‘DISCOUNTED’ BITCOIN MORE LIKELY TO HIT $100K THAN $20K IN 2021, SAYS BLOOMBERG ANALYST!!

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Evaluating past Bitcoin price performance, a popular cryptocurrency proponent noted that the BTC price could “moon” to $430,000 by late 2021.

Although history is not a precise indicator for future price developments, a popular cryptocurrency analyst made a compelling forecast showing that if Bitcoin repeats its 2016-2017 bull run with the same percentage increases, it will end up at $430,000 in 2021.

The primary cryptocurrency has built a reputation for beating unfavorable odds in the past.

Its volatility is well-known among investors with some historical price surges and drops. 

According to the popular cryptocurrency analyst CryptoBull, if Bitcoin is to repeat its performance over the past bull run, it could end up at $430,000.

He based his views on previous multi-year cycles.

BTC reached a top in late 2013 at above $1,000 before it entered a bearish market for the next two and a half years.

It finally managed to break above the long resistance in mid-2016 and, in doing so, began one of the most impressive bull runs in its relatively short history.

In the next year and a half, Bitcoin went from $420 to an all-time high of nearly $20,000 in December 2017.

This equaled a surge of approximately 4,600%.

After the parabolic price increase of 2017/2018, BTC went again into a negative spiral for about two and a half years.

CryptoBull pointed out that it broke out of the resistance after it conquered $9,400 a few weeks ago.

As such, since the two scenarios appear identical so far, another similar increase of 4,600% will take the asset to a record of $430,000.

Per CryptoBull’s chart, BTC could reach $430,000 in late 2021.

Perhaps this sounds a bit far-fetched to most now since Bitcoin has just entered the low five-figure price range.

Additionally, with over 18,5 million bitcoins mined by then, this would skyrocket the asset’s total market cap to $7,955,000,000,000 (almost $8 trillion).

This will place Bitcoin very close to the current gold’s market cap of over $10 trillion.

In other trending Bitcoin news today:

Best Weekly Close Since $20K? 5 BTC Price Factors to Watch This Week

Looming Bitcoin futures gaps and mainstream interest are providing the perfect environment for another week of volatility.

Bitcoin (BTC) begins a new week at over $11,000 after a wild weekend saw the market crash $1,200 in minutes — will the chaos continue?

Here’s five factors that could easily impact Bitcoin price action over the coming days:

1. Bitcoin futures gaps keep building

More than usual, this week looks set to be big in terms of Bitcoin-specific market phenomena. 

2. Warnings over US dollar’s downfall

The situation is precarious — Bitcoin’s rise over the past few weeks has come as the dollar sees a protracted fall.

At the same time, investors have rushed into safe havens such as gold and silver.

3. Gold on track for $2,000

Gold sentiment may act as a precursor to any changes in Bitcoin’s progress.

The precious metal remains at all-time highs in USD terms, on track to pass the psychologically significant $2,000 mark.

4. Consumer BTC interest is palpable

“People are trying to jump on momentum.

The entire crypto market is a microcosm of everything happening in stocks,” analyst Mati Greenspan summarized to the Wall Street Journal.

5. Altcoins aren’t done yet

Bitcoin is still tussling with altcoins in terms of profitability, with Ether continuing to crush long-term resistance on multiple timeframes.

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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/goldman-sachs-gold-will-hit-2-300-by-2022-what-about-bitcoin

https://cointelegraph.com/news/best-weekly-close-since-20k-5-btc-price-factors-to-watch-this-week

https://cryptopotato.com/if-history-repeats-bitcoin-price-at-430000-during-next-bull-run/

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Determining the true Bitcoin value can be more complicated than simply looking at the current BTC market price.

“Most Bitcoins already cost at least $100,000, but probably more like $10 million,” said Michael Goldstein, also known as Bitstein, in an Aug. 17 tweet. 

While the Bitcoin price sits around $12,000 at this time, many folks in the crypto industry likely value the asset at a much higher price tag.

If someone buys a BTC at $10,000, but is unwilling to sell it until the asset reaches $100,000, then the price tag of that Bitcoin is naturally much higher than its current market value.

This then begs the question: How many Bitcoin are currently worth $100,000?

At the start of the year, 64% of Bitcoin’s circulating supply had remained in the same wallets since 2018, which seems to suggest that most BTC has a higher valuation than current market prices indicate.

According to Goldstein, many of Bitcoin’s largest bag holders value the asset between $100,000 and $10 million.

These numbers sit in line with a bevy of price predictions from various authorities over the years.

On March 5, 2020, Bitcoiner Max Keiser predicted Bitcoin shooting up to $100,000 in 2020 as fueled by COVID-19 repercussions.

Other notable names across the industry also predicted prices above $100,000 for Bitcoin at some point, including Morgan Creek Digital co-founder Anthony Pompliano, BTC stock-to-flow model creator PlanB, and cryptographer Adam Back, among others.

In other trending Bitcoin News today:

Million-Dollar Bitcoin Whale Says Traders Should Track Two Altcoins in Addition to BTC

An outspoken Bitcoin whale who rarely shows affection for anything other than BTC says two crypto assets have potential.

The pseudonymous trader known as Joe007 says UNUS SED LEO (LEO) may be a solid pick for investors looking to diversify their crypto portfolio.

“In a sane world, extremely low correlation by LEO would make it a desirable diversification instrument when it comes to constructing crypto portfolios. But of course, crypto traders are too busy chasing the latest shitcoin-du-jour pump to even take a notice.”

LEO is an ERC20 utility token that operates on the Ethereum and EOS blockchains.

LEO holders enjoy multiple benefits on the crypto exchange Bitfinex including taker fee reduction, lending fee reduction, and discounts on crypto and fiat deposits and withdrawals.

Joe, who is known for placing large bets on the crypto exchange Bitfinex, says another coin on his list is Binance Coin (BNB).

The trader says the token offers a use case that sets it apart from other crypto assets.

Binance Coin is a utility token issued by crypto exchange Binance. BNB holders get discounts when using the coin to pay for trading fees on Binance and Binance DEX.

Holders can also use BNB to pay for goods and services to select merchants.

Because demand for both BNB and LEO is driven in part by the performance of their respective crypto exchanges, Joe says they have an additional potential use case aside from simply being a digital form of money.

“I wouldn’t consider LEO or BNB shitcoins, actually – as they are not trying to be money (‘coins’) in the first place. If anything, they are equity-like centralized crypto assets.”

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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:

It’s an interesting thought experiment. What is the closest price it would take for you to sell all your bitcoins right now, on the condition you could never own any ever again?

— Senuto Cryon (@senutocryon) August 18, 2020

Most bitcoins already cost at least $100k, but probably more like $10 million.

— Michael Goldstein (@bitstein) August 18, 2020

ICYMI: #bitcoin is nicely moving away from 200 week moving average. 200WMA is currently $6400, is increasing $200 per month, and has never decreased. Best of all, BTC monthly close has never been below 200WMA. pic.twitter.com/c21W1kVDiv

— PlanB 🔴 🔴 🔴 (@100trillionUSD) August 19, 2020

https://dailyhodl.com/2020/08/18/crypto-strategist-says-this-large-cap-altcoin-is-about-to-outperform-bitcoin-with-175-upside-potential/

https://dailyhodl.com/2020/08/19/million-dollar-bitcoin-whale-says-traders-should-track-two-altcoins-in-addition-to-btc/

https://cointelegraph.com/news/98-of-all-bitcoin-is-now-worth-more-than-when-you-bought-it

https://cointelegraph.com/news/a-critical-mass-of-long-term-btc-hodlers-seem-to-be-making-100k-inevitable

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A panel of 50 Bitcoin and cryptocurrency experts has predicted the BTC price will continue to climb through 2021, hitting highs of around $80,000, before surging to $250,000 by 2025 and a staggering $5 million per Bitcoin by 2030.

The group, made up of crypto analysts, researchers and entrepreneurs, returned an average bitcoin price prediction of $80,021 in 2021 before ending the year at $71,415. 

By the end of 2025 and 2030, panelists expect the bitcoin price to skyrocket to an average of $249,578 and $5.2 million per BTC respectively.

In other trending Bitcoin News today: Avalanche of Institutions To Descend on Crypto Markets Over Next 12 to 18 Months As Bitcoin Hits $150,000, Says SkyBridge Capital CEO!

“It’s likely to get to $150,000 over the next 12 months. I’m going to stick with my earlier price target that I shared with you on our SALT talk when you did my podcast. I think it’s a hundred thousand by year-end. I just think it’s that because there’s now a gateway opened… A gateway opened yesterday where an institution can now say ‘I can buy this.’

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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://www.forbes.com/sites/billybambrough/2021/10/23/crypto-price-prediction-bitcoin-forecast-to-hit-5-million-as-price-soars-through-2021/?sh=57dbf0775e62

https://cointelegraph.com/news/btc-price-on-the-way-to-90k-5-things-to-watch-in-bitcoin-this-wekk