BITCOIN BREAKING OUT – NEW ATH IN PLAY!! JPMORGAN DOUBLES DOWN ON $146K BTC PRICE PREDICTION!!

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Bitcoin may be breaking free from its correlation with the stock market and gearing up for a parabolic 2021, according to a new Crypto report from Bloomberg.

The financial news outlet’s latest monthly outlook on crypto calls BTC a “caged bull” that could be on the cusp of a massive long-term breakout.

“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 for the firstborn crypto and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. constrained supply.

Favorable macroeconomics, akin to those buoying gold, supports the digital store-of-value, notably vs. the oversupplied broader crypto market…

Bitcoin may be in early days of ending its constraining relationship with the Nasdaq 100 Stock Index, in our view.

Technically, the Bitcoin-to-Nasdaq ratio near 1.2 on Oct. 27 has extended above 1.1 resistance that has held for about a year.”

According to the report, Bitcoin’s resistance at $10,000 may morph into resistance at $20,000 next year.

The report cites Bitcoin’s dwindling supply and ultimate cap of 21 million coins as a key driver placing the leading cryptocurrency on a positive trajectory.

It also names steady BTC buys from the institutional crypto asset manager Grayscale as a factor supporting Bitcoin’s price.

Bloomberg analyst Mike McGlone says Bitcoin’s 2020 price action is also reminiscent of 2015, ahead of a bull cycle that ultimately saw BTC rise by 100x.

“2020 Bitcoin may be 2015 launchpad deja-vu. Some key technical indicators portend a strong up-year for Bitcoin in 2021. In 2020, the benchmark crypto dipped below its 50- month moving average and 180-day volatility dropped below 40% at the start of November.

This price foundation pair was last matched in 2015 as Bitcoin bottomed near $200; it peaked about 100x higher in 2017. We see Bitcoin volatility declining with natural maturation and little chance of similar high-velocity appreciation, but the indication is clear: Unless something significant trips it up, the crypto’s price is ripe to advance in the coming years.”

In other trending Bitcoin News today:

“3 Primary Reasons Why Ethereum (ETH) Could Hit $500 in Q4”

A confluence of bullish fundamental and technical indicators sees Ethereum rallying upward towards $500 in the fourth quarter.

The second-largest blockchain asset by market capitalization has rallied by more than 200 percent in 2020, with its price trading just shy of $490 in early September.

Nevertheless, its uptrend paused as traders migrated to Bitcoin, the flagship cryptocurrency that earlier gained entry into the investment/service portfolios of significant corporations (Square, MicroStrategy, PayPal, etc).

#1 ETH/BTC Support

A slowdown in Ethereum’s dollar-based uptrend finds headwinds in the ETH/BTC chart.

The pair, which pits Ethereum directly against Bitcoin, is trading lower since August 31.

As of Thursday, it was down by more than 32 percent from its YTD high of 0.0406 sats.

#2 Ethereum Ascending Triangle

Ethereum’s correction from its YTD high followed by a subsequent pullback to the upside left its price in a consolidation channel.

That range, with a fixed horizontal resistance line and a trail of higher lows, made an Ascending Triangle pattern.

#3 Fundamentals

The reason why Ethereum could perform per its bullish technical expectations is a solid fundamental catalyst.

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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 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://assets.bbhub.io/promo/sites/12/917428_Crypto-Nov2020Outlook.pdf?link=button-header

3 Primary Reasons Why Ethereum (ETH) Could Hit $500 in Q4

https://cointelegraph.com/news/bitcoin-hits-14-7k-3-reasons-this-rally-may-see-new-all-time-highs

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The chief executive of crypto consulting firm Parallax Digital is predicting the massive expansion of the US dollar supply in the next ten years, which he says will ignite Bitcoin’s meteoric rise to $12.5 million. As for this cycle, Robert Breedlove adds that he expects BTC to surge over 750% before the leading crypto asset tops out.

“I have a model posted. It’s still published on Twitter three years ago that we called the next Bitcoin peak at $244,000. I modified that model after vid’ because I also think that the inflationary pressures on the US dollar are going to become especially pronounced, roughly 18 months after the printing began, which just happens to fall right in line with the next Bitcoin price peak. I think we could break $300,000 in this market cycle… $307,000 to be exact, that’s our current model price.” 

In other trending Crypto News today: Top Trader Says Three Altcoins Will Trigger One of the Largest Wealth Creation Cycles in History! A popular pseudonymous trader known in the industry as Flood says these three alts will generate a massive amount of wealth for investors.

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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/3-reasons-why-polygon-matic-outperformed-bitcoin-and-major-cryptos-this-week

https://cointelegraph.com/news/bearish-signals-grow-as-bitcoin-price-drops-to-35k-and-traders-ignore-the-dip

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Despite stagnation in the Bitcoin market, the hash rate of the leading cryptocurrency has grown stronger and stronger.

The hash rate is the measure of the computational power being allocated to mine BTC blocks.

As noted by CoinCorner’s Matt Ward, data shows that the hash rate just hit a new all-time high on July 13th.

The measure hit 147.88 exahashes per second, which is double that seen a year ago and over 10 times higher than that of 2017’s $20,000 high.

“Bitcoin hashrate just reached an 𝗮𝗹𝗹 𝘁𝗶𝗺𝗲 𝗵𝗶𝗴𝗵. The 𝗵𝗶𝗴𝗵𝗲𝗿 the hashrate, the more 𝘀𝗲𝗰𝘂𝗿𝗲 the network is.”

This indicates that Bitcoin is more secure as a computational network than ever before, even though the market has flatlined.

But what effect will the booming hash rate have on the price of BTC?

According to Bitcoin investor and the co-host of the Keiser Report, Max Keiser, BTC is likely to follow the hash rate higher.

In a series of tweets published on July 13th, Keiser cemented his sentiment:

“Hashrate precedes price BTC. Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing Soon, BTC will actually be drawing energy away from fiat.”

As a pertinent aside, Keiser previously said that he thinks 99% of all the hash rate in the crypto industry will soon be allocated to Bitcoin.

This sentiment has been corroborated by other investors.

Charles Edwards, a digital asset manager, unveiled the “Energy Value” model for the BTC price in December of 2019.

The premise is that the “value of Bitcoin is a function of its energy input in Joules.

The formula he created was then accurate, with his analysis indicating it has had an 80% R2 value over Bitcoin’s lifespan.

The same model predicts that BTC is currently around 28% undervalued. With the high accuracy of the model, should Bitcoin’s hash rate remain this high or continue to grow, the BTC price will eventually follow.

In other trending Bitcoin News today:

7 Crypto Assets Making Huge Moves As Bitcoin (BTC) and Ethereum (ETH) Prepare for Breakout, Says Analyst Nicholas Merten

Crypto analyst Nicholas Merten says the crypto markets are gaining momentum.

On a new episode of DataDash, Merten looks at digital assets in the 100-200 rank by market capitalization and points to a few that are making big moves.

“The excitement’s happening. We’re seeing a lot of plays starting to make 10, 20, 30% moves in a single day, and this is the kind of sign here of a reversal pattern in cryptocurrency markets.

Optimism starting to show…  Request Network up 26.6%. Band Protocol, a competitor within the Oracle space, up nearly 18%. Ocean Protocol [up] 14%. Haven Protocol, another one that many people have been talking about, up 13.69%.

And also things like Theta Fuel, Elastos and Unibright all up in double-digit territory. So this is really exciting to see.”

Merten is also bullish on Bitcoin (BTC), predicting a sharp move to the upside for the crypto king and for Ethereum (ETH) “in the next month or so.”

“I really do think you’re going to see Bitcoin above $10,000, you’re going to see ETH above $300, and you’re going to see a ton of altcoins continue day by day in this case to continue making double-digit returns into the month of August.”

Back in April, Merten said he believes $100,000 is a practical price target for Bitcoin’s next long-term cycle.

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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:

Hashrate precedes price#Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the $USD BTC hashrate increasing shows confidence in fiat money collapsing

Soon, BTC will actually be drawing energy away from fiat

— Max Keiser (@maxkeiser) July 13, 2020

Bitcoin’s Hash Rate Just Hit a High — Max Keiser Thinks Price Will Follow

https://cointelegraph.com/news/rich-dad-poor-dad-author-gold-guys-are-being-phased-out?fbclid=IwAR3pANz6Fs2ckXmt4qkiMJR1I5ByGd8Hgbp1VJRbnjcYpfY8abxGk49GjYE