REAL REASON TO BELIEVE BITCOIN WILL HIT $10 MILLION BY THIS DATE!! BTC HYBER-BULLISH ASCENSION!!

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A user poll conducted by Kraken has revealed that most BTC traders are expecting the Bitcoin price to break into new all-time highs before 2021.

The poll analyzed the responses of 400 “VIP” crypto traders on Kraken: 41% of respondents described themselves as “investors”, 40% identified as “traders”, and 15% as “institutions” — with the remaining 4% comprising payment processors, crypto exchanges and miners.

84% of respondents manage less than $10 million in capital, while 11% manage between $10 million and $50 million.

The remaining 6% is divided evenly between traders managing from $50 million to $100 million and traders mobilizing more than $100 million.

The survey found that the average BTC price target for 2020 is $22,866.

However, traders do not expect Ethereum (ETH) to also see new highs — with $810 comprising the average price target for ETH. 

The overall market sentiment is slightly bullish, with 44% of participants stating that the cryptocurrency markets are in a bull market, while 22% believe we are in a bear trend and 34% stating they are unsure.

There was little consensus among traders as to what will accelerate crypto’s growth over the next 12 months, with the top answer comprising “adoption” with 19%.

Bitcoin’s upcoming halving came second with 15%, followed by political “conflict” with 11%, “fear of missing out” with 11%, and economic “crisis” with 9%. 

Respondents came to a greater agreement regarding the major threats to the industry — with 32% of participants agreeing that “regulation” comprises the biggest risk to crypto, followed by “fraud, hacks, scams” with 23%.

Bitcoin Price Drops to $6.1K Shortly After Equities Markets Close Red After trading in the $6,450 to $6,850 range for the past eight days, Bitcoin (BTC) price finally made a larger move, this time to the downside, as the digital asset dropped 8.72% to a daily low at $6,068. 

The move somewhat mirrors the performance of traditional markets, which also closed the day with losses.

The Dow closed with a 915 point loss, the S&P 500 pulled back 3.37% and the Nasdaq was down 3.79%. 

The break below $6,550 pulled the price below the ascending trendline and the $6,450 support.

Traders had anticipated that a sharp move was on the cards after the price had traded sideways on declining volume for the majority of the week, also failing to push above $6,850 and flip the resistance to support.

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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:

Kraken’s 2020 Sentiment Survey: Where We Are & What’s To Come

https://cointelegraph.com/news/bitcoin-price-drops-to-61k-shortly-after-equities-markets-close-red

https://cointelegraph.com/news/most-traders-expect-new-all-time-high-price-for-bitcoin-in-2020

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Tone Vays, the well-known BTC derivatives trader, believes the Bitcoin price will stay above $10,000 for the rest of 2020. 

At the start of the year, Vays said he was skeptical the BTC price would break $20,000 in 2021 but now he thinks it’s possible for the top cryptocurrency to overtake its record all-time high.

If the price of Bitcoin surpasses $20,000 in the medium-term, Vays said history shows it tends to double.

Based on the historical price cycles, he said the $45,000 to $50,000 range is a reasonable target.

During an interview with IGTV, Vays said:

“Every time Bitcoin breaks a prior all-time high, especially when it takes years to break that all-time high, it tends to usually more than double. So I think $45,000 to $50,000 is a reasonable target.”

Throughout 2020, Vays said Bitcoin would likely stay above $10,000 and gear towards $20,000 the following year.

He noted:

“In the beginning of the year, I thought that even next year would be a struggle to break $20k. Now I think it’s pretty likely that we’ll break $20k next year.”

As on-chain analysts have said throughout August, the $10,000 area has become a strong support level for Bitcoin.

As long as a key psychological level at $10,000 is intact, an extended uptrend becomes more likely.

Vays also drew a comparison between Bitcoin and gold. He emphasized that gold broke its all-time high and saw a 5% upside past its previous high fairly quickly. 

The trader explained that Bitcoin could do something similar over the medium to long-term when it breaks its previous all-time high at $20,000. He stated:

“We are watching what’s happening with gold right now. Gold finally broke its all-time high, that it made ten years ago, just recently, and it went already $100 past that. So it went 5% more fairly quickly. So let’s see how fast gold goes up since breaking all-time high, and Bitcoin can do something similar.”

How far could Bitcoin go?

Various price models predict the price of Bitcoin to reach anywhere between $30,000 to $250,000 in the long-term. 

According to Vays, he would be satisfied if the next top of Bitcoin is at around $45,000.

Historically, Bitcoin has seen a major breakout past its previous record high, reach a new peak, then correct.

A rapid upsurge to unsustainable price levels could leave BTC vulnerable to sharp drops. He added:

“Do we think we go as high as $100,000? I’m not willing to make that statement. For me, I would be happy if the next top was around $45,000, and that can happen quickly.”

In other trending Bitcoin News today:

Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K

Bitcoin price recently set a new high for 2020 but has since pulled back to just under $12,000.

However, the cryptocurrency is slightly “ahead of schedule,” according to a top crypto expert and former Google engineer.

Because the asset is further beyond in its cycle “trajectory,” it could mean that there’s still more downside to go before the bull run picks up in steam.

In the end, however, it doesn’t matter, as the same projection brings the cryptocurrency to a peak of over $325,000 in under two years.

According to the crypto expert, if the cryptocurrency was following the last cycle exactly, the price per BTC should be trading around roughly $10,800.

Currently, BTCUSD is trading roughly $1000 higher following a pullback that began after setting a local high at $12,400.

If Bitcoin continues to follow this path, and it has thus far, the next peak would arrive sometime around October 19, 2021.

The target? $325,000.

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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:

If we were to follow the 2016/17 trajectory (we’re ahead of schedule right now), the peak of the cycle would occur on October 19th, 2021 and the peak price would be approximately…

$325,000 👀

— Vijay Boyapati (@real_vijay) August 19, 2020

Stats showcasing crypto growth in 2020– Crypto market cap +95% – Stablecoin market cap +185%

– $BTC +65%

– $ETH +220%
– $LINK +800%– BTC futures OI +50%– BTC options OI +560%– BTC CME futures OI +660%– BTC CME futures OI (in BTC) +360%

– Total value locked in DeFi +900%

— Alex Krüger (@krugermacro) August 20, 2020

Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K

https://grayscale.co/wp-content/uploads/2020/08/Grayscale_Valuing_Bitcoin.pdf

https://cointelegraph.com/news/grayscale-bitcoin-market-looks-like-2016-before-historic-bull-run

https://cointelegraph.com/news/50k-bitcoin-is-reasonable-if-btc-hits-new-highs-says-tone-vays

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Strategist Lyn Alden said she switched from “uninterested to quite bullish on Bitcoin” in 2020.

Following the drop of BTC to sub-$3,600 in March, she remains optimistic on the top cryptocurrency.

Alden, who found Lyn Alden Investment Strategy, wrote:

“So, I’m neither a perma-bull on Bitcoin at any price, or someone that dismisses it outright. As an investor in many asset classes, these are the three main reasons I switched from uninterested to quite bullish on Bitcoin early this year, and remain so today.”

The three reasons Alden laid out are scarcity, halving, and the potential of Bitcoin to act as a backdrop to inflation.

Reason# 1: Scarcity of Bitcoin

Unlike traditional financial assets, even gold, the supply of Bitcoin is fixed.

No more than 21 million BTC can ever exist, which makes Bitcoin a deflationary currency.

Scarcity could give Bitcoin value, Alden explains in her paper.

There are no central entities that could alter the monetary policy of BTC.

If the demand for Bitcoin continues to increase and its supply remains the same, it could push the value upwards.

She explained:

“Bitcoin’s protocol limits it to 21 million coins in total, which gives it scarcity, and therefore potentially gives it value… if there is demand for it.”

Reason #2: The May 11 halving

On May 11, the Bitcoin blockchain network underwent its third block reward halving.

Approximately every four years, a halving gets activated, slowing down the production of BTC by half. 

The purpose of a halving is to decrease the rate of BTC production gradually as Bitcoin approaches its maximum supply of 21 million.

A halving cuts block rewards miners receive by half, leading to a massive decline of miner revenues for a brief period.

Following every halving, Bitcoin historically saw extended price rallies.

The previous halvings occurred in 2012 and 2016.

At the time, BTC was hovering at $11 and $650 in 2012 and 2016 respectively.

Now, BTC remains above $9,000, after reaching a record high at $20,000 in December 2017.

Alden wrote:

“Bitcoin has historically performed extremely well during the 12-18 months after launch and after the first two halvings. The reduction in new supply or flow of coins, in the face of constant or growing demand for coins, unsurprisingly tends to push the price up.”

Reason #3: Backdrop of heightened levels of inflation

In May 2020, billionaire hedge fund investor Paul Tudor Jones praised Bitcoin and described it as “great speculation.”

Tudor Jones said he holds just over 1% of his net worth in Bitcoin.

He explained that the potential devaluation of cash strengthens the value proposition of BTC.

He said:

“Every day that goes by that bitcoin survives, the trust in it will go up.”

Similarly, Alden said that other hedge funds have been investing or experimenting with Bitcoin as of late.

“Smaller hedge funds have already been dabbling in Bitcoin, and Tudor Jones may be the largest investor to date to get into it. There are now firms that have services directed at getting institutional investors on board with Bitcoin, whether they be hedge funds, pensions, family offices, or RIA Firms.”

In other trending Bitcoin News today:

Institutional Demand For Bitcoin Soars As Grayscale Reveals Record-Breaking Near $1 Billion Quarter

New York-based Grayscale, which allows accredited investors to buy bitcoin and other major cryptocurrencies through its funds, recorded inflows of $905.8 million for its second quarter—nearly double the previous quarterly high of $503.7 million in the first three months of this year.

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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/2020/07/16/institutional-demand-for-bitcoin-soars-as-grayscale-reveals-record-breaking-near-1-billion-quarter/#7f0b39e61f57

https://cointelegraph.com/news/bitcoin-3-reasons-market-strategist-lyn-alden-is-increasingly-bullish