BITCOIN PRICE TO HIT $85K IN COMING MONTHS AS INDICATORS FLIP BULLISH!! TANZANIA NEXT TO ADOPT BTC?!

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Gemini crypto exchange founders Tyler and Cameron Winklevoss said that the Bitcoin price will eventually hit $500,000 per BTC during a recent interview with podcast host Peter McCormack.

“The question in our mind is not so much does it get to $500,000, but how quickly,” Tyler told McCormack during the Oct. 23 podcast episode.

His thesis takes the market cap of gold and theoretical central bank allocation into consideration. 

“I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started,” Cameron noted.

MicroStrategy and others buying significant amounts of Bitcoin for their treasury reserves seems to indicate that the market is beginning to shift.

“What if every Fortune 100 or 500 company does that, what if central banks start doing that?” Cameron queried. “It hasn’t even started,” he added, analogizing that Bitcoin is in the bottom of the first in a nine-inning baseball game.

“Wall Street is not here yet. Institutions aren’t in Bitcoin right now. It’s been a retail phenomenon for the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really in it from our perspective, but it’s starting to happen.”

The basis for the interview was a report from Tyler and Cameron published in August 2020, titled: The Case for $500K Bitcoin. 

The brothers began constructing the report in January 2020, Cameron said in the interview with McCormack.

“We started to think about what the government has been doing with the U.S. dollar for the past decade or so and traditional sort of stores of value and hedges,” Cameron explained.

The twins halted work on the report in March when COVID gained a global foothold. They resumed the paper several months later after evaluating the economic changes brought on by the virus.

Tyler said he and his brother began buying BTC in 2012. Part of the rationale for the report stemmed from evaluating the asset’s performance amid the surrounding economy over the past decade. 

While a growing number of bullish predictions for Bitcoin surfaced throughout 2020, some have remained skeptical such as gold bug Peter Schiff.

In other trending Bitcoin News today:

Bitcoin Has ‘Considerable’ Upside As It Better Competes With Gold As Alternative Currency, JPMorgan Says

Bitcoin’s 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an “alternative” currency, JPMorgan said in a note on Friday.

Bitcoin has surged more than 70% year-to-date, and this week’s announcement that PayPal would allow its users to buy, sell, and exchange the asset served as another high-level endorsement for the cryptocurrency.

Earlier this month, Square purchased $50 million worth of bitcoin as it further commits to viewing the digital currency as a long-term investment.

According to JPMorgan, the physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.

For bitcoin to catch up to gold in terms of market value, the crypto currency would have to surge 10x from current levels.

“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price,” JPMorgan said.

And over time, crypto could be held for other reasons then being a store of wealth as gold is, according to JPMorgan.

The technicals are also pointing to a continued surge in bitcoin. According to technical strategist Katie Stockton, the cryptocurrency could surge to $14,000 as short-term momentum improves.

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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:

Holy Cow

Most bullish commentary for #bitcoin that I have read from JP Morgan

“Even modest crowding out of #GOLD takes #bitcoin up multiples.”

Widespread research piece reaches all clients of the bank.

Paypal announcement “cover” for other traditional players to get involved. pic.twitter.com/lUd8oYQ77h

— Dan Tapiero (@DTAPCAP) October 23, 2020

https://markets.businessinsider.com/currencies/news/bitcoin-price-considerable-upside-forecast-competes-gold-alternative-currency-jpmorgan-2020-10-1029716041#

https://cointelegraph.com/news/bitcoin-price-rise-to-500k-is-inevitable-winklevoss-twins-say

https://cointelegraph.com/news/bitcoin-whale-clusters-pinpoint-3-key-levels-for-btc-price-rally-to-continue

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A BITCOIN BULL SIGNAL JUST APPEARED!

As first spotted by a prominent BTC commentator, the Hash Ribbons have just crossed bullish and printed a “buy” for the first time in a number of months.

The Hash Ribbons are an indicator that uses a short-term moving average and a long-term moving average of the hash rate. When the short-term moving average crosses above the long-term moving average, it’s seen as a bullish sign.

And when the opposite takes happen, it’s bearish.

The “buy” signal appearing per the Hash Ribbons is extremely notable for Bitcoin bulls.

As the chart below indicates, when the signal formed in 2016, Bitcoin proceeded to rally by over 4,000% in the year and a half that followed.

This has been further corroborated by digital asset investor and analyst Charles Edwards, who noted that each occurrence of the signal has preceded strong rallies in Bitcoin.

The bullish crossover and “buy” signal comes as the crypto mining industry has signaled that it is more healthy than ever.

Cryptocurrency data provider TradeBlock reported last week that the Bitcoin hash rate (seven-day moving average) has hit a new all-time high above 124 exahashes per second.

Bitcoin’s network difficulty will follow suit, according to analyst “PlanB”:

“Despite death spiral FUD, miner capitulation FUD, future manipulation FUD, corona, PlusToken FUD, Tether FUD, whales selling FUD etc… BTC just had its third-best quarterly close ever ($9.1K) and is heading for difficulty ATH Monday (17E12).”

This is bullish for the Bitcoin price, according to Edwards.

Edwards published a price model in December 2019 revealing that the energy consumption levels of the Bitcoin network correspond with price action.

His latest so-called “energy value” analysis implies a rally to $12,800 will take place in the months ahead.

In other trending Bitcoin News today:

Max Keiser On How He Bought BTC For $1 In 2011 And Why Bitcoin Is Like The Mona Lisa

CryptoPotato recently had the chance to interview Bitcoin Pioneer Max Keiser, where he said that his first Bitcoin purchase was in 2011 and compared the asset to one of the most famous artworks in the world – The Mona Lisa.

Talking about the current US and global economic situation, and more specifically, COVID-19’s role in it, Keiser said that the virus is “nature fighting back against the virus of humans.”

He used the personification of the Earth from the Greek Mythology – Gaia – to add to his point, but concluded that he doesn’t “think ultimately she’ll win against the human virus.”

“Like Venezuela, Zimbabwe, and Iran, NASDAQ is higher as confidence in the USD collapses. Safe haven money is seeking shelter in stocks, gold, and Bitcoin.”

Keiser said that he heard about Bitcoin in 2011 and started accumulating at $1 at the time.

Keiser noted that BTC’s digital scarcity attracted him the most, as he “invented digital scarcity and commercial prediction markets in 1996.

BTC does what my patent does, but with incredible elegance. It’s the Mona Lisa of money. It’s self-aware, it’s observing us, and it’s channeling God.”

In another recent interview, Keiser asserted that only “gold, silver, and Bitcoin can save you now,” referring to the current events in which world governments are printing a lot of fiat to ease the pain from the COVID-19 pandemic.

Now, he doubled-down on his views, saying that “Bitcoin is a safe-haven asset that will rocket higher as fiat money collapses.”

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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:

Yes. I do think the Altcoin party will end very soon.I’m not looking for new trades– Dominance weekly support– BTC ranges for 70+ days– BTC volatility at lows only seen 4 times since 2017. These lows where followed up by 50-250% BTC moves.

– Q3 has been bearish historically pic.twitter.com/zk1z0AENVZ

— CryptoAmsterdam (@damskotrades) July 10, 2020

Bitcoin’s Rallied 4,000% After This Signal Flashed in 2016. It’s Back Again

https://cryptopotato.com/max-keiser-on-how-he-bought-btc-for-1-in-2011-and-why-bitcoin-is-like-the-mona-lisa-exclusive-interview/

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Dan Held thinks Bitcoin (BTC) could skyrocket to $1 million in four to five years due to what he anticipates will be an unprecedented influx of institutional investment.

Held, Kraken’s head of business development, sat down with Cointelegraph’s YouTube channel to expand on his belief in a potential Bitcoin super cycle.

“I think this [bull run] versus other cycles will be much stronger because we will have institutional money flowing in. We’ll have much more developed architecture, we’ll have much better marketing…

We could very much see Bitcoin go through what I would call a super cycle. So a lot of people are predicting Bitcoin goes from $10,000 to $100,000 or $200,000 or $300,000.

Well, what happens when the whole world wakes up to Bitcoin’s value prop of being this decentralized store of value that’s not seizable? If socialism rises, if taxes rise, I could see tons of people flowing trillions and tens of trillions of dollars into Bitcoin, so Bitcoin might not just stop there, it could go to $1 million.” 

Held says 90% of his personal financial portfolio is in Bitcoin.

He says he definitely wouldn’t recommend that portfolio construction for most other investors, and the value of his BTC has grown exponentially through the years in relation to his traditional investments.

The Kraken executive also says he doubts blockchain technology is well-suited for any other application aside from powering the Bitcoin network.

“When we look at Bitcoin, a lot of people go, ‘How about this thing called blockchain? Couldn’t we take this tech called blockchain and repurpose it for everything? We’ll put a blockchain on the moon, we’ll put a blockchain on food, we’ll put blockchain on industrial stuff.’

You need to sprinkle it like Salt Bae, sprinkle some blockchain dust on it and it will magically give off some efficiencies. Satoshi purposefully built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many trade-offs to build Bitcoin that it is basically ineffective for almost anything else.”

In other trending Bitcoin News today:

Top Bitcoin (BTC) Strategist Proclaims Altcoin Season Has Arrived, Names Four Crypto Assets to Watch and One Ready to Retreat

Crypto analyst Nicholas Merten says he believes a new altcoin season has officially arrived.

On the latest episode of DataDash, Merten says that for the first time in two-and-a-half years, the collective altcoin market has broken through a key line of resistance against Bitcoin (BTC).

“We’ve obviously had a breakout here and the momentum has been building up here. We talked about this for the last few weeks to watch out for this and we finally have gotten it… 

For this to continue climbing, what are we really going to need here? Is it going to be a lot of small-cap plays?

“In the short term, we need to start seeing some of the large-caps move. I’m talking about Etherium, Litecoin –some of these larger, more established cryptocurrencies, to really solidify the breakout…

The monthly [chart] has been signaling this since back here in September when ETH set its last low.”

Merten is particularly bullish on iExec (RLC), Chainlink (LINK), Cosmos (ATOM), and REN, but he thinks that Cardano (ADA) is headed for a pullback after sustaining a huge rally from about 2 cents in March to a high of 13 cents on Tuesday.

“We can see here that in the short term ADA is a little bit overextended. It’s had a great rally here so it might be time for it to play a little bit of catch-up.”

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Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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:

Forex Analyst Explains Why Chainlink Price Could Surge 80% Higher