BITCOIN CONFESSIONS OF A WALL STREET INSIDER | Michael Kimelman Cryptocurrency Interview

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Bitcoin (BTC) is looking like it will hit $75,000 — and that could happen “within weeks,” one analyst has found. 

Uploading a fresh BTC/USD price chart to Twitter on June 7, Cane Island Alternative Advisors’ Timothy Peterson unearthed an uncanny similarity to Bitcoin in 2013.

Tracking the Bitcoin price recovery from its lows of $3,600 in mid-March, Peterson noted that its recovery almost exactly tracked price action from seven years ago. 

The result, he argued, could keep up the copycat move: BTC topped out at $1,300 in 2013, and a similar 700% bull run at today’s prices would give a target of $75,000.

“The 2020 bitcoin recovery has tracked the 2013a recovery almost perfectly. Are we weeks away from $75,000?”

While such a spike seems unlikely, Bitcoin is already exhibiting strong signs that it is in recovery mode from lows that will never reappear.

Specifically, miner activity and associated data have mimicked December 2018, when Bitcoin bounced out of a year-long bear market at $3,100.

Nonetheless, comparing today’s Bitcoin market with that of 2013 is all but impossible.

At the time, Mt. Gox was the only major exchange, itself imploding to cause a massive price crash.

Many argue that Mt. Gox was responsible for the run to $1,300.

In other trending Bitcoin News today:

Bitcoin (BTC) Will Shatter $520,000 According to New Stock-to-Flow Model – Here’s When It Would Happen

A new twist on the Bitcoin stock-to-flow model (S2F) suggests the crypto king will blow past $520,000 – but it may take a while.

A pseudonymous quantitative analyst named QuantMario says PlanB’s popular S2F ratio, which divides the amount of BTC in circulation by the amount of Bitcoin mined per year, is overly bullish.

“After the fifth halving in about eight years from now, the original S2F model predicts the Bitcoin market capitalization to be higher than the value of all the property in the world: equities, real estate, fiat money, gold, etc. Sounds impossible? Right.”

Crypt∞li, an editor at the crypto exchange startup SAFEX, says the new model, which shows BTC will make a slow and steady march to about $520,000 over the next two decades, places more realistic expectations on miner profitability and the overall use of electricity on the network.

“The S2F model’s output basically demands a 10x price increase from one cycle to the next cycle. If a constant profitability of miners is assumed (equilibrium of price and miner adoption), then the mining effort has to quintuple every four years – the combination of a tenfold increase of price and a halving of the block reward results in a five-fold increase of reward in fiat currency every four years.”

To address these issues, the adjusted S2F model predicts a significantly slower pace of growth for BTC.

In contrast, PlanB’s model predicts Bitcoin will hit $1 million by 2028.

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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/bitcoin-billionaires-movie-to-tell-winklevoss-bros-crypto-story

https://medium.com/@QuantMario/the-lgs-s2f-bitcoin-price-formula-751d0aac06af

https://medium.com/@crypto.oli/bitcoin-long-term-equilibrium-of-price-and-miner-adoption-cd0931ab1d4c

https://cointelegraph.com/news/bitcoin-price-75k-within-weeks-recovery-mimics-2013-700-bull-run

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Analysts predict that the end of the Bitcoin compression cycle will hit within days as BTC price action continues to preserve $9,000 support.

Equities led a somewhat uneventful start to the week’s trading, with major stocks futures slightly down on the day — by a maximum of 0.6% at press time.

Bitcoin likewise had a quiet weekend, with volatility remaining negligible and a narrow trading corridor continuing to characterize price performance.

On Monday, BTC/USD hovered at around $9,180, having hit local highs of $9,226 earlier, its highest since July 15.

As has become standard in recent weeks, coronavirus sentiment and reactions to associated remedial measures from governments and central banks dictate macro action, and Bitcoin remains susceptible to copycat moves.

With calm reigning prior to the opening bell on Wall Street, room for maneuver appeared limited, given the “compression” in BTC/USD over the past several weeks. 

A cycle of higher lows and lower highs, the current compression cycle showed little sign of breaking this month.

However, the status quo is ripe for change — and that should happen this week, say analysts.

“This feels like a little World Cup of sorts. bitcoin could break out on or about the 22nd,” Jason Williams, co-founder of crypto hedge fund Morgan Creek Digital, tweeted on Sunday.

Investors should not treat Bitcoin as a safe-haven “too literally” within the current market, says the CEO of cryptocurrency exchange Binance.

Speaking to Bloomberg on July 20, Changpeng Zhao, known as “CZ” in cryptocurrency circles, cautioned against considering BTC/USD as having a particular relationship to stocks.

“I think people should not take that meaning of “safe haven assets” too literally… there are always multiple factors affecting the price of an asset,” he told the network.

“If you imagine Bitcoin as the same as a float and there’s the Titanic sinking beside it, if there’s a rope tying the float to the Titanic, then the float will sink down with the Titanic, even though the float does have floating properties — it’s just not able to sustain that kind of load.”

In other trending Bitcoin News today:

‘Worthless Coin’ – McAfee Says He Never Believed Bitcoin Would Hit $1M

John McAfee says he never believed Bitcoin would hit $1 million in a recent tweet, backtracking from his previous prediction.

In July 2017, John McAfee said he would “eat his own ****” if Bitcoin does not hit $500,000 within three years.

Today, BTC is hovering at a mere $9,130 and its price must increase by more than 5,376% to meet McAfee’s prediction.

In general, Bitcoin quite clearly got nowhere near $500,000 in the past three years.

Not only that, but McAfee is also seemingly backtracking from his $1 million per BTC prediction.

Last year, McAfee said he is positive Bitcoin goes to $1 million.

He said negativity around the cryptocurrency market was overblown, especially considering Bitcoin was in the mid-$10,000s.

But on July 19, 2020, McAfee said:

“Not going to get out of it. I never believed Bitcoin would hit $1 mil. It’s absurd. It’s an old, tired, worthless coin. I just wanted to eat my **** on TV. Wait for it.”

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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:

John McAfee honored his bet, made three years ago, to bite off his dick if #Bitcoin wasn’t at $500,000

GOOD NEWS: He’s doing well at the hospital and expected to make a full recovery. pic.twitter.com/5ak0jau42u

— Max Keiser (@maxkeiser) July 19, 2020

Not going to get out of it. I never believed Bitcoin would hit $1 mil. It’s absurd. Ir’s an old, tired, worthless coin.I just wanted to eat my dick on TV.

Wait for it.

— John McAfee (@officialmcafee) July 19, 2020

I’ve only made one bet in crypto. $1 mil by the end of 2020. I’ve never lost a bet. I cannot lose. It will be many times more. Wake up and use your head. It was given to you for a purpose.

— John McAfee (@officialmcafee) July 14, 2019

This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd.I don’t think I would want to be on the sidelines going into this but low time pref 🧠

Tina and I both agree that #bitcoin volatility could be extraordinary to the upside. @BitcoinTina pic.twitter.com/EWoB0Tv8VW

— Jason Williams 🦍 (@JWilliamsFstmed) July 19, 2020

https://cointelegraph.com/news/bitcoin-price-predictions-by-top-analysts-are-usually-wrong-heres-why

https://cointelegraph.com/news/worthless-coin-mcafee-says-he-never-believed-bitcoin-would-hit-1m

https://cointelegraph.com/news/bitcoin-breakout-on-july-22-5-things-to-watch-for-btc-price-this-week

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Ethereum (ETH) co-founder turned Cardano (ADA) creator Charles Hoskinson said that he expects the Bitcoin price to be back over $10,000 and reach $100,000 in the future.

In a tweet published on Nov. 22, Hoskinson urged the cryptocurrency community that Bitcoin (BTC) is more than speculation, putting the blame on the latest drop in price on news media “FUD” – or fear, uncertainty and doubt – and market manipulation. 

He tweeted…

“Bitcoin’s price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that’s going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future”

In other BTC news today:

Will the Bitcoin price plunge further? Analysts target $6,000.

BTC continued its downward slide and did not stop at $7k.

Support was smashed again and the king of Cryptocurrency fell into dangerous ground with a wick down to $6,800.

This is its lowest level since mid-May when things were all in the opposite direction.

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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’s price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that’s going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future pic.twitter.com/9vlgH4S7u2

— Charles Hoskinson (@IOHK_Charles) November 22, 2019

Will the Bitcoin Price Plunge Further? Analysts Target $6,000

https://www.ccn.com/cardano-creator-sets-100k-price-target-for-bitcoin/

https://cointelegraph.com/news/crypto-is-unstoppable-bitcoin-will-hit-100k-says-cardano-founder