Bitcoin has surpassed the $60,000 mark briefly for the first time since April 2021. The BTC price has been boosted by reports suggesting a Bitcoin futures ETF (Exchange Traded Fund) is likely to begin trading in the United States as early as next week.
Bloomberg senior ETF analyst, Eric Balchunas, is confident that the ProShares Bitcoin Strategy ETF could be the first one launched as the decision deadline is Oct. 18. The Invesco Bitcoin Strategy ETF may be approved the following day barring any further delays by the SEC.
In a tweet on Oct. 15, the analyst stated: “Pretty much done deal. Expect launches next week,” before adding the “odds now over 90% IMO.”
In other trending Bitcoin News today: Bitcoin Could Surge Nearly 10X From Current Price, Predicts ARK Invest’s Cathie Wood – Here’s How
ARK Invest founder Cathie Wood says that Bitcoin (BTC) could reach $500,000 if institutional investors embrace the benchmark cryptocurrency.
Bitcoin is currently trading at $57,327, but according to Financial Review, Wood says that price could surge by nearly 10 times if institutions allocate just 5% of their investment funds to BTC.
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.
The month of January is usually bearish for the Bitcoin price but this one has bucked that trend.
It has been the best start to the year since 2012 but analysts are eyeing even greater gains in 2021.
Bitcoin blogger Sylvain Saurel has conducted an in-depth analysis into BTC price movements at the beginning of the year.
The study has been done to highlight the cyclical side of the evolution of bitcoin price with each halving as a starting point.
The research goes back to 2012 and starts the comparison there.
In the same twenty days in that year, Bitcoin (BTC) increased by a similar amount, around 23% to reach $6.50.
Who wouldn’t have wanted to load up then! By the end of the year, prices had increased by 157% to end at $13.50.
The following year, after the halving, resulted in an epic bitcoin price pump of 5800% to end 2013 over $750.
The next year was one of correction with a bear market taking prices back down again while 2015 showed signs of recovery at the end.
2016 was the year of the second halving and while January was flat, the asset gained 123% by the end of the year.
2017, the year following the halving, again saw a monumental bull run with bitcoin prices rising 1450%.
2018 as we all know was a mirror of 2014 with a huge correction and 2019 has shown signs of recovery with BTC gaining 85% over the year.
BTC PRICE PEAK IN 2021 The conclusion leads on to the finding that the evolution of Bitcoin price is cyclical with the halving as the starting point for the new cycle.
“The year following a Bitcoin halving is when the bull market for Bitcoin is at its strongest with respective price increases of +5,800% in 2013 and +1,450% in 2017.”
With that in mind, the research suggests that 2021 will be a stronger year for BTC prices than 2020.
In terms of gains, looking at previous rises 500% would not be out of the question.
At current prices, this would put bitcoin at around $17k by the end of 2020 and as high as $100k in 2021 when the big rally really takes off.
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:
$BTC – clear range of $8500 to $8750 right now on lower time framesCurrently not trading and watching for better setups
Will also take a look at altcoins with potential to outperform Bitcoin short term pic.twitter.com/HRJoMZNaDj
ChainLink (LINK) is having an ‘Altcoin Season’ of its own – all over again.
LINK has been known to move against the trend, staging a similar rally in the second quarter.
The Chainlink crypto has now grown more than 49% in a single week, touching $2.97 last night, with predictions of easily reaching $3.
LINK has managed to grow to and all time high of $4.54, and may repeat this record. The ChainLink price is also growing against Bitcoin (BTC), already breaking its own record to above 34,000 Satoshi.
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.
I have had the 7.2-7.4k region as my bottom target for some time now, but if it is lost I think we test the mid 6k region and then we get our mega bounce to 14k+. Will be buying more spot all the way down and likely opening some low-leveraged longs in the mid 6k’s. $BTCpic.twitter.com/XfHdPdCRea
$BTC – As you can see from the blue lines and volume profile Bitcoin price managed to break and close above the highest volume areas in this rangeThis will now typically act as support
$8,380s could act as resistance but price can run up to $8500s with a break above there pic.twitter.com/06PaiqdjTa
In an interview with Altcoin Daily, Binance founder, and CEO, Changpeng Zhao (CZ) answered true to Bitcoin reaching a $1 million valuation one day.
However, considering that the BTC price prediction came from a quickfire, true, or false segment at the end of the interview, it would be wise to take this valuation with skepticism.
Of more significant concern was CZ’s view on the long term outlook for the market leader.
Contrary to his million-dollar price prediction, he believes a bigger and better alternative will replace Bitcoin at some point.
The interview covered a wide range of topics, including cryptocurrency as a hedge against traditional finance, Bitcoin maximalism, and the role of DeFi in taking the space forward.
But of interest was CZ’s opinion on the long term future of Bitcoin, especially when taking into account the antiquated nature of its core technology, and the limitations of updating it as a live blockchain.
“To be honest, I think Bitcoin’s dominance over time will decrease, not increase. It may increase in the short term… there’s a lot of innovations people do that people can bring back to Bitcoin, like second layer solutions etc. But when the technology is out already and adopted for ten years, there’s relatively limited scope that you can update it.”
CZ expanded on this by saying sooner or later, every technology eventually gets replaced by something better.
He drew on examples such as dated programming languages, and once-dominant hardware and software firms losing ground to more innovative rivals.
“nothing lasts forever… so things change… if we look at 10, 15, 20 years later, I think it’s totally conceivable that something new will replace Bitcoin, and something better than Bitcoin.”
However, he was keen to state that Bitcoin will still be around, simply because going back to fiat is an unlikely alternative.
But he remains adamant that another, more current product will usurp the market leader down the line.
“But if you ask 20 years from now is it still going to be king? A hundred years from now, a thousand years from now, and the answer is obviously we’re not sure, things just change over time.”
Bitcoin has considerable influence on the rest of the other markets.
If CZ’s prediction plays out, what then for the future of cryptocurrency as a whole?
Zhao dealt with this by saying a decoupling of this effect will occur, but this will happen over a long period. “within the next six months, if Bitcoin went to zero that would be true, everything else will be hit really really bad. But if you look at a five year, ten year horizon… I don’t think cryptocurrencies will be gone.
However, as the most decentralized and censorship-resistant, Bitcoin will retain its place in the short to medium term.
In other trending Bitcoin News today:
TOP FUND MANAGER EXPLAINS WHY BITCOIN WILL UNDERGO “EXPLOSIVE” RALLY
According to the chief investment officer of Hayman Capital Management, Kyle Bass, Bitcoin will soon rally alongside the two top precious metals:
“Silver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world. Here is a chart or front-month silver going back 10 years.”
Bass is a prominent investor who called the Great Recession in 2008.
He has also been critical of China and the central bank money-printing efforts that have gone on over the past decade.
In late 2019, he said that what will also fuel a rally in the price of Bitcoin is people in Asia, especially in China, trying to siphon funds out of the sometimes closed economy there.
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.
