BITCOIN CAN REACH $700K BY END OF NEXT YEAR, SAYS TOP ANALYST!! BREWING BTC BULLISH EXPLOSION!!

➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net

Bloomberg Intelligence commodity strategist Mike McGlone says the Bitcoin price could be en route to $100,000, but BTC investors will have to wait.

In a new edition of the Bloomberg Crypto Outlook, McGlone says that Bitcoin is on track to breach key resistance at $14,000 as indicators show that investors are flocking into the number one cryptocurrency.

“Our chart depicts the market cap of the Grayscale Bitcoin Trust (GBTC) approaching Bitcoin equivalent holdings of 500,000. A year ago, this direct indicator of investor demand held less than half that amount. Inflows in GBTC, the largest exchange traded product, absorbed about 70% of new Bitcoin supply in 3Q, we calculate.

Also featured in our graphic is the 30-day average of Bitcoin active addresses from Coinmetrics. This strong price companion points to the crypto closer to $15,000 vs. about $10,500 on Oct. 2. Addresses plunged with prices in 2018 and were a leading indicator of the Bitcoin recovery in 2019.”

McGlone also highlights Bitcoin’s unique property in that price does not influence supply, which leaves adoption as the number one metric to measure value.

According to McGlone, Bitcoin’s valuation will rise on the back of rising adoption rates, and BTC’s historical price history suggests $100,000 could happen by 2025.

“Still in hangover mode from the 2017 rally, we don’t know what specific catalyst might launch Bitcoin to new highs, but demand vs. supply metrics remain price-positive. If the crypto echoes its past gains, with some maturation, about double the time period it took to add a zero to $1,000 could get its price to $100,000 in 2025.”

In addition, the Bloomberg Intelligence strategist says that the current macroeconomic landscape should serve as a tailwind for Bitcoin’s ascent.

“In an unparalleled macroeconomic backdrop of rapidly increasing fiscal and monetary stimulus, limited supply stores of value such as gold and Bitcoin stand to prevail, in our view. This should be true when traditional asset classes – stocks and bonds – are overextended.”

In other trending Bitcoin News today:

Bitcoin Pioneer Adam Back Predicts $50,000 BTC Price By 2022 Or Sooner

Bitcoin (BTC) hitting a $1 trillion market cap by 2025 is “conservative,” and those levels should hit in less than two years.

That was according to Blockstream CEO Adam Back, who delivered a fresh bullish BTC price outlook on Monday.

Back was responding to a report by Yassine Elmandjra, a crypto-asset analyst at investment advisor Ark, who in September forecast a Bitcoin market cap of $1 trillion to $5 trillion by 2030 at the latest.

Ark is well known for its enthusiastic price forecasts for Tesla stock, which saw an almost unbelievable rise in 2020.

“Conservative. I’d say bitcoin likely sees $1 trillion market cap within 2 years, probably sooner. $1 trillion is about BTC $50k,” he said.

As of October, Bitcoin’s market cap is just over $198 billion.

For Back’s prognosis to come true, the market would need to see a 400% increase by 2022.

For reference, at the start of October two years ago in 2018, the figure stood at $114 billion.

BTC/USD traded at $6,600, two months before the pit of its bear market which bottomed out at $3,100.

Further responses to Ark included on-chain data resource Ecoinometrics, which highlighted a $2 trillion Bitcoin market cap as equal to that of Apple.

BTC/USD would trade at $100,000 under such circumstances, while to equal gold, the pair would need to reach $500,000.

Follow Us:

🔥 Blog/Podcast: http://CryptoNewsYes.com

🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net

🔥 Subscribe on Spotify: http://spotify.cryptonewsalerts.net

🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net

🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes

🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net

🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net

🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net

🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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:

For context a $2 trillion market cap for #Bitcoin would put one BTC at $100,000.That’s also the same market cap as Apple.To reach the market cap of gold, one BTC would be worth about $500,000.

There is plenty of upside to come. pic.twitter.com/L1yDnaCWdg

— ecoinometrics (@ecoinometrics) October 5, 2020

https://assets.bbhub.io/professional/sites/10/Bloomberg-Indices-Outlook_Cryptos_Oct-2020.pdf

https://dailyhodl.com/2020/10/06/top-commodity-strategist-says-bitcoin-aiming-for-100000-but-it-wont-happen-anytime-soon/

https://cointelegraph.com/news/bitcoin-pioneer-predicts-1t-btc-market-cap-by-2022-or-sooner

https://cointelegraph.com/news/bitcoin-whale-clusters-pinpoint-critical-levels-btc-must-hold-to-rally

💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts​

🏆 Swan BTC: (Get $10 Free) https://swanbitcoin.com/cryptonewsalerts

Market analyst and prominent podcaster Preston Pysh says Bitcoin is poised to continue its parabolic ascent.

In a new episode of the What Bitcoin Did podcast, Pysh says BTC will prove critics and naysayers wrong in the coming months as he believes the leading crypto asset will outperform beyond expectations.

“I think it’s going to be epic. I think the price between now and mid-April is going to be gangbusters, way more than people are expecting. And then, I think you’re going to go through some natural chop in volatility from there into the six figures by mid-summer into the fall. I think it’s going to be fascinating to watch. I can’t wait to see the CNBC talking heads still not understand it. 

It’s going to be fun because everyone’s looking at it and they’re saying, ‘What is this thing? This doesn’t make any [sense].’ The same thing that you’ve seen with all the people that have been long Tesla and all your traditional folks that were saying, ‘Oh, it’s going to die here.’ It’s the same exact lens being applied to Bitcoin but probably 10x more so.” 

As for the exact price of Bitcoin, Pysh refers to a tweet that shows Bitcoin pulling off a steep rise and printing gains of over 106% in two months.

“I redrew it and that’s why I’m saying on the chart, whether this happens or not, I have no idea, but the redraw that I just recently posted, I think last week, has the price at $95,000 in mid-April before it starts to going into some chop.”

According to Pysh, the chop will likely send Bitcoin back down to $50,000 before resuming its ascent and targeting $150,000 by the end of June.

In other trending Bitcoin News today:

BITCOIN SHOWS DOUBLE BULLISH CONFLUENCE; NEXT TARGET: $50,000

A confluence of two classic technical indicators suggests Bitcoin will hit $50,000 in the short-term.

Dubbed as Bull Flag and Bull Pennant, both the patterns represent a period of consolidation after a strong uptrend, except with different structures. For instance, Bull Flags appear like downward sloping channels, wherein an asset moves lower while leaving behind a trail of higher lows and lower lows.

Meanwhile, Bull Pennants look like a Symmetrical Triangle, wherein the price forms higher lows and lower highs until its upper and lower trendlines converge. Both indicators point to trend continuation, meaning an asset would likely breakout to the upside after exiting their ranges.

The breakout’s length comes to be as higher as the flagpole’s height, i.e., the uptrend before the consolidation.

DOUBLE BULLISH CONFLUENCE

Bitcoin is forming the two bullish patterns on its one-hour chart, with its previous flagpole’s length coming at $8,750. Therefore, the indicators note that the next price breakout could take BTC/USD as high as $8,725.

As of now, the pair is trading just above $45,000. Considering it consolidates further into the Pennant pattern, reaching the apex (~$44,500) before suggesting a breakout move, the upside price target would shift towards $53,225 (after adding $44,500 and $8,725).

The same theory holds valid for the Bullish Flag indicator, as shown in the chart below, except its breakout target may vary.

BITCOIN FUNDAMENTALS

More reasons to stay bullish on Bitcoin come from recent events, including Tesla’s $1.5 billion investment into the cryptocurrency as an alternative to its cash reserves and Twitter’s hopefulness to copy the trade. Many analysts believe that Bitcoin would become a de-facto asset in the corporates’ balance sheets.

🔥 Daily Letter: http://letter.cryptonewsalerts.net​​​​​​

🔥 Blog/Podcast: http://CryptoNewsYes.com

🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net

🔥 Subscribe on Spotify: http://spotify.cryptonewsalerts.net

🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net

🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes

🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net

🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net

🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net

🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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 is peace & love Fiat money is war & violence When we go global Bitcoin standard we’ll have only peace & love. When I said this originally, it was hard to believe. Now, many understand.

☮️ & ❤️

— Max Keiser (@maxkeiser) February 10, 2021

$TSLA $MSTR #Bitcoin all being attacked with naked-sell orders by panicky banksters right now … Whose weapon is to print more fiat … Resulting in new ATH for TSLA, MSGT, BTC $220,000 in 2021 for BTC in play – Monetize dissent

– Monetize bankster fuckwittery

— Max Keiser (@maxkeiser) February 10, 2021

Bitcoin Shows Double Bullish Confluence; Next Target: $50,000

➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net

Bitcoin price has officially reached a new all-time high on Dec. 1 above $19,892 after nearly three years, according to data from Coinbase and Tradingview.

Despite the Thanksgiving crash last week, BTC price has managed to rebound throughout the weekend. Bitcoin then easily passed the $19,000 mark on Monday to reach its all-time high, albeit on a couple of exchanges.

There are three key trends that fueled BTC’s rise from sub-$3,600 in March to over $19,892. These include the rise in institutional demand, lower selling pressure, and the resilience of Bitcoin throughout 2020.

Most on-chain data points show that the demand for Bitcoin from institutions has been rapidly increasing.

In November, Grayscale recorded all-time high net inflows, and the CME Bitcoin futures market saw its open interest climb near $1 billion.

Grayscale, in particular, said that more institutions invested in cryptocurrencies during the third quarter of 2020 than ever before.

The figures Grayscale sees are important to gauge the institutional interest in Bitcoin because the Grayscale Bitcoin Trust is typically the first point of entry for most institutions to gain exposure to BTC.

In the United States, there is no exchange-traded fund (ETF) for Bitcoin and other major cryptocurrencies. Hence, the Grayscale Bitcoin Trust is the closest investment vehicle to an ETF in the U.S. market. The Grayscale report read:

“More institutions invested in 3Q20 than ever before and have increased their average allocation from $2.2 million in 3Q19 to $2.9 million in 3Q20. Institutions that are comfortable with multiple products within the Grayscale suite of products, have averaged nearly double the commitments of single-product investors during 3Q20.”

As Cointelegraph reported in August, MicroStrategy purchased $450 million worth of BTC, adopting Bitcoin as its primary treasury asset. This was likely the spark that triggered the current wave of institutional demand for the digital store of value.

In other trending Bitcoin News today:

This Metric Suggests Bitcoin Price Can Go As High As $590K This Bull Run

The current Bitcoin (BTC) bull run could send BTC/USD as high as $590,000, one indicator forecast this week.

Curated by on-chain analytics resource Glassnode, the Net Unrealized Profit/Loss (NUPL) index has reached a level that has historically launched the Bitcoin price an order of magnitude higher.

The latest bull signal was noticed and uploaded to social media by the company’s chief technical offier, Rafael Schultze-Kraft, on Nov. 30. At the time, BTC/USD was already making new all-time highs on several exchanges.

NUPL currently resides at 0.62. Previously, reaching this level has begun an uptrend that only reversed once Bitcoin hit a new price range.

In 2011, the price expanded by a record 3,000% after the NUPL event, while in early 2013 it expanded 800% and another 600% later that year. In 2017, the year which delivered Bitcoin’s previous all-time high, there were 1,200% gains.

NUPL measures the proportion of coins in the network that are in profit versus those that are not. Built around a neutral zero value, the closer the index gets away from it, the more the network is in profit. Negative readings likewise signify majority losses.

“NUPL is at 0.62 and predicts tops at 0.8+,” Schulze-Kraft explained alongside an annotated chart.

A 0.8 reading or higher this time around thus opens the door to BTC/USD topping out at anywhere between $133,000 and $590,000.

“Just getting started,” he concluded.

Follow Us:

🔥 Blog/Podcast: http://CryptoNewsYes.com

🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net

🔥 Subscribe on Spotify: http://spotify.cryptonewsalerts.net

🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net

🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes

🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net

🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net

🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net

🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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:

🔴 My fellow bitcoiners, the bull market is upon us. Like clockwork November red dot closed above all other red dots .. at $19,700 .. a new #bitcoin ATH. This is just the beginning. We will see volatility (e.g. -35%), but also new ATH’s. Enjoy the ride!🚀🚀🚀 pic.twitter.com/27fmkCOoEY

— PlanB (@100trillionUSD) December 1, 2020

https://cointelegraph.com/news/this-metric-suggests-bitcoin-price-can-go-as-high-as-590k-this-bull-run

https://cointelegraph.com/news/tyler-winklevoss-tells-cnbc-that-cash-is-trash

https://cointelegraph.com/news/bitcoin-futures-hit-20-3k-right-before-btc-price-drops-1k-in-10-minutes

https://cointelegraph.com/news/bitcoin-price-hits-new-all-time-high-as-crypto-market-matures