BITCOIN PRICE CAN HIT $29K NEXT WARNS CNBC CHARTMASTER!! TOM LEE UPS HIS YEAR END BTC TARGET BY 25%!

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Bitcoin hitting $300,000 per BTC in just one year’s time is “not out of the question,” popular statistician Willy Woo says.

In a series of tweets on Dec. 1, Woo stated that he has “never been so bullish” on Bitcoin’s prospects for 2021.

Discussing potential Bitcoin price trajectory, he confirmed that he was looking at six figures by December next year.

“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question,” one post read.

“The current market on average paid $7456 for their coins. You all are geniuses.”

Woo used his technical Top Cap metric to deliver the forecast. Despite being what his analytics website Woobull calls “experimental,” Top Cap has accurately matched price tops in the past.

Continuing, he eyed the decreasing amount of BTC held on spot exchanges as a sign that bullish price action would be catalyzed in the coming twelve months.

“I’ve never been so bullish for 2021,” he wrote.

“This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”

Lastly, the dollar gain in Bitcoin’s market cap for each dollar invested this cycle has outpaced the 2013 and 2017 bull runs.

“All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop,” Woo concluded.

Is anyone bearish on 2021?

As Cointelegraph reported, Woo is far from alone in his optimistic outlook for post-2020 Bitcoin.

Sky-high price predictions have come thick and fast over the course of the past two months, with quant analyst PlanB’s $100,000 December 2021 estimate now looking decidedly modest.

Beyond technical circles, familiar figures such as serial investor Mike Novogratz have begun taking price predictions to the mainstream. In the case of Novogratz, he told actress Maisie Williams last month that BTC/USD would head to $20,000 and then to $65,000. Williams subsequently invested.

This week, meanwhile, a giant $590,000 price forecast came courtesy of the Realized Profit/ Loss metric, which has returned to its classic bull run launch position.

In other trending Bitcoin News today:

Bitcoin Moves $500K Around The Globe Every Second, Says Samson Mow

Samson Mow, chief strategy officer at Blockstream, says Bitcoin was never about “transactions per second and coffee,” but about value and a “new financial paradigm.”

Blockstream’s Samson Mow wants to move the conversation away from Bitcoin’s (BTC) performance in transactions per second and toward its role in ushering in “a new financial paradigm,” that is, serving as a permissionless medium for the store and transfer of value.

“Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It’s all about value transacted per second and a new financial paradigm. VTPS not TPS. Nothing comes close to BTC”

Mow’s argument is that “VPTS [value transacted per second] not TPS [transaction per second]” is what really counts. Calculations for the video were reportedly made using on-chain data by the editor of the Blockstream engineering blog, who goes by “Grubles” on Twitter. 

The editor similarly tweeted that “Bitcoin scales just fine. 1 BTC can store an infinite amount of value.”

The video, according to a follow-up tweet from Mow, “was inspired by a stupid XRP marketing video comparing their sh*tcoin’s TPS [transaction per second] to Bitcoin’s.”

Blockchain.com data shows that as of Dec. 1, the total estimated value of transactions on the Bitcoin blockchain was estimated at $4.627 billion. This figure hit $5.15 billion, close to its all-time-high, on Nov. 5.

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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:

Views on 2021 (THREAD):My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question.

The current market on average paid $7456 for their coins. You all are geniuses. pic.twitter.com/5t1pHXwE0b

— Willy Woo (@woonomic) December 1, 2020

#Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It’s all about value transacted per second and a new financial paradigm. #VTPS not #TPS. Nothing comes close to @BTC. 👑 pic.twitter.com/aXfDauPx9b

— Samson Mow (@Excellion) December 2, 2020

https://cointelegraph.com/news/why-one-analyst-says-bitcoin-is-on-the-cusp-of-busting-through-20k

https://cointelegraph.com/news/bitcoin-moves-500k-around-the-globe-every-second-says-samson-mow

https://cointelegraph.com/news/bitcoin-hitting-200k-by-december-2021-is-now-conservative-willy-woo

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Late last month, the Bitcoin price saw a jaw-dropping trading session, with the BTC price gaining 42% in a 24-hour time frame; this was Bitcoin’s best daily performance in over six years.

This move, which brought the asset from $7,300 to $10,500, shocked many, with many seeing the surge as entirely non-sensical.

Though, retrospective analysis has shown that $7,300 was the price of the 200-day moving average on the CME futures market at that time, making the 42% bounce extremely peculiar.

While there is no guarantee a bounce will happen again, according to this BTC price analysis, Bitcoin is yet again knocking on the door of the 200-day moving average on the CME’s chart.

What do analysts expect to happen this time around?

Bitcoin has declined below the psychological level of $8,000 for the first time since October 25.

Interestingly, the trading volume on Bitcoin futures exchange Bakkt is increasing, which suggests that institutional investors are happy to enter the market at lower prices.

One of the possible reasons behind the ongoing decline is the so-called mining capitulation.

The phenomenon was discussed in detail by crypto analyst Cole Garner, who argued that small miners are forced to giving up on the process as it becomes too expensive for them.

The gradual exit of unhappy miners could soon end up in a massive sell-off that could drag the Bitcoin price to new lows that were unthinkable last summer.

Crypto analyst DonAlt shared on Twitter…

“People talking about $3000 right now are being more unreasonable than people talking about new highs. A run from $200 -> $20k is going to take some time to digest. $3k was an overreaction to the downside. $14k was an overreaction to the upside. We’re now finding middle ground.”

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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:

People talking about $3000 right now are being more unreasonable than people talking about new highs.A run from $200 -> $20k is going to take some time to digest.$3k was an overreaction to the downside.$14k was an overreaction to the upside.

We’re now finding middle ground.

— DonAlt (@CryptoDonAlt) November 21, 2019

Bitcoin Drops Below $8K For First Time This Month, Here’s Why

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Bitcoin isn’t even past $10,000 — let alone the latest all-time high of $20,000 — but analysts are already craving the crypto market’s next parabolic bull rally.

While this rally has yet to arrive, a prominent cryptocurrency chartist has indicated that it’s close.

He pointed to a crucial and rare technical formation that marked the start of Bitcoin’s last macro bull trend, which brought the BTC price from $200 to $20,000.

Depending on what chart you look at, today or within the next few days, Bitcoin will print what is known in technical analysis as a “golden cross.”

Investopedia describes a golden cross as a “candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average.”

In BTC’s case, the 50-day simple moving average will cross above the 200-day simple moving average for the second time this year.

This golden cross is bullish in and of itself: golden crosses, as I analyzed, have historically led to massive gains for Bitcoin.

Yet the exact context the cross is taking place could signal even greater gains are in the works.

Analyst Nunya Bizniz recently shared the two charts below with the following comment, indicating that the last time Bitcoin’s 50 and 200-day moving averages looked as they do now, the cryptocurrency rallied 6,400%:

“Bitcoin daily chart: for the first time during the 2015 lows, there was a golden cross, death cross, golden cross sequence that occurred all within the span of about 100 days. Price then rallied 6,400%. For the 2nd time at 2020 lows, this sequence has agains occurred within about 100 days.”

It isn’t only this technical formation suggesting Bitcoin has another period of dramatic growth on its horizon.

Tuur Demeester — founding partner of Adamant Capital, a Bitcoin alpha hedge fund — recently shared that he thinks BTC is ready to rally towards the $50,000-100,000 range.

Such high prices may seem like a quixotic dream, sure, but according to the long-time industry analyst, a five-figure and six-figure BTC making more and more sense due to fundamentals.

Demeester specifically cited the ongoing macroeconomic environment as a way to back his prediction, zeroing in on the money printing by governments and central banks alike:

“I think a price target of like $50,000 is not insane at all, especially given just how crazy the money printing is. I would even say between $50,000-$100,000.”

In other trending Bitcoin News today:

Ethereum, Litecoin, Chainlink and 4 More Altcoins Poised for Major Rallies in New Market Cycle, Says Crypto Analyst DataDash

Crypto strategist Nicholas Merten is naming seven altcoins that he believes are in a good position to surge in a new bull market cycle.

On the latest episode of DataDash, the crypto analyst examines when the altcoin market may begin to turn around.

“What it looks like [Bitcoin is] doing is possibly coming up here to around $11,000, breaking out of this very long-term wedge, breaking out above resistance, and making it support for the next coming months. If [Bitcoin] can do this and start to trigger the next cycle, this is actually very good news for altcoins.”

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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:

BTC daily:For the 1st time during the 2015 lows there was a GC-DC-GC sequence that occurred all within the span of about 100 days.Price then rallied 6,400%.For the 2nd time at 2020 lows this GC-DC-GC pattern has again occurred within about 100 days.

Price will ……………? pic.twitter.com/8i4V1EjQiY

— Nunya Bizniz (@Pladizow) May 18, 2020