TIM DRAPER: Bitcoin (BTC) Is A Superior Currency That Frees People!

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The latest update of the Bitcoin S2FX price model shows July is beginning exactly as required for a long-term bullish trajectory to continue.

BTC may be struggling to hit $10,000, but its progress is right on track, new stock-to-flow data confirms.

Adding a new update to his model on July 1, stock-to-flow model creator PlanB showed that Bitcoin (BTC) is behaving exactly as its bullish history demands.

The BTC S2F Cross Asset Model, or S2FX, uses color-coded dots to analyze Bitcoin price action relative to the date of its next block reward halving.

Dots immediately after halving, like at present, are in red and historically precede a jump in Bitcoin’s price, which PlanB often refers to as being higher by “an order of magnitude.” Reflected in the model, the next order of magnitude shift is imminent — it should start before the end of 2020. Between then and the next halving in 2024, the model focuses on a price of $288,000 for BTC/USD, with the potential for much higher peaks.

“Bitcoin S2F chart update .. RED DOT #2,” PlanB summarized on Twitter, referring to June and July’s markings on the chart. Stock-to-flow remains a steadfast bullish take on long-term Bitcoin price action, despite fielding considerable criticism this year.

PlanB maintains that those critics have yet to produce a viable alternative to his model, which has traditionally tracked price behavior extremely accurately.

Analyzing monthly returns during the last halving period from 2016 to 2020, PlanB highlighted the “very asymmetrical” nature of Bitcoin price performance.

As such, for BTC/USD to leave its current stagnant levels at around $9,000 and hit $12,000, all that is needed is a “typical” month of solid 30% gains.

In other trending Bitcoin News today:

Bitcoin 90-Day Active Supply Soars to Pre-2017 Bull Run Level: Report

A new report analyzing on-chain activity says that BTC is now due for a bullish phase based on supply movements. Published by asset manager Stack Funds on July 2, the findings suggest that 90-day active supply is dictating bullish potential for BTC/USD.

Publishing an accompanying chart for the metric, Stack argued that it has important implications for historical price behavior.

“The data provides an indication of two folds. Firstly, the 90d % of Bitcoin active supply has tapered over the past 3 years, from 36% to 17%, suggesting that investors’ time horizon has lengthened as Bitcoin are held over longer periods in their wallets,” the report states.

“Secondly, prior to the 2017 and 2019 bull run, where Bitcoin hit $20,000 and $14,000 highs against the dollar, there was evidence of steep surges in the 90d % active supply (depicted in the green zones).”

The trend has appeared since Bitcoin’s price crash in March, an event which proved to be something of a watershed moment for traders.

Stack concluded:

“As statistics have shown, a potential run-up in Bitcoin prices can be expected, which has yet to materialize, leading us to believe that the preceding rise in Bitcoin prices could happen sooner rather than later.”

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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://mcusercontent.com/45836f27729699cf7a484a367/files/7b462da8-b89b-40f0-a562-e10b41b35f53/Stack_Research_2_Jul_2020.pdf

https://cointelegraph.com/news/bitcoin-90-day-active-supply-soars-to-pre-2017-bull-run-level-report

https://cointelegraph.com/news/bitcoin-set-for-288k-bull-run-in-2020-popular-btc-price-model-says

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Superstar hedge fund manager Cathie Wood says she still sees Bitcoin heading to $500,000 despite the recent BTC crash to $30,000. In an interview with Bloomberg, the Ark Invest CEO say that while her team’s conviction that Bitcoin will hit $500K remains high, she concedes that some conditions have changed.

In other trending Bitcoin News today: What’s Next for Bitcoin? CNBC’s Brian Kelly Analyzes Investment Thesis After Crypto Crash.Ultimately, says Kelly in a new CNBC interview, the reasons to invest in Bitcoin remain intact despite this week’s dramatic price plunge.

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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/will-woo-doesn-t-think-bitcoin-s-overall-upward-run-has-ended

https://cointelegraph.com/news/bitcoin-price-drops-below-35-000-pulling-altcoins-to-multi-month-lows

➡️ 5 *MORE* COINS TO $5 MILLION: http://opm.cryptonewsalerts.net

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

https://cointelegraph.com/news/bitcoin-is-money-printing-protection-as-us-bond-yields-hit-lowest-ever