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Bitcoin could nail the now-popular $98,000 BTC price target – but it could end up being the cycle top, new research argues.
In its “October 2021 Market Recap & Outlook,” major United States exchange Kraken said that Bitcoin should reach around $96,000 if this quarter copies the last bull run.
“At the current pace, 4Q is trending most similarly to 4Q2017 with a correlation of 0.88. It should be noted that 4Q2017 went on to become Bitcoin’s third best 4Q on record with a return of +220%,” Kraken wrote.
“Assuming BTC continues to follow in the footsteps of 4Q2017, we could expect BTC to rally even higher into month end. For some context, a +220% in 4Q2021 would imply a price of $96,355 for BTC.”
In other trending Bitcoin News today: Apple CEO Tim Cook confirms owning both Bitcoin and Ethereum and says…
“It’s reasonable to own it as a part of a diversified portfolio. I been interested in it for a while, I been researching it and so forth and so I think it’s interesting.”
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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/bitcoin-price-briefly-hits-69k-ath-before-plummeting-back-to-earth
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3 Crucial Reasons Why Bitcoin Is Ready to See a Sharp Rally After 15% Drop | BTC ‘Hodl Wave' Data
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Bitcoin has been subject to troubling price action over the past week.
At the local lows, BTC traded as low as $8,600 on some exchanges — approximately 15% shy of the highs before bouncing back above to the $9,100 support this morning.
It should come as no surprise that some have taken the recent price action as a death knell for Bitcoin’s bull trend, which began in March when the asset rallied strongly off the $3,700 lows.
Yet the bearish trend may soon come to an end. Crucial fundamental and technical factors, in fact, have shown that BTC is primed to revert back into a rally after the recent correction.
Three of these factors are as follows.
#1: Bitcoin Prints Textbook Falling Wedge Pattern
According to a prominent crypto trader, Bitcoin is printing a textbook bullish sign: a falling wedge. Falling wedges, studies suggest, have a high likelihood of breaking higher. Such patterns have also preceded strong gains in the Bitcoin market over the past few months.
#2: Tensions Between the U.S. and China Grow; Yuan Crushed
Since our last report on the situation between the U.S. and China due to the Hong Kong democracy movement, things have become worse due to fears of sanctions.
The Chinese yuan, as Twitter account “Yuan Talks” noted, is at its weakest level since September 2019 — the peak of the 2019 trade war. Bitcoin stands to benefit as it can act as a safe-haven for Chinese investors trying to mitigate the risks of a falling domestic currency.
Chris Burniske, a partner at Placeholder Capital, explained: “If China’s CNY continues to weaken against USD, then we could have a 2015 and 2016 repeat, where BTC strength coincided with yuan weakness.”
#3: Central Banks and Governments Continue to Print Trillions, Boosting Bitcoin Bull Case
Due to the outbreak of an illness, the global economy has been thrown into a recession.
Dozens of millions have become under/unemployed, while consumer confidence, spending, and other key economic metrics have fallen off their respective cliffs.
It’s a trend that has forced governments to respond by printing money, boosting Bitcoin’s intrinsic value.
Japan made this much clear recently. According to global markets tracker FXHedge, which shares news headlines related to the global economy, a new document suggests that the Japanese government is looking to implement a stimulus package worth 117.1 trillion yen — $1.1 trillion.
Although this isn’t likely to cause instant inflation — Japan has been nearly deflationary for years upon years now — analysts say this stimulus and others like it are bullish for Bitcoin.
In other trending Bitcoin News today:
Bitcoin ‘Hodl Wave’ Data Has Now Been Calling a Bull Run for 5 Months
Hodl waves show that over 60% of the supply has not moved for a year or more, something which historically has signaled price upside.
“60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing. The last time this happened was in early 2016, at the start of the bull run.”
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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:
60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing.
The last time this happened was in early 2016, at the start of the bull run.#bitcoin pic.twitter.com/Rh5efLHOD0
— Philip Swift (@PositiveCrypto) May 26, 2020
Goldman Sachs is hosting a client call today at 10:30 AM EST discussing inflation, gold and bitcoin. There’s a lot of conjecture floating around as to the content.
I will be on the call and will let you know what they actually say. pic.twitter.com/VJkxaPpUzB— The Wolf Of All Streets (@scottmelker) May 27, 2020
https://cointelegraph.com/news/bitcoin-hodl-wave-data-has-now-been-calling-a-bull-run-for-5-months
Post Views: 215 -
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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BICOIN PRICE TARGETING 5,000 BY AUGUST OF NEXT YEAR!! BTC EYES NEW 2020 HIGH!!
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Crypto Titan Dan Moorehead, the CEO of Pantera Capital remains bullish on the Bitcoin price, which he notes BTC goes up, on average, a little more than 200% per year, despite the “manic” bull and bear runs that grab the headlines.
Based on his firm’s stock-to-flow analysis of previous halvings, Morehead says Bitcoin is projected to hit $115,000 by next August.
While he cautions that he wouldn’t necessarily take even odds on BTC actually surpassing that figure in 12 months, he does say it’s “definitely pretty possible.”
The CEO is more confident Bitcoin will crack $100,000 in two years’ time, comparing it to an early-stage venture investment opportunity that only looks different because it has real-time pricing.
Still, he warns investors to put in only as much capital into BTC as they can afford to lose and then “hold it for 10-15 years.”
In a new interview with Thinking Crypto, Dan Morehead says the company’s largest allocation is in Bitcoin, followed by Ethereum.
After that, Morehead lists Polkadot, Filecoin, Augur and 0x as other altcoins with large allocations at the firm.
In total, Pantera manages $600 million worth of assets in the crypto space, and the CEO says he personally invests in the firm’s capital funds.
He believes there is an inefficiency in the market that fails to completely price in the impact of Bitcoin’s halvings before they happen.
“Over the past two halvings, there have been very clear positive impulses. They start about a year and a quarter prior to the halving and they go for about 440 days after the halving. And what’s typically happened is the markets have gone up a bit into the halving, and then after the halving, over the next 440 days, they go up a ton.”
Morehead says the crypto market is benefiting from significant changes in custody offerings, which offer institutional investors more ways to safely store their assets.
In other trending Bitcoin News today:
Chainlink Rival Band Protocol Surged 65% Overnight – 3 Reasons Why
Band Protocol (BAND), a rival blockchain network to Chainlink (LINK) — which is also at an all-time high — surged by 65%. Within 24 hours, BAND rose from $4.825 to $8, setting a new record high.
Three major catalysts appear to have triggered the rally of BAND, namely the DeFi (decentralized finance) boom, Coinbase listing and new partnerships. Since June 1, the total value locked in DeFi protocols increased from $1.04 billion to $4.47 billion.
The valuations of DeFi-related project tokens has risen substantially as the capital involved in the DeFi space surged by more than four-fold.
Band Protocol, like Chainlink, is a blockchain network for oracles. DeFi protocols rely on oracles to retrieve market data, as they cannot access raw data from other blockchains or websites.
As such, oracles are critical to the success of DeFi applications. As the DeFi market is rapidly expanding, the demand for oracles is also increasing in tandem.
DeFi projects technically could make their own oracles but it requires time and resources to develop them. That is where oracles like Band Protocol and Chainlink come in.
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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/chainlink-rival-band-protocol-surged-65-overnight-3-reasons-why
Post Views: 167