has struggled to take out that level throughout the year, Glassnode suggests that BTC’s latest trip above five figures may be different.
The crypto analytics platform says its coin days destroyed metric, which looks at the value of each Bitcoin transaction while giving weight to the number of days since the coins were last moved, remained flat as BTC rallied above $10,000 over the weekend, indicating that HODLers are not taking the opportunity to sell their crypto.
“In contrast to the last two times BTC hit $10,000 USD, we haven’t seen an increase in Bitcoin Days Destroyed today.”
In other trending Bitcoin News today:
Top Analyst Tone Vays Says Rapid Bitcoin (BTC) Rise to New All-Time Highs Likely If Crypto King Overcomes One Final Hurdle
Veteran crypto strategist Tone Vays says Bitcoin may be en route to printing a new all-time high, after its sudden rise above $11,000.
But first, it must flash one more bullish technical signal.
The analyst says Bitcoin’s rising market dominance suggests the crypto king is poised to launch a sustained uptrend, which is different from the parabolic rally that ended quickly in 2019.
“So as long as this trend continues, I will be very bullish on Bitcoin. I think Bitcoin will have a pullback back to $10,000. After that, it can take off to a new all-time high quickly, just like gold. I’m still bullish on Bitcoin very much. I’m not touching my HODL position. I was selling my HODL position in 2019 to pre-pay bills because I did not trust that rally to $14,000.
I trust this rally to go way higher. I’m way more bullish now than I was in early 2019.” In order for Bitcoin bulls to dominate the market, Vays says must hold above a crucial line at $10,000.
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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:
Bitcoin $BTCUSD is setting up for a move – likely to follow in $GOLD‘s footsteps. We’re coiling into a multi-year triangle, and these don’t resolve with small moves. Given the trend entering this pattern was up, this should resolve the same way with 15k then 24k targets pic.twitter.com/9rRFm75PPp
— Adam Mancini (@AdamMancini4) July 26, 2020
https://www.rt.com/business/494236-bitcoin-will-destroy-everyone/
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