GOLDMAN SACHS PREDICTS ETHEREUM WILL OVERTAKE BITCOIN AS STORE OF VALUE!! PAYPAL ALLOWS WITHDRAWALS!

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Bloomberg just released its latest Bitcoin (BTC) outlook on the crypto markets.

Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin’s adoption among mainstream investors is on the rise.

He expects an advantageous macroeconomic landscape to sustain a Bitcoin bull run that will “dust” the Nasdaq.

“Increasing adoption and vehicles for exposure, and custody, are accelerating Bitcoin into the mainstream of investments. In a world of zero and negative interest rates and diminishing equity-price returns due to quantitative easing, the quasi currency stores of value – gold and Bitcoin – are finding increasing investor interest…

Bitcoin $10,000 Breach Set to Dust Nasdaq – Fundamentally bullish and breaking above key $10,000 resistance, Bitcoin has a solid foundation on the back of a steep correction and period of disdain, in our view.”

McGlone adds that Bitcoin’s growing fundamentals suggest BTC is solidifying its position as digital gold.

He says the leading crypto is no longer the highly speculative and unknown asset it once was, with the Bollinger Bands momentum indicator suggesting a burst to $13,000 is imminent.

In contrast, the Bloomberg Intelligence analyst says Ethereum’s hot streak is likely fueled by pure speculation as opposed to BTC’s fundamentally-driven growth.

“Ethereum has extended last year’s highs and leaped to one of the top-performing major crypto assets in 2020, but we view its rally as more speculative vs. the favorable demand vs. supply conditions supporting Bitcoin.”

McGlone says Ethereum is facing heavy competition from protocols that offer the same use case, as a total of 6,000 crypto assets of all sorts flood the markets.

He believes Bitcoin’s scarcity is the key factor driving its value and points to a two-year comparison of BTC’s performance compared to Ethereum, XRP and the altcoin market at large as a sign that BTC is the better long-term play.

Bitcoin is up 54% over the last two years, while Ethereum is down 4.5% and XRP is down 30%.

“It’s the unlimited supply of the broad crypto market vs. the relative scarcity of Bitcoin that will maintain buoyancy in the benchmark asset, in our view. About 90% of the 21 million available Bitcoins have been produced, leaving demand and adoption as the primary price-outlook gauges. Our indicators point positive for Bitcoin, while the basic rules of supply and demand leave little hope of broad-market price advancement.”

In June, McGlone made the case for why BTC may return to its all-time high of $20,000 this year.

In other trending Bitcoin News today:

Pantera’s Founder Foresees $100K+ Bitcoin On the Horizon

Dan Morehead is more conservative in his Bitcoin price predictions than his firm Pantera Capital, though both agree that it will hit $100,000.

Pantera Capital is the oldest Bitcoin investment firm in the United States.

When the company’s founder, Dan Morehead, was asked to make a Bitcoin price prediction during a recent interview, he first mentioned an investment letter published by the firm.

In this letter, based on the stock-to-flow model, the firm made the bold prediction that Bitcoin will hit $115,000 by August 2021. 

Morehead thinks this is still possible, despite the fact that in just one year, the asset’s price would have to increase to nearly 10 times its current value.

Yet, his personal prediction is a little more modest, he said:

“My common response is it’s been growing at 209% for nine years, I think it’s going to grow at least 209% over the next couple years and that puts you at $100 000, probably in two years; but I do think that will happen.”

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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:

In fact, only one asset has offset the growth of the G4 balance sheet. Its not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon.

Yup. #Bitcoin $BTC pic.twitter.com/wdoN6Qgaaz

— Raoul Pal (@RaoulGMI) August 6, 2020

When bitcoin was $4k in 2019, lot of big accounts were bearish, predicting $1k. However in DM mant said that if btc would rise to $6k, they would reconsider and switch to bull. That actually happened, we shot through $6k. Now many were bearish at $9k .. $13.5k will be interesting pic.twitter.com/6D5lArCC6c

— PlanB (@100trillionUSD) August 5, 2020

https://dailyhodl.com/2020/08/06/bitcoin-set-for-bull-run-that-will-dust-nasdaq-as-ethereum-xrp-and-altcoins-face-uphill-battle-bloomberg-forecast

https://cointelegraph.com/news/panteras-founder-foresees-100k-bitcoin-on-the-horizon

https://cointelegraph.com/news/raoul-pal-it-may-not-be-worth-owning-any-asset-other-than-bitcoin

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Is the Ripple XRP Price getting ready to fly?

This is an extremely good time for XRP.

Before the XRP Swell event in 2017, the XRP price shot up 115% and the next year, a much bigger spike of 220% was seen in its price.

Based on these historical gains, XRP can jump anywhere between $0.30 to $0.60.

However, once the event is over, XRP price losses as much as half of its value.

The digital asset saw a drop of 42% and 51% in 2017 and 2018 respectively after the event.

Hosted by Ripple, Swell brings experts from the field of financial services, payments, technology, and policy together to share “what’s unfolding in global payments today – and why it matters.”

The Swell event, that has been launched to compete with its rival Swift – the organizer of the Sibos conference – will be held this time from November 7 – 8 in Singapore.

Are Altcoins ready to explode?!

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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.

News Resources From Today’s Show:

The 10 largest crypto companies by number of employees:Binance: 1,635Coinbase: 1,195ConsenSys: 868OKEx + OKCoin: 548Ripple: 508Bitmain: 475Huobi: 453Circle: 350Tron: 250Bitfinex: 220

Source: LinkedIn

— Yano (@jason_yanowitz) October 11, 2019

Bitcoin Readies For Next Big Move After Slow Weekend

XRP Ready to ‘Swell’ 220% in the Next Three Weeks as Ripple Event Nears

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One fractal analysis, predicts that Bitcoin price ongoing consolidation will resolve to the upside in an explosive fashion.

The catch: the BTC breakout will come at the end of 2020 – over five months away.

On March 12th and 13th, the Bitcoin market broke down. As many investors likely remember, in the span of approximately 24 hours, the cryptocurrency market fell by around 50%.

Bitcoin then plunged from the $7,000s to $3,700. Few expected the market to recover at the time.

There were some, however, trying their best to stay optimistic.

The CIO of Altana Digital Currency Fund, Alistair Milne, shared the chart below in the day after the crash, attaching the comment:

“So, if you take the fractal after the Aug 2015 meltdown due to exchange dysfunction (and major trendline break) … and place it on the end of Friday’s meltdown, you get this …”

The chart, which showed Bitcoin could follow the path it took after 2015’s crash, implied that BTC would recover to $10,000 by June.

And that it did, with Bitcoin spiking above $10,000 at the start of June.

This same fractal now predicts that after two more months of consolidation, Bitcoin will hit $18,000 by the end of 2020.

As Milne explained in a recent update about the fractal:

“Would you accept another ~2 months of no volatility if it meant we go directly to $18k within 4 weeks of a breakout?”

Milne isn’t the first individual to have suggested that Bitcoin’s ongoing consolidation will resolve higher.

Mike McGlone – the senior commodity analyst at Bloomberg Intelligence — recently wrote the following on Twitter:

“Volatility should continue declining as Bitcoin extends its transition to the crypto equivalent of gold from a highly speculative asset, yet we expect recent compression to be resolved via higher prices.”

So, if you take the fractal after the Aug 2015 meltdown due to exchange dysfunction (and major trendline break) … and place it on the end of Friday’s meltdown, you get this …

The sentiment McGlone shared is in line with the sentiment he shared in previous analyses. In editions of Bloomberg’s “Crypto Outlook” released over recent months, the Wall Street analyst has outlined a perfect storm of reasons indicating that Bitcoin will move higher.

Some of those reasons are as follows:

* The BTC block reward halving that came in May

* The increasing investment in the Bitcoin market by users of the CME and clients of Grayscale

* Bitcoin’s growing correlation with the gold market

* And more.

In other trending Bitcoin News today:

HOW CAN YOU NOT BE BULLISH ON BITCOIN? ANALYST ASKS DUE TO NEW DATA

Despite volatile price action, a majority of Bitcoin in circulation remains inactive. 

According to data from Glassnode, a blockchain analytics firm, the percentage of coins not moved has reached 62% — an all-time high.

This comes in spite of the fact that 77% of the Bitcoin supply was accumulated at a price lower than current.

That’s to say, 77% of all BTC can currently be sold for profit. To Rafael Schultze-Kraft, the CTO of Glassnode, the confluence of high profitability amongst investors and increasing levels of holding is bullish.

“BTC supply not moved in over a year: 62%. BTC supply in a state of profit: 77%. Read: Many investors could be profitably cashing out, but instead choose to hodl. How can you not be bullish on Bitcoin.”

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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:

How Can You Not Be Bullish on Bitcoin? Analyst Asks Due to New Data

#Bitcoin Blahs? Benchmark #Crypto Looked Similar Before Past Gains —
Volatility should continue declining as Bitcoin extends its transition to the crypto equivalent of gold from a highly speculative asset, yet we expect recent compression to be resolved via higher prices. pic.twitter.com/XbIMv5AYAf

— Mike McGlone (@mikemcglone11) July 2, 2020

Would you accept another ~2 months of no volatility if it meant we go directly to $18k within 4 weeks of a breakout?

Check what happened in early 2016… https://t.co/BH18zB9eOb

— Alistair Milne (@alistairmilne) July 14, 2020

This 2016 Bear Market Fractal Shows Bitcoin Could Shoot Towards $20k in 2020

https://cryptopotato.com/bullish-bitcoin-price-post-halving-patterns-start-repeating/