BITCOIN TO $1,000,000 MIGHT SOUND CRAZY, BUT IS IT? WHY BTC IS GOING TO BE WORTH A MILLION DOLLARS!!

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BITCOIN PRICE PLUMMETS TO $3,858 ON COINBASE

On Friday morning, many crypto exchanges saw the BTC price tumbling to a daily low at around $3,800, after which it quickly returned to above $4,000.

On Coinbase, the king of crypto hit a daily low at $3,858, while on Bitfinex it stopped at $4,001.

The last time when Bitcoin (BTC) was trading below $4,000 was in April 2019, so the cryptocurrency touched the lowest level in almost a year.

This is by far one of the worst weeks for Bitcoin. Since Monday, it has lost 53% to its recent bottom. Last Friday, it traded above $9,100, and has lost 58% since then.

However, most of the pain came yesterday, when bears tested one support level after another.

Initially, Bitcoin fell to around $7,500, which was a strong support line of an uptrend that started to form in April last year.

Once it broke below it, the price plummeted and ignored any logic. Bulls were crashed and the updating lows imposed traders to close their positions en masse, which fueled the panic.

Panic has been the norm this week not only for the crypto market. The stock markets also crashed to multi-year lows, with US and European indexes experiencing their worst declines in over 30 years.

The trigger point of all this economic horror is the coronavirus outbreak that started in China and spread to Europe, South Korea, Iran, and other regions.

The price war between Saudi Arabia and Russia has also had an impact, as oil prices crashed 30% on Monday, which was the biggest single-day decline since the Gulf War in 1991.

The crypto market couldn’t remain indifferent to the economic shock and has lost half of its value this week, falling to below $140 billion.

It has lost over $90 billion in the last 24 alone.

Bitcoin Under $1K Is Possible Warns Veteran Trader Peter Brandt Veteran trader Peter Brandt — who is famous for correctly predicting the market crash from the all time high — today tweeted an answer that no one wanted to hear in response to an inquiry about the new ‘bottom’ for Bitcoin due to coronavirus.

Brandt said that if he looks at the Bitcoin chart “without bias” the new bottom is potentially “sub-$1,000”.

That’s almost 80% below the current price, which is just under $5000.

The one time commodities analyst is no crypto skeptic — in fact, he’s often more bullish than bearish about Bitcoin, and believes that parabolic increases in the Bitcoin chart could see it hit $140,000.

Brandt also correctly tipped a price spike during the depths of crypto winter shortly before the Bitcoin price doubled in mid-July. 

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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:

If I interpret the chart without bias, I would say sub $1,000

— Peter Brandt (@PeterLBrandt) March 12, 2020

This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason.

— Edward Snowden (@Snowden) March 13, 2020

Bitcoin just jumped $1,800, 40%, in three minutes on Coinbase.

What. The. Hell.

— Nick Chong (@_Nick_Chong) March 13, 2020

No, Bitcoin as a store of value isn’t dead just because it had a super shitty day. No, Ethereum and defi aren’t dead just because they had a super shitty day. In the coming months the world will see what anti-fragile means.

— Erik Voorhees (@ErikVoorhees) March 13, 2020

Bitcoin Surges 40% In Minutes After Briefly Breaking $3,900

Bitcoin Dips Below $4K to 1-Year Low, What’s Next?

https://cointelegraph.com/news/us-fed-unveils-15t-rescue-injection-but-will-bitcoin-price-rebound

https://cointelegraph.com/news/bitcoin-under-1k-is-possible-warns-veteran-trader-peter-brandt

https://cointelegraph.com/news/edward-snowden-feels-like-buying-bitcoin-amid-price-crash

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Bitcoin Price to Surmount $20,000 In 18 Months

In an interview published on Saturday, Raoul Pal — ex-head of Goldman Sachs’ equity derivatives business and the current CEO of Goldman Sachs — remarked that he thinks the BTC price will rally to its $20,000 all-time high within the coming 12 to 18 months, despite the current crash seen in global markets.

This interview was released shortly after he remarked that he is more bullish than ever on Bitcoin (BTC), remarking that there’s a possibility that “all trust” in the “entire system” has been lost.

This was presumably in reference to the world’s response to the outbreak of COVID-19, which has revealed clear insecurities in the fabric of society, from politics to finance.

“If I could only own one asset for the next 10 years, it would be bitcoin, It encapsulates all of my larger macro views and feels like the point on the far horizon we are headed to, in some shape or form. Yes, like gold too and many other things but BTC risk/reward beats all.” – Raoul Pal

The former Goldman Sachs executive previously told prominent industry podcaster Stephan Livera that all popular asset classes are extremely expensive, except for Bitcoin and cryptocurrency.

Equities, he explained, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential. Bonds aren’t much better, Pal opines, drawing attention to the “virtually zero yields” — and negative yields in some cases — that debt deemed safe provides.

Even real estate isn’t attractive, with the prominent investor calling this asset class “unaffordable”, adding that it makes even less sense to purchase homes because they’re trading near all-time highs.

Hence, Bitcoin.

Fundstrat & eToro Analysts Predict Coronavirus Crisis May Strengthen Bitcoin

What has been driving recent Bitcoin price action?

Or perhaps more importantly, who? And why does it matter? 

Lead Digital Strategist at Fundstrat David Grider and Platinum Account Manager at eToro Simon Peters break down Bitcoin’s next move, how the coronavirus and financial crisis may impact the halving, and how Bitcoin’s fundamentals will affect its long-term prospects.

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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:

If I could only own one asset for the next 10 years, it would be bitcoin $BTC It encapsulates all of my larger macro views and feels like the point on the far horizon we are headed to, in some shape or form. Yes, like gold too and many other things but BTC risk/reward beats all.

— Raoul Pal (@RaoulGMI) January 31, 2020

Ex-Goldman Sachs Exec: Bitcoin Likely to Surmount $20k Within 18 Months

https://cointelegraph.com/news/fundstrat-etoro-analysts-predict-coronavirus-crisis-may-strengthen-bitcoin

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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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Trezor: ► http://trezor.cryptonewsalerts.net

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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