BITCOIN WHALE MOVEMENTS SIGNAL CRYPTO MARKET BOTTOM IS IN, SAYS ON-CHAIN ANALYST WILLY WOO!!

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Two market analysts have said Tim Draper’s bold Bitcoin price prediction might not be as far fetched as it seems.

The billionaire venture capitalist said recently that Bitcoin (BTC) would reach a price of $250,000 between six months and a year after the 2020 halving.

BKCM LLC’s Brian Kelly and Fund Strat’s Tom Lee both believe that Bitcoin will absorb capital from the gold market.

The analysts are not sure that such a colossal figure is achievable is such a short space of time, however, analysts agree: Draper’s $250,000 BTC price isn’t inconceivable.

Founder & CEO of the digital currency investment company BKCM LLC Brian Kelly said that although the prediction sounds “bizarro”, (BTC) Bitcoin is known for spectacular price runs, like those seen in 2013 and 2017.

Kelly identified that Bitcoin has been trading within a channel since 2013.

Extending that channel out to the end of 2022, the top is around the $250,000 per Bitcoin mark.

Kelly said that he agrees with the opinion of Draper and others that Bitcoin will absorb gold’s market share over the coming years.

However, he added that he was not sure that the digital asset would reach the $4.5 trillion market capitalization required to hit Draper’s predicted price by the start of 2023.

Next to weigh in on the Bitcoin price call was Fund Strat’s Tom Lee.

Like Draper and Kelly, Lee is overall bullish on Bitcoin.

However, he too is not sure about the tight time frame predicted by Draper.

He said:

“I don’t know if 24 months is how long it would take… If it took 5 years, I think it would still be considered a huge, massive, surprising success.”

In other Crypto news today, Gin Chao, the Chief Strategy Officer of Binance, told trade news outlet BlockTV earlier this year that historical trends imply the crypto asset market has a large amount of upside potential.

In fact, he states that if you take previous cycles into account, of which there were at least three, Bitcoin could find itself in the $50,000 to $100,000 range – around seven to 15 times higher than the current price of $7,200, respectively – in the coming decade.

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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:

Crypto Market’s Long-Term Trend is Positive: Binance CEO Explain Why

Bitcoin at $250k? Analysts Weigh in on Draper’s “Bizarro” Call

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Didi Taihuttu, his wife, and three kids bet ‘everything’ they have on Bitcoin. 

This is how the legend of the BTC family begins.

In 2017, CNBC spoke to the Dutch family of five when they were in the process of liquidating their assets — from a profitable business and 2,500-square-foot house, to their shoes — and trading it all in for the popular cryptocurrency and a life on the road. 

Nearly four years and 40 countries later, Taihuttu and his family still don’t have bank accounts, a house, or all that much by way of personal possessions. All of the family’s savings remain tied up in highly volatile cryptocurrencies. 

“We stepped into bitcoin, because we wanted to change our lives,” said the 42-year-old father of three.

When the price of bitcoin collapsed in 2018, Taihuttu added more to his investment portfolio. He says he was always a firm believer that the cryptocurrency was poised for a major rebound. 

“I think in this bull cycle, we are going to see a minimal peak of $100,000. I won’t be surprised if it hits $200,000 by 2022.” 

The price of bitcoin reached an all-time high on Monday, as it closed in on $20,000. And some analysts say the cryptocurrency still has a lot of room to run higher. 

Mike Novogratz, CEO of investment firm Galaxy Digital, thinks this comeback rally is only just getting started. He sees bitcoin rising to $60,000 by next year. 

And Tom Fitzpatrick, global head of CitiFXTechnicals, said the charts signaled that bitcoin could reach $318,000 by December 2021, in a report meant for Citibank’s institutional clients and obtained by CNBC.

Taihuttu bought the bulk of his bitcoin holdings when it was was trading at around $900 in early 2017, just months before it reached nearly $20,000 a coin. 

Even as bitcoin peaked, the family stayed invested in the cryptocurrency. Once the bubble burst, and the price tumbled down to about $3,000 in early 2018, Taihuttu and his family weren’t deterred. “When bitcoin dipped, we started to buy more.” 

When I asked Taihuttu on our Skype call whether he was worried that we could be in the midst of another bitcoin bubble, he doubled down on his investment. “I don’t see demand going down,” he added. “I think we’re headed for a supply crisis.” 

In other trending Bitcoin News today:

Billionaire Paul Tudor Jones Says Bitcoin’s ‘Crazy Rocket Ship Ride’ Is Just Beginning

Veteran investor and hedge fund manager Paul Tudor Jones is likening Bitcoin and crypto to the early stages of the internet.

In an interview with Yahoo Finance, Jones says that while he is not sure where Bitcoin will land in the financial landscape a decade from now, he is fairly confident that it is in the early stages of a major upward movement.

“So what I do know is that it’s no way possible today to know what the next 10 or 20 years are going to be like and I know if I had to take a position on it I’m going to take the brand name and I’m going to assume that it’s the wrong price for the possibilities that it has and I’m going to assume that the path forward from here is north.

I think crypto is going to have a crazy rocket ship ride, up and down along the way, but my guess is that something like Bitcoin in particular will be substantially higher 20 years from now than where it is right now and who knows what role it has in the monetary system.”

“Bitcoin reminds me so much of the internet stocks of 1999 because [when] the internet was in its infancy no one knew how to value it because of the world of possibility that lay ahead.

What you can be certain of is that probably 20 years from now is that we’ll be using some kind of digital currency.”

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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:

Micro strategy now holds 40k bitcoin.There is about 2.44M bitcoin left to mine.So if we think of fresh supply coming in, there is only room for 61 more companies to hold as much as MSTR before the last sat is mined.

The rest has to be torn out of hodler hands.

— hodlonaut 🌮⚡🔑 🐝 (@hodlonaut) December 4, 2020

https://www.cnbc.com/2020/12/03/bitcoin-family-invested-their-retirement-and-savings-in-bitcoin-ethereum-litecoin.html

https://www.kitco.com/news/2020-12-04/Raoul-Pal-sold-his-gold-because-bitcoin-is-eating-the-world-300k-price-in-18-months.html?fbclid=IwAR3YwluljGeC37oo0hjLhP6MZ9E3Dohi4SrLYCxGQpXIEabt9PF_kdxOTYo

https://finance.yahoo.com/news/microstrategy-buys-additional-50m-bitcoin-225922648.html

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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