TOM LEE: BITCOIN ETF ONLY POSSIBLE IF BTC PRICE BREAKS 0K!!!

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Bitcoin has undoubtedly been on a tear over the past 45 or so days.

Since hitting $6,400 in December, the BTC price has surged by almost 50%, hitting a local high of $9,550 on Thursday.

According to Mike Novogratz – a Wall Street name who used to be a partner at Goldman Sachs and now heads Crypto fund Galaxy Digital – there is a confluence of reasons why the Bitcoin price will continue higher in the months to come.

He conveyed these reasons, or catalysts, in a recent interview with Bloomberg, though he was hesitant to give a BTC price prediction on air.

These Things Could Send Bitcoin Price Soaring In 2020

1. The debasement of fiat money

2. Becoming digital gold

3. Increasing levels of infrastructure

In other Crypto news today…

I share 10 exceptionally bullish factors which confirm a new Crypto bull market has officially begun.

Two full years of a bear market has left Cryptocurrency investors scorn and beaten down, which has mentally conditioned the market to expect more downside regardless of where their long term beliefs toward Bitcoin (BTC) and altcoins may lie.

When markets experience a full cycle, bull markets turn from irrational exuberance and hope to bear markets where fear and anger dominate.

As things turn bullish once again, investors are often left in disbelief, assuming that any up

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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:

10 Factors Confirm a New Crypto Bull Market Has Officially Begun

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A prominent cryptocurrency analyst says he’s making a hard pivot to BTC with about five days to go until the much-anticipated Bitcoin Halving.

Mati Greenspan says he’s not worried about the naysayers.

Since entering the position on April 30th, his portfolio is up 4.51% at time of publishing.

“Call it FOMO, call it blind faith, or even stupidity, I don’t care. My eToro account is now 100% allocated to BTC.”

Greenspan says the 50% drop in new supply will buoy Bitcoin price even if the rate of adoption remains the same.

“The annual inflation of Bitcoin will go from 3.65% to just 1.8%… approximately half of the global annual inflation rate. At this point, adoption doesn’t even need to grow to sustain the price anymore. Satoshi either knew what he was doing or got really lucky.”

He also cites recent comments from former SEC Chairman Arthur Levitt on a renewed, global focus on inflation.

“As governments continue to print more money it obviously takes more money to buy things with fixed supply…. People are flocking to bitcoin in search of an alternate store of wealth.”

Despite his bullish outlook, Greenspan notes that BTC remains in a descending channel dating back to July of 2019.

The BTC price is currently at the top of that channel, facing resistance at the $9,300 level.

In other trending Bitcoin News today:

Warm-up? History Shows Bitcoin May See Epic Rally After 150% Gain

Bitcoin price may be at the start of an unprecedented mid-term rally after the top-ranked cryptocurrency by market capitalization registered a 150% gain since March. 

Historical data shows that when the long-term price trend of Bitcoin shifted at a local bottom with a strong reaction from buyers, it saw an extended uptrend.

Immediately after the BTC halving — now only five days away — most technical analysts foresee a minor pullback occurring.

In previous Bitcoin halvings seen in 2012 and 2016, the price of Bitcoin rallied prior to the halving and corrected right after its activation.

In the medium-term, however, the Bitcoin price tends to see a prolonged upsurge post-halving.

The first halving led to a staggering 10,000% gain, while the second halving triggered a 2,500% price increase.

On a larger time frame, the Bitcoin price technically recorded lower highs as it fell to $3,100 in December 2018 and $3,600 in March 2020.

The term “lower highs” refers to when the price of an asset falls to a low point that is still higher than the previous local bottom.

Based on the price trend of BTC since 2012, Mohit Sorout, founding partner at Bitazu Capital, suggested that the rally of Bitcoin could be just beginning after reaching $9,500.

“Live shot of BTC getting warmed up,” he said.

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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:

Raise your hand if you’re spending your stimulus check on bitcoin! 🙋‍♂️

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) April 26, 2020

Call it FOMO, call it blind faith, or even stupidity, IDC.

My @etoro account is now 100% allocated to $BTC.

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) April 30, 2020

“As governments continue to print more money it obviously takes more money to buy things with fixed supply…. People are flocking to bitcoin in search of an alternate store of wealth.”

Former SEC Chariman @ArthurLevitt just now on @BloombergRadio.

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) May 4, 2020

https://cointelegraph.com/news/warm-up-history-shows-bitcoin-may-see-epic-rally-after-150-gain

https://bitcoinblockhalf.com/

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Bitcoin (BTC) hitting a $1 trillion market cap by 2025 is “conservative,” and those levels should hit in less than two years.

That was according to Blockstream CEO Adam Back, who delivered a fresh bullish Bitcoin price outlook on Monday.

Back was responding to a report by Yassine Elmandjra, a crypto-asset analyst at investment advisor Ark, who in September forecast a BTC market cap of $1 trillion to $5 trillion by 2030 at the latest.

Ark is well known for its enthusiastic price forecasts for Tesla stock, which saw an almost unbelievable rise in 2020.

“Conservative. I’d say bitcoin likely sees $1 trillion market cap within 2 years, probably sooner. $1 trillion is about BTC $50k,” he said.

As of October, Bitcoin’s market cap is just over $198 billion.

For Back’s prognosis to come true, the market would need to see a 400% increase by 2022.

For reference, at the start of October two years ago in 2018, the figure stood at $114 billion.

BTC/USD traded at $6,600, two months before the pit of its bear market which bottomed out at $3,100.

Further responses to Ark included on-chain data resource Ecoinometrics, which highlighted a $2 trillion Bitcoin market cap as equal to that of Apple.

BTC/USD would trade at $100,000 under such circumstances, while to equal gold, the pair would need to reach $500,000.

BTC price activity is currently much more subdued, with analysts expecting more sideways action to characterize the remainder of the year. 

At the same time, anticipation is building over BTC/USD abandoning its correlation to traditional macro assets and rising in line with historical behavior — specifically centered on predictions from the stock-to-flow price forecasting models. 

Stock-to-flow calls for an average price of $288,000 during the current halving cycle, which began in May and will last until 2024.

Adam Back: Crisis Will Push BTC to $300K Even Without Institutions

The Bitcoin pioneer says that unlimited money printing will drive retail investors toward BTC and push the price to $300,000 within five years.

In an interview with Bloomberg — in which he once again denied he was Bitcoin (BTC) creator Satoshi Nakamoto — Back outlined his thinking behind the sky-high price prediction.

The cypherpunk OG — who was cited in the Bitcoin white paper — added that BTC may not need the long-awaited flood of institutional money to push it into a bull run.

“It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging,” Back said.

“And retaining value when there’s a lot of money printing in the world.”

In January, Back responded to reports that had unearthed early Bitcoin dev Hal Finney’s wild speculation that Bitcoin may be worth $10 million one day.

Back said that it was entirely possible that high inflation could make $1 worth $0.10 over a decade or so, which would mean: “$10mil/BTC is $1mil/BTC in today’s money.”

“And $100K Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.”

With that in mind, it’s possible that Back expects a $300,000 BTC price in five years’ time to be more achievable, as it would be worth considerably less in today’s money due to inflation.

In other trending Bitcoin News today:

Bitcoin and Ethereum Bull Raoul Pal Details How to Spot the Next 100x Investment

The Real Vision CEO Raoul Pal is sharing his blueprint for how to spot the next investment with 100x potential.

In an interview with Chris Dark, the host of Dr Dark after Dark, Pal says you don’t have to venture far to find that life-changing bet.

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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 30 day historic volatility has been falling fast and is in the 20’s. In the past it has hit 20% vol 7 times. 6 times prices exploded higher immediately and vol hit 80% in a few months. 1 time (Nov 2018) prices fell sharply. Either way, a big move is coming soon. #Bitcoin pic.twitter.com/9qKdLcAf0V

— Raoul Pal (@RaoulGMI) October 7, 2020

https://cointelegraph.com/news/bitcoin-pioneer-predicts-1t-btc-market-cap-by-2022-or-sooner

https://cointelegraph.com/news/adam-back-crisis-will-push-btc-to-300k-even-without-institutions