TOP ANALYST PREDICTS $500K BITCOIN AND $25K ETHEREUM THIS MARKET CYCLE!! MASSIVE ALTSUMMER COMING!!

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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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Gemini crypto exchange founders Tyler and Cameron Winklevoss said that the Bitcoin price will eventually hit $500,000 per BTC during a recent interview with podcast host Peter McCormack.

“The question in our mind is not so much does it get to $500,000, but how quickly,” Tyler told McCormack during the Oct. 23 podcast episode.

His thesis takes the market cap of gold and theoretical central bank allocation into consideration. 

“I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started,” Cameron noted.

MicroStrategy and others buying significant amounts of Bitcoin for their treasury reserves seems to indicate that the market is beginning to shift.

“What if every Fortune 100 or 500 company does that, what if central banks start doing that?” Cameron queried. “It hasn’t even started,” he added, analogizing that Bitcoin is in the bottom of the first in a nine-inning baseball game.

“Wall Street is not here yet. Institutions aren’t in Bitcoin right now. It’s been a retail phenomenon for the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really in it from our perspective, but it’s starting to happen.”

The basis for the interview was a report from Tyler and Cameron published in August 2020, titled: The Case for $500K Bitcoin. 

The brothers began constructing the report in January 2020, Cameron said in the interview with McCormack.

“We started to think about what the government has been doing with the U.S. dollar for the past decade or so and traditional sort of stores of value and hedges,” Cameron explained.

The twins halted work on the report in March when COVID gained a global foothold. They resumed the paper several months later after evaluating the economic changes brought on by the virus.

Tyler said he and his brother began buying BTC in 2012. Part of the rationale for the report stemmed from evaluating the asset’s performance amid the surrounding economy over the past decade. 

While a growing number of bullish predictions for Bitcoin surfaced throughout 2020, some have remained skeptical such as gold bug Peter Schiff.

In other trending Bitcoin News today:

Bitcoin Has ‘Considerable’ Upside As It Better Competes With Gold As Alternative Currency, JPMorgan Says

Bitcoin’s 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an “alternative” currency, JPMorgan said in a note on Friday.

Bitcoin has surged more than 70% year-to-date, and this week’s announcement that PayPal would allow its users to buy, sell, and exchange the asset served as another high-level endorsement for the cryptocurrency.

Earlier this month, Square purchased $50 million worth of bitcoin as it further commits to viewing the digital currency as a long-term investment.

According to JPMorgan, the physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.

For bitcoin to catch up to gold in terms of market value, the crypto currency would have to surge 10x from current levels.

“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price,” JPMorgan said.

And over time, crypto could be held for other reasons then being a store of wealth as gold is, according to JPMorgan.

The technicals are also pointing to a continued surge in bitcoin. According to technical strategist Katie Stockton, the cryptocurrency could surge to $14,000 as short-term momentum improves.

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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:

Holy Cow

Most bullish commentary for #bitcoin that I have read from JP Morgan

“Even modest crowding out of #GOLD takes #bitcoin up multiples.”

Widespread research piece reaches all clients of the bank.

Paypal announcement “cover” for other traditional players to get involved. pic.twitter.com/lUd8oYQ77h

— Dan Tapiero (@DTAPCAP) October 23, 2020

https://markets.businessinsider.com/currencies/news/bitcoin-price-considerable-upside-forecast-competes-gold-alternative-currency-jpmorgan-2020-10-1029716041#

https://cointelegraph.com/news/bitcoin-price-rise-to-500k-is-inevitable-winklevoss-twins-say

https://cointelegraph.com/news/bitcoin-whale-clusters-pinpoint-3-key-levels-for-btc-price-rally-to-continue

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Introducing his latest revamp of the popular Bitcoin price model, analyst PlanB adds gold and silver and almost trebles his previous forecast.

The latest version of a popular and thus far accurate BTC price model predicts an average price of $288,000 — and it could happen this year.

In a blog post introducing the third incarnation of the stock-to-flow (S2F) model on April 27, analyst PlanB revealed fresh calculations that are taking his forecast ever higher.

This time, gold and silver joined in, combining with Bitcoin to create the new BTC S2F cross-asset model or S2FX. Stock-to-flow calculates a value based on the supply of new Bitcoins entering circulation through mining versus the existing supply, or “stock.”

The retroactive application confirms that the model is extremely competent at charting Bitcoin’s growth, with even last month’s 60% drop still falling within its predicted range.

Prior to S2FX, an “updated” stock-to-flow chart put BTC/USD at an average of around $100,000 between 2020 and 2024.

With the release of the new version, however, the prediction has almost tripled overnight.

“The S2FX model formula can be used to estimate the market value of the next BTC phase/cluster (BTC S2F will be 56 in 2020–2024),” PlanB summarized.

“…This translates into a BTC price (given 19M BTC in 2020–2024) of $288K.”

In other trending Bitcoin News today:

Tim Draper Doubles Down on His $250K BTC Prediction

If Bitcoin does not hit $250,000 by early 2023, Tim Draper jokingly says he’ll eat a raw egg.

Speaking at Virtual Blockchain Week, famed venture capitalist Tim Draper confirmed that he is sticking to his six-figure Bitcoin (BTC) price prediction.

Back in 2018, Tim Draper made a bold public call that the price of Bitcoin would reach $250,000 by the end of 2022 or early 2023.

As of today, he’s sticking to it:

“That’s my prediction. Sticking with it. I’m very confident that that is going to happen. That’s happening. It’s kind of funny.”

He cites a couple major reasons that might drive that kind of price action.

Draper believes that the US government’s massive stimulus package will debase the value of the dollar and “send people to crypto.”

He also expects that Bitcoin will see massive commercial adoption around the world within this timeframe.

“All of the sudden, the retailers say, “Oh, you mean I don’t have to pay 2.5-4 percent to the banks every time somebody swipes a credit card?”

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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 think PlanB made a step in the right direction my including more assets in his model. Solid work. As soon as S2FX is confirmed for a wide range of assets like Pt, W, $BSV and $BCC, it will have my enthusiastic support. Highly scientific! https://t.co/OTCcdrsVkd

— ᴹᵁᴴ𝔍𝔬𝔢⁰⁰⁷ 🐳 (@J0E007) April 28, 2020

https://cointelegraph.com/news/tim-draper-doubles-down-on-his-250k-btc-prediction

https://cointelegraph.com/news/new-stock-to-flow-forecast-puts-average-bitcoin-price-at-288k-by-2024

https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12