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Popular on-chain analyst Willy Woo thinks this Bitcoin bull run is far from over. Woo tells SALT Talks that investors who simply buy and hold are ācoming in very strongā in the current BTC market and are acting as a driving force of the current bull run.
āSo ball-parking, December, [based on] that top-cap model of mine: It could be anywhere in the $300,000 to $400,000 range, it might even go higher. But we need to see how it performs over the next six months.āĀ
In other trending Bitcoin News today: Billionaire Mark Cuban Defends Bitcoin, Ethereum, Dogecoin and Maker, Says Crypto Critics Are Mistaken
Billionaire investor Mark Cuban is in a friendly battle with legacy finance executive Peter Mallouk over the viability of crypto assets. Mallouk, a certified financial planner and the president of wealth management firm Creative Planning, questioned Cuban on Twitter for saying there is a chance Dogecoin (DOGE) goes up in value over the longterm.
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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 Breaks Above $57,000 As April Ends, Altcoins Continue To Rally
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BITCOIN IS UNDERVALUED, FAIR VALUE SHOULD BE K SAYS BLOOMBERG!! BTC COULD HIT NEW YEARLY HIGH!!
ā”ļø Leverage OPM (Other Peopleās Money): http://opm.cryptonewsalerts.net
Bloomberg cryptocurrency analyst Mike McGlone says the Bitcoin price is greatly undervalued, suggesting that the fair BTC value price should currently be somewhere around $15,000.
The BTC price has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one punditĀ describedĀ as āfakeā breakouts.
The latest rout saw Bitcoin crash more than 8% within days from over $11,000 to $10,100.
McGlone, a senior commodity strategist at Bloomberg, based his arguments on various factors, including bitcoinās rising hashrate, which continues to hit new records, industry mediaĀ report.
The Bitcoin hashrate continues to increase and recently reached new highs.
Also advancing are addresses used.
A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.
Meanwhile, the number of active bitcoin addresses has soared to 991,000, GlassnodeĀ data shows, up from 684,000 at the beginning of this year, when the assetās price averaged around $7,700.
When active addresses hit nearly 1.1 million on December 23, 2018, bitcoin traded for $14,800, on the average.
McGlone has remained upbeat about bitcoin throughout its volatile swings, at a point suggesting this is to be the year that the top crypto will become aĀ digital version of gold, a prime store of value.
In his new analysis, he admits there might be pitfalls curtailingĀ BTCās price growth going forward ā and that would have to be a reversal of the on-chain metrics related to āthe hashrate and active addresses.ā
In other trending Bitcoin News today:
Bitcoin Could Hit New Yearly High on US Election Risks, Hints Citibank
Report New Citibank report hints that the Bitcoin price could hit a new year-to-date (YTD) high, abetted in part by theĀ risks surrounding the US presidential election.
The analogy takes cues from a quarterly commodity outlook published by Citigroup.
The American banking giant specificallyĀ based its reportĀ on gold and its potential behavior amid the election season this November.
It noted that the precious metal may rise to a new yearly high, stating that the market is underplaying the assetās ability to grow against the electionās uncertainty.
Bitcoin, which has erratically tailed the gold market since March 2020, fell this week against a similar geopolitical outlook.
The cryptocurrency briefly touched $10,100 as theĀ Federal Reserve Chairman Jerome PowellĀ warned about their inability to support the US economy without the second coronavirus stimulus package.
The US Congress delayed the long-awaited financial aid as the Democrats and Republicans argued over the size of the help.
Many economists and analysts anticipated that the second stimulus package wonāt arrive before the presidential election.
The said delay appeared even as the US reported a historically high unemployment rate, a rise in the number of bankrupted small and medium-sized businesses, a resurgence in coronavirus cases.
That further led investors to park part of their capital back into the US dollar.
It overall reduced the appeal of other safe-haven and risk-on assets.
As a result, Bitcoin, gold, and stocks gave up part of their gains to the stronger dollar outlook.
But for Citibank, there is still room to grow, at least for gold.
The bank wrote in its report:
āThe election could be an extraordinary catalyst for gold flat price and volatility skew late in the fourth quarter, even though historically there is no clear pattern for gold trading or price volatility into and after U.S. elections. That is one reason why we expect gold prices to hit fresh records before year-end.ā
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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:
Wow check out #Bitcoin yearly lows, way more more interesting than itās highs! š Do you agree? 2010 ā $0.012011 ā $0.302012 ā $42013 ā $652014 ā $2602015 ā $1502016 ā $3502017 ā $7802018 ā $3,1222019 ā $3,322
2020 ā $3,850
ā carolina (@carolinaninap) September 24, 2020
Year-to-date asset performance:
+ 44% : #Bitcoin
+ 29%. : Gold+ 18%. : Nasdaq+ 15% : US 10-year Treasury+ 6% : S&P500ā 3% : Dollar Index
ā 36% : Crude Oil
ā Cryptowatch (@cryptowat_ch) September 24, 2020
https://news.bitcoin.com/bitcoin-is-undervalued-fair-value-price-should-be-at-15000-says-analyst/
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BITCOIN WILL REACH BITCOIN WILL REACH $1 MILLION SAYS CRYPTO STRATEGIST! ETHEREUM NEXT CYCLE ATH $10K-$20K! MILLION BY SAYS CRYPTO STRATEGIST!! ETHEREUM NEXT CYCLE ATH K-K!!
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Crypto analyst and influencer Alex Saunders says he believes Bitcoin is heading toward the $1 million mark, but the journey will take a while.
In a new interview with Stansberry Research, Saunders says BTC is on track to shatter $100,000 in the next five years.
After that, he believes Bitcoin will set its sights on $1 million, and the outcome will depend on how governments decide to deal with the the leading cryptocurrency.
āI honestly think now, if you look at the market cap and you look at the trillions of dollars that are being printed by the month these days, I definitely think weāre going to hit $100,000 in the next five years.
And then it becomes about how governments and central banks react. Are they really going to go hard and try and shut this down or are they going to have to leave it there as a sort of neutral open competitor thatās going to make them more fiscally and financially responsible.Ā
Depending on how that plays out, I think we can get to $1 million in the next 10 or 20 years simply because it is going to grow to compete with gold and forex and just capture anything thatās previously been a store of value. Why wouldnāt you now park that in Bitcoin?ā
Saunders says he doesnāt see BTC as a tool to get rich quick, and notes that people often invest in assets too late, after their parabolic rallies are well under way.
As for the altcoin market outside of Bitcoin, Saunders predicts the vast majority of crypto assets will fail, but there are a handful of promising protocols that will survive.
āWeāre very much focused on, out of these 10,000 different coins, 99% of them are going to fail just like the dot-com bubble. But we very much think thereās a handful, a few dozen and those are the ones that weāve invested in, that we believe are promisingā¦
In some ways, [altcoin detractors are] right in that Bitcoin is the king of the currencies and everything else in that realm is a distraction. But these days, itās kind of expanded out to be a digital asset class, and [rejecting altcoins is] kind of like saying when the internet was invented that thereās only going to be one internet company or one internet stock.
So I definitely think weāre seeing a number of companies that are disrupting a number of industries in the field that are catching on already. Ernst & Young are using Ethereum (ETH). [So is] Microsoftā¦ The biggest companies in the world are using protocols like Ethereum, so they are gaining traction.ā
In other trending Bitcoin News today:
āNEXT CYCLE ALL-TIME HIGH FOR ETHEREUM $10K-$20Kā
Ether (ETH) returned to $500 for the first time in more than two years on Nov. 20 as altcoins slowly staged a comeback from poor performance.
Despite being capped at roughly 6% daily gains at press time, Etherās achievement delighted traders, who noted that overall in 2020, the largest altcoin has outperformed even Bitcoin (BTC).
Year-to-date returns stand at 284% for Ether and 155% for Bitcoin.
Versus the pit of its price lows in mid March, just after the coronavirus-induced cross-asset crash, Bitcoin was still the strongest player. At the time, ETH/USD traded at just $117, making Fridayās levels an increase of 327%, while BTC/USD gained 411% from $3,600 to $18,420.
Earlier, Cointelegraph Markets analystĀ MichaĆ«l van de PoppeĀ argued that a new āaltseasonā would need to wait, but that a realistic top for Etherās next bull run could beĀ as high as $20,000.
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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:
Next cycle ATH for $ETH probably between $10,000-20,000.
ā MichaĆ«l van de Poppe (@CryptoMichNL) November 18, 2020
https://cointelegraph.com/news/corporate-bitcoin-frenzy-companies-now-hold-15-3-billion-in-btc
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BITCOIN CRASH TO .4K SOON?! | BTC Price Holding .5K as Media Calls New āBull Marketā in Stocks
ā”ļøĀ REPLAY: 5 *MORE* COINS TO $5 MILLION:Ā http://5coins.cryptonewsalerts.net
DARING ANALYST CALLS BITCOIN CRASH TO $2.4K SOON
With market data showing a range of conflicting signals, one analyst has now made a bold prediction that the BTC price will soon see its largest collapse in over a year.
Whereas investors should consider all possibilities, such a bold assumption is certain to be controversial.
This claim of a possible major drop comes from The Moon who has tweeted: āPossible Bitcoin bear flag on the 4-hour chart. The target will be approximately $2,400 if the bear flag support breaks.ā
He bases his argument on the four hour price chart, which clearly indicates a bear flag, yet does not necessarily coincide with other timelines. It is worth noting, however, that The Moon also successfully predicted the Bitcoin price drop which took place on March 12th.
Given the heightened volatility over the past few weeks, Bitcoin (BTC) analysts have come out with a range of predictions. It is thus difficult to know which data is most telling of the marketās next moves.
The most basic indicators signal continued price swings in the short term, yet a stronger recovery over the next few weeks.
Many conclusions can be reached using chart data alone, which is why other market considerations should be examined when making BTC price predictions.
There are presently no shortage of larger indicators that analysts have been using to emphasize Bitcoinās remarkable potential for big gains.
These include the impending block reward halving, a significant increase in overall blockchain activity, and an increasing interest in using Bitcoin as a financial safe haven.
Bitcoin continued to trade near $7,000 on March 27 after traditional markets showed bullish signs and the Dow Jones had its best day in 87 years.
Having preserved support at the lower end, Bitcoin saw its third consecutive day above $6,000 as coronavirus misery appeared to abate for some parts of the worldās financial system.
They were building on the success of the Dow, which on Wednesday saw its biggest one-day growth since 1933 at 20%.
For theĀ Wall Street Journal, this was even enough to call a bull market.
That, in turn, followed an announcement from the United States Federal Reserve to print unlimited amounts of money, something which immediately pumped markets but rattled Bitcoin proponents.
While Bitcoin continued to fluctuate, data suggested that traders were not in the mood to sell ā according to monitoring resourceĀ Glassnode, exchange balances were at an eight-month low as of Thursday.
āDespite the volatility, Bitcoin holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18,ā the company summarized on Twitter.
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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:
Breaking: A new bull market has begun. The Dow has rallied more than 20% since hitting a low three days ago, ending the shortest bear market ever. https://t.co/06YS0XqWGP
ā The Wall Street Journal (@WSJ) March 26, 2020
https://cointelegraph.com/news/bitcoin-price-holding-65k-as-media-calls-new-bull-market-in-stocks
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