BITCOIN CAN HIT $147K BY MID-MAY IF BTC REPEATS THIS PATTERN!! ETHEREUM (ETH) BULLISH PRICE TARGET!!

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Bitcoin is on track to be one of the year’s best performing assets, despite a recent retraction – but that’s not stopped BTC bulls from fighting on Twitter.

The Bitcoin price has climbed through much of 2020, adding some 40%, with the bullish stock-to-flow model – that predicts a massive $288,000 BTC price before 2024 – working “like clockwork,” according to its anonymous creator.

However, a number of high-profile bitcoin analysts and entrepreneurs have clashed over the stock-to-flow model this last week, with the anonymous PlanB accusing his critics of trying to unmask him and his model derided as “absolutely useless.”

“The [stock-to-flow] model is based on the most fundamental errors which render it absolutely useless,” warned Alex Kruger, an economist and cryptocurrency analyst, speaking over the phone.

The stock-to-flow pricing model, created by anonymous Twitter user PlanB, who claims to be a Dutch institutional investor with a legal and quantitative finance background that manages around $100 billion in assets and tweets from the handle @100trillionUSD, calculates a ratio based on the existing supply of an asset against how much is entering circulation.

Kruger, along with many other analysts in recent months, has warned the model is based on faulty comparisons and a “spurious relationship” between price and scarcity.

“The whole model rests on the wrong assumption that there is cointegration between price and scarcity,” Kruger said, who explained that without cointegration it’s “nonsensical to think that bitcoin stock-to-flow, a number that goes up programmatically, and everybody knows what it will be at any point in time, can be used to predict price.”

Criticism of the stock-to-flow model and its creator have bubbled up recently, with the chief executive of bitcoin buying app Swan Bitcoin, Cory Klippsten, posting what PlanB considered to be identifying information on Twitter before deleting it and saying he was “wrong to post any personal information” about PlanB and adding anonymous bitcoin users “should have the right” to stay anonymous.

“It’s extremely important to be bullish for the right reasons,” Klippsten said via Twitter, explaining his opposition to the popularization of the stock-to-flow model.

“Otherwise you’ll have weak hands when your belief is proven false.” Klippsten, speaking via Telegram, said he supported the stock-to-flow pricing model until just a few months ago when he “looked into the models and realized they’re invalid” and “have zero predictive power.”

According to PlanB, who has disputed the information posted by Klippsten, the stock-to-flow pricing model shows bitcoin will reach $288,000 before the next bitcoin halving in 2024.

PlanB has also argued that assets that have a high stock-to-flow have a high value, pointing to gold, silver, diamonds and real estate in a chart posted to Twitter.

In other trending Bitcoin News today:

Bitcoin Active Addresses Shatters 1,000,000! Bitcoin’s fundamentals continue to show signs of strength.

According to the on-chain data provider Coin Metrics, the number of BTC active addresses has soared to a level not seen in over two years.

“Bitcoin doesn’t have to be complicated. The supply is capped and the number of users has been growing exponentially this whole time.”

Analysts use the active addresses metric to measure the rate of a crypto asset’s adoption.

The metric refers to the number of unique addresses that are active on the network as a sender or receiver of the crypto token.

On September 25th, the number of BTC active addresses skyrocketed to 1.14 million – the highest level since the 2017 bull market.

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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:

blocked: noise control

— PlanB (@100trillionUSD) September 28, 2020

OK, by Dec 2021 we will know then: S2F>$100k, Dave

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Global Macro Investor founder and chief executive Raoul Pal is betting big on Bitcoin.

Pal is offering an update on his BTC portfolio and declares more than half is now dedicated exclusively to Bitcoin.

In May, Pal said Bitcoin appears to be entering one of the best technical setups of all time and could be on a long-term trajectory to $1 million.

“Bitcoin Porn and The Perfect Set Up… BTC Chart 1 – The Perfect Wedge. If you use classic charting techniques, it gives you a price target of around $40,000…but

Chart 2 – The Perfect Wedge on a Log Chart Well, that gives you a price object for this run potentially (key word – potentially) of $1m.

Chart 3 – The Perfect Regression Channel That gives a 1 standard deviation move to $400,000 and a 2 standard potential to $1m (potential).”

Pal is also publicly pondering just how far he should go in his wager that Bitcoin will be one of the most lucrative assets of the next decade.

“Is it possible to get irresponsibly longer or is irresponsibly long the max? Asking for a friend… Bitcoin.”

The high-profile investor says his portfolio allocation is high risk and not something everyone should pursue.

“We are all 100% aware of the downside risk in a 60 vol asset… this is not a trade for a great grandmother.”

The Global Macro Investor executive says he’s accepted the possibility that Bitcoin might plummet all the way down to zero.

To further clarify his apparently BTC allocation, Pal explains that there’s a method behind the madness.

“I just want to be clear, with regards to being irresponsibly long bitcoin: I don’t use leverage. I fully expect to have to deal with a 50% drawdown and, I’m ok with it. I look at my allocation versus liquid assets and not my house etc. I am lucky have an income stream, which is key.”

In other trending Bitcoin News Today:

Yearn Finance’s YFI Reclaims $40K after Coinbase Listing

Yearn Finance’s governance token, YFI, closed above $40,000 during the early trading session on Monday. The YFI/USD exchange rate established an intraday high at circa $42,425 following a 13.74 percent rally.

The strong upside move appeared despite a lackluster bullish trend elsewhere, with top cryptocurrencies Bitcoin and Ethereum trading under the weight of sellers.

YFI too experienced a sell-off near its session top.

Traders booked their intraday profits, causing the cryptocurrency to plunge lower by 8.50 percent during the European session.

Nevertheless, a support level lurking around $38,990 protected the price from falling anywhere lower.

YFI/USD reclaimed some of its intraday profits after establishing its session support level.

A continuation in uptrend expects to lead the pair towards its all-time high near $44,003, with a primary bullish target lurking near $50,311.

The latest winning round the Yearn Finance market followed YFI’s listing on Coinbase Pro.

The US-based crypto exchange announced earlier today that it is now allowing traders to deposit their YFI tokens into its platform.

From Tuesday, trading of the DeFi cryptocurrency will commence.

Excerpts from their announcement:

“Once a sufficient supply of YFI is established on the platform, trading on our YFI-USD order book will launch in four phases, transfer-only, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”

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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:

Chart 2 – The Perfect Wedge on a Log Chart

Well, that gives you a price object for this run potentially (key word – potentially) of $1m. pic.twitter.com/ZDJXsrbbVN

— Raoul Pal (@RaoulGMI) May 8, 2020

Chart 3 – The Perfect Regression Channel

That gives a 1 standard deviation move to $400,000 and a 2 standard potential to $1m (potential). pic.twitter.com/YV1SUOKWjn

— Raoul Pal (@RaoulGMI) May 8, 2020

S2F version 1 update. This is the 2019 time series model on historical BTC data only (no gold, silver, diamonds, real estate data used). You see the jump in model value at the halving (white line) and corresponding drop in S2F multiple / model error (white dots). Time to go up. pic.twitter.com/qIjiXfbmCx

— PlanB (@100trillionUSD) September 14, 2020

Yearn Finance’s YFI Reclaims $40K after Coinbase Listing

https://dailyhodl.com/2020/09/14/macro-strategist-raoul-pal-moves-more-than-50-of-portfolio-to-bitcoin-in-big-bet-on-future-of-crypto/

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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