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“Keep Dreaming. The Bitcoin price is never going to hit $100,000”
Peter Schiff responded on Twitter seemingly in a bid to quash the hopes and dreams of industry hopefuls.
Even though Schiff didn’t explain his rationale in this latest tweet, he has been quoted as saying that BTC is an unreliable store of value and an improper investment, especially when pitted against precious metals.
While Schiff believes that Bitcoin will never reach a six-digit price point, one of the most recognizable and accurate price models for the cryptocurrency says otherwise.
PlanB’s stock-to-flow scarcity model for Bitcoin, which uses the cryptocurrency’s stock-to-flow ratio (effectively the inflation rate) and relates it to BTC’s market capitalization predicts a BTC price of $50,000 and $100,000 after the Bitcoin halving in May, 2020.
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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:
Keep dreaming. Bitcoin is never going to hit $100,000!
— Peter Schiff (@PeterSchiff) November 8, 2019
Bitcoin Price Will Never Hit $100,000? Gold Bug Bashes Bulls
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BITCOIN IS 'STILL ON TRACK' TARGETING 8K STOCK-TO-FLOW PRICE LIKE CLOCKWORK!! K BTC NEXT?!!
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With Bitcoin closing the month of October at $13,816, this signals the highest monthly close for BTC since December of 2017.
October’s monthly close also signals the highest red dot close to date via the Stock-to-flow model, a clear indication that this controversial Bitcoin price prediction model is right on track ‘still’ targeting $288K by 2024.
Bitcoin briefly spiked above $14,000 again, this time perhaps on news from the US Presidential elections.
The altcoins have erased most of yesterday’s losses, and the market capitalization has added about $10 billion.
Bitcoin broke above the coveted $14,000 mark on Saturday for the first time since January 2018.
Since then, though, the asset has primarily struggled with maintaining its high price tag.
In fact, BTC even dipped below $13,300 on two occasions in the following days.
It started recovering yesterday when it jumped above $13,500 and stayed above it for most of the past 24 hours.
Just a few hours ago, the primary cryptocurrency headed higher once more.
With a few decisive candles, Bitcoin surged to $14,050 (on Bitstamp) before retracing to its current level – $13,800.
Interestingly, the price increase coincided with surfacing reports that the current US President Donald Trump has become the betting favorite to win the 2020 Presidential elections.
Nevertheless, popular TV host Max Keiser recently highlighted that despite who’s the US President following the elections, Bitcoin will emerge as the ultimate winner.
In other trending Bitcoin News today:
“$17K Next? Watch These 3 Key BTC Price Levels”
Bitcoin (BTC) has been on a tear and there’s no escaping it.
But the majority of high-cap altcoins are seemingly suffering at the hands of this bull run, leading to the question: have we had our altseason already?
Is it over or is there more to come?
Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level.
After $14,400 there isn’t much in the way of resistance until $17K before a new all-time high can be printed for the king of cryptos.
But the question is can Bitcoin run out of steam?
In other trending BTC News today:
“Bitcoin Bull Cynthia Lummis Wins US Senate Seat”
Cynthia Lummis, the Republican Party candidate for Wyoming, “publicly said” on the night of November 3 “that she wants to defend [crypto] against federal encroachment,” per a tweet from Avanti Bank & Trust CEO Caitlin Long, a Wall Street veteran and fellow crypto advocate.
Lummis is known to be a long-term bitcoin enthusiast and said she made her first purchase in 2013, in the days when one could buy BTC 1 for around $300.
Lummis has previously served in Congress, and recently told the Wyoming Blockchain Stampede in a video interview, “During my time in Congress, I first learned about bitcoin. I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply. […] Knowing that there are only going to be 21 million bitcoin makes it an attractive store of value.”
This last point, she stated, was important as the USD’s status as the world’s de facto reserve currency is now coming under threat.
“Bitcoin, to me, has shown great promise and may rise as a viable alternative store of value to the US dollar, both on the institutional level and the personal level. That potentiality is something we must at least acknowledge in our conversations about the economic future of our country.”
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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:
Price of #Bitcoin at the last 3 US presidential elections: 2012: $102016: $7002020: $14,0002024: ?
Where do you think the $BTC price will be in 2024 at this time? My prediction is $288K! 😎🚀
— Crypto News Alerts (@CryptoNewsYes) November 4, 2020
SENATOR LUMMIS…YESSS!!!🤠 She is likely to be one of the most powerful US senators, given how divided the new senate appears to be. She LOVES what #Wyoming did in #crypto—publicly said tonight that she wants to defend it against federal encroachment. 🙏Congrats Sen Lummis!🚀 pic.twitter.com/FVI7sBcB2t
— Caitlin Long 🔑 (@CaitlinLong_) November 4, 2020
#Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC
— Mike McGlone (@mikemcglone11) November 4, 2020
https://cryptonews.com/news/bitcoin-bull-cynthia-lummis-wins-us-senate-seat-8197.htm
https://cointelegraph.com/news/can-bitcoin-hit-17k-next-watch-these-3-key-btc-price-levels
https://cointelegraph.com/news/bitcoin-is-targeting-288k-stock-to-flow-price-like-clockwork-planb
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Bitcoin Price Rises to ,500 | BTC Meets Banking As US Bank Regulator Permits Crypto Custody
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Bitcoin price broke out from a tightening range to rally above $9,500 but will BTC hold above the crucial resistance level?
Perhaps the move is purely technical as Bitcoin has been compressing into a tighter range of higher lows and lower highs since early June, or possibly investor sentiment has been buoyed by the following massive breaking Bitcoin news today:
US Banking Regulator Greenlights Crypto Custody at Federally Chartered Banks
The Office of the Comptroller of the Currency (OCC) has given permission to allow federally chartered U.S. banks to provide clients with crypto custody services.
This is a positive step forward as it removes some of the rigamarole involved in acquiring and storing cryptocurrency, meaning, crypto investors will eventually be able to hold their digital assets in the same bank where they keep their checking, savings, and brokerage accounts.
The recent announcement from the European Union to kickstart another $857 billion euro round of stimulus and the expectation that the U.S. Federal Reserve will follow suit with a $1 to $2 trillion economic stimulus package could also be boosting investors’ belief that as long as the Fed is printing, equities will rise and Bitcoin will soon make another run at $10,000.
This issue has seen much skepticism, given that crypto wallets do not resemble the custody requirements of other sorts of assets. Nonetheless, in its interpretive letter on the subject, the OCC wrote:
“The OCC recognizes that, as the financial markets become increasingly technological, there will likely be increasing need for banks and other service providers to leverage new technology and innovative ways to provide traditional services on behalf of customers.”
In the words of the announcement, the new opinion “applies to national banks and federal savings associations of all sizes.”
The OCC’s letter further specifies that bank “custody” of crypto assets is dependent on their access to the keys to the crypto wallets rather than any sort of physical requirement — a confirmation of Andreas Antonopoulos’ famous line of “not your keys, not your coins.” the OCC specifies:
“That national banks may escrow encryption keys used in connection with digital certificates because a key escrow service is a functional equivalent to physical safekeeping.”
In regards to the new rounds of stimulus Gemini exchange co-founder and CEO Tyler Winklevoss suggested that:
“The Fed continues to set the stage for Bitcoin’s bull run.”
Central bank printing continues to push the markets higher In traditional markets, silver started off the week with a strong pump which completed a nice cup and handle pattern on the daily timeframe, and at the time of writing the asset is up 19.25% for the week.
Gold has also continued its upward trajectory by pushing to a new high at $1,874 today. To date, gold has gained 29% since the coronavirus-driven market correction occurred in mid-March.
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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.
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Once there is attention, these illiquid altcoins then get a surge of buyersPushing the price up even more
You can see that with many defi alts $BAND caught on and ppl piled in, this week $ALEPH (both solid btw), next week will be be another
Always another trade to be made
— Josh Rager 📈 (@Josh_Rager) July 22, 2020
The altcoin chart set-ups that get the least engagement usually pump the hardestThat’s because most people arent in & that same mass of people won’t care unless you’re sharing about an asset they’re in
Until after that alt pumps – that tends to grab attention
— Josh Rager 📈 (@Josh_Rager) July 22, 2020
OK, there is the first lift in the BB Squeeze. Now we need to see follow through or we’ll be setup for real trouble, a Head Fake. $BTCUSD
— John Bollinger (@bbands) July 21, 2020
https://cointelegraph.com/news/bitcoin-price-rises-to-9-500-as-2-trillion-fed-stimulus-expected
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ON-CHAIN DATA TOP CAP MODEL FLASHING NEW BITCOIN PRICE TARGET OF $157K AFTER ‘WEIRD PULLBACK’ ENDS!!
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Popular on-chain analyst Willy Woo says that Bitcoin is poised to hit the six-digit price range once its retracement is over.
According to Woo, his top model is flashing a new price target for Bitcoin at $157,000. However, he predicts that once Bitcoin resumes its bull trend, he expects the model to hike up the price target.
“If we squeeze out of this accumulation band like I’m expecting, I would say that we will start curving upwards into the $250,000 to $350,000 range. Sounds a bit ludicrous right now, but that’s what the model says.”
In other trending Bitcoin News today: 10X User Growth in Sight by 2022 for Emerging Crypto Sector, Says Venture Capital Head!
Successful crypto-focused venture capitalist Arthur Cheong is making some bullish predictions for Ethereum and the decentralized finance (DeFi) sector for the rest of 2021.
He predicts that by the end of the year, the number of DeFi users could multiply between five and 10 times, pending scaling solutions.
“I’m looking forward to this crossing 5 million and 10 million probably by the end of the year. I think it’s possible if we have a very successful scalin
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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 Showing Signs of Potential Bounce: Crypto Analytics Firm Santiment
https://cointelegraph.com/news/brazilian-securities-regulator-approves-ether-etf
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