Are you ready for a Bitcoin Black Friday deal that no one saw coming? The crypto world is buzzing with speculation as the famed “Plan B” November target of $98,000 for Bitcoin may be in jeopardy, leaving many to wonder if this is a crash or an unexpected floor model sale.
Bitcoin enthusiasts have been eagerly anticipating the achievement of the ambitious $98K target set by the popular Stock-to-Flow (S2F) model, also known as “Plan B.” This model, which factors in the scarcity of Bitcoin by analyzing its production and circulating supply, has been remarkably accurate in predicting the digital currency’s price movements in the past. However, the recent market downturn has cast doubt on whether Bitcoin will reach the projected target this November.
The crypto market, known for its volatility, has been subject to various external factors, including regulatory developments, macroeconomic trends, and market sentiment. As Bitcoin experiences a sudden dip in value, some investors are viewing this as a potential Black Friday bargain, while others are concerned that Plan B’s $98,000 target might turn out to be an unattainable goal.
It’s important to note that the nature of the crypto market is unpredictable, and sudden price fluctuations are not uncommon. While some experts argue that the recent dip in Bitcoin’s value is a natural correction after a prolonged bullish trend, others question whether there are fundamental issues at play.
As the crypto community speculates on the fate of Bitcoin’s November target, it’s crucial for investors to stay informed and approach the market with caution. Market dynamics can change rapidly, and understanding the underlying factors influencing Bitcoin’s price is essential for making informed decisions.
Whether this turns out to be a Black Friday deal for savvy investors or a missed opportunity for Plan B’s bold prediction, one thing is for certain: the crypto market will continue to surprise, challenge, and captivate its participants. As the month unfolds, all eyes will be on Bitcoin, waiting to see if it will defy the odds and reach new heights or if Plan B’s $98,000 target will remain an elusive goal.
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BITCOIN (BTC) BREACHING ‘THIS LEVEL’ WILL TRIGGER MARKET FIREWORKS | B in Stablecoins Ready To Go
➡️ TEEKA TIWARI – The Investment of the Decade: http://2020.cryptonewsalerts.net
BITCOIN (BTC) BREAKING THIS LEVEL WILL VALIDATE BULLS, HURT BEARS
Although the Bitcoin price seems volatile, the cryptocurrency has been in a period of consolidation over the past two weeks, stalling in the high-$6,000s and the low-$7,000s after briefly interacting with the highs of $7,470.
Bitcoin seems to be stuck between a rock and a hard place, with any move below $6,700 being bid heavily and $7,300-$7,400 failing to crack due to that zone’s historical importance to the market.
But according to a prominent crypto analyst, if a certain price point is reached, fireworks — or a rapid move higher, in other words — are likely to follow.
A trader with the moniker CryptoYoda — who has garnered over 200,000 followers on Twitter — on Saturday released the latest iteration of his technical analysis newsletter series, the Letters from Dagobah.
In it, he explained that while the market structure is leaning bearish due to the existence of a rising wedge formation and a head and shoulders pattern — two trends that are bearish by textbook definition — Bitcoin breaking $7,475 would invalidate the bear case, “pushing Bears out of their positions while inviting Longs buying the Bears’ pain”:
“A takeout of that High could lead to massive covering of Shorts and buying on volume leading to a strong rally, especially as buyers have already eaten through the Resistance levels of previous Lows.”
What he’s explaining is that if Bitcoin manages to set new highs, it will prove that the ongoing consolidation is not indicative of a top, but is instead consolidation proceeding bullish continuation, likely to $8,000 and beyond.
Importantly, the analyst did admit that if this breakout can take place, there remains “significant overhead Resistance” with the daily 100 and 200 exponential moving averages at $7,600 and $7,900, respectively.
$3,000,000,000 in ‘Dry Powder’ Poised to Enter Bitcoin (BTC) and Cryptocurrency Markets: Messari CEO
The CEO of blockchain database startup Messari says there’s a huge amount of crypto capital sitting on the sidelines, ready to move into Bitcoin, Ethereum, XRP and the greater altcoin markets.
Ryan Selkis cites new data that shows cryptocurrency exchanges are now holding over $3 billion in stablecoins on behalf of their customers.
He says these investors are in a strategic position to re-enter the speculative crypto market at a moment’s notice.
“There’s now $3 billion++ of stablecoins sitting on exchanges. If investors wanted to cash out of crypto completely, they would have withdrawn funds to banks. Instead, we’ve got more dry powder held in the crypto economy than ever before. In both real and market cap % terms.”
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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 Breaching This Level Will Trigger Market Fireworks: Analyst
https://u.today/active-bitcoin-btc-supply-hits-new-high-in-6-months-as-hashrate-drops
https://yoda.substack.com/p/the-attempted-break
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BITCOIN PRICE DUMPS WITH STOCK MARKET | BTC IS “LIKELY” TO BECOME THE WORLD RESERVE CURRENCY?
➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
BITCOIN PRICE IS FALLING WITH THE STOCK MARKET!!!
Bitcoin (BTC) failed to maintain its technical strength after bouncing off $9,000 last week, recently slipping under that crucial support after days of back-and-forth between bulls and bears.
On leading derivatives exchanges, the BTC price fell as low as $8,920.
Prices fell to a similar region on spot exchanges. From the day’s highs, Bitcoin is down around 6%.
Altcoins are down a similar amount to BTC, with all cryptocurrencies trading with a high correlation as is the norm.
Approximately $20 million worth of BitMEX long positions have been liquidated in the past two hours, according to data from Skew.com.
This adds to the approximately $10 million more in liquidations that have taken place over the past 24 hours as BTC has expressed weakness.
Along with the liquidations, data from cryptocurrency data site CryptoQuant indicated that during the move lower, there was an influx of Bitcoin being deposited into exchange-owned wallets.
This suggests there was (and maybe still is) a panic amongst holders to sell their coins as expectations of a strong move lower grow.
Bitcoin’s latest leg of weakness corresponds with a blood-red open for the futures of American equities.
As can be seen in the chart below, from the open of the S&P 500 futures (ES1) on Sunday evening, Bitcoin traded in an effective lockstep with equities.
The futures are down 3% since their open, meaning they are slightly outperforming BTC.
The cryptocurrency trader that predicted BTC would see a V-shaped reversal from March’s lows commented on this phenomenon of correlation on June 14th:
“Once equities correct strongly, odds that $BTC sees a correction too are large. Simple math, increased demand for cash may have its influence temporarily.”
Unfortunately for Bitcoin bulls, there are prominent investors expecting stocks to continue to correct lower.
Guggenheim Partners’ global CIO Scott Minerd recently went on CNBC’s “Closing Bell” to discuss his outlook for stocks.
The prominent fund manager said that he sees a scenario in which the S&P 500 falls to a fresh low of 1,600, which would be a nearly 50% drop from the current price point.
Considering that Bitcoin crashed around 50% on a less-than 10% drop in the stock market, such a drop could prove to be disastrous for cryptocurrencies.
In other trending Bitcoin News today:
FINANCIAL AUTHOR THINKS BITCOIN IS “LIKELY” TO BECOME THE WORLD RESERVE CURRENCY
Speaking to Max Keiser of Keiser Report, CEO of e-commerce company BuildDirect and a financial author Jeff Booth said that he thinks Bitcoin is a “likely candidate for world reserve currency” status:
“First of all, I see Bitcoin as a likely, a very likely candidate for a world reserve currency. So, I see it has a really good chance of winning over time as it works on a network effect.”
Booth is far from the first individual to have identified a scenario in which Bitcoin rises to become the world’s reserve currency, or at least grows to a point where it makes an attempt at that title.
Preston Pysh, a prominent financial analyst and author, explained that the fiat money system is poised to “break.”
By “break,” he means a world where there is either complete “social unrest” due to effectively too much money in the system or a “natural transition to a different form of money” as people lose faith in the old system.
Pysh sees Bitcoin as a likely contender to become the “different form of money” because “it’s the option none of the governments want, but it’s also the solution they can’t easily stop.”
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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:
As much as the monetary base is inflated, for now it seems that fiat in circulation and its velocity are lowThat means many entities are sitting on their cashSo who have been buying stocks?And who have been pushing stocks, zero fees etc?
To me it paints a clear picture
— //Ethereum 𝕵ack 🐾 (@BTC_JackSparrow) June 14, 2020
Bitcoin Price Dives Under $9,000 as S&P 500 Starts Week Off Blood Red
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Sweeping Crypto Report Predicts Bitcoin Rise to 7,000 | BTC Roaring Toward Exponential Bull Run
➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
A sweeping new crypto report on the future of Bitcoin predicts the BTC price could rise to $397,000 – but it won’t happen overnight.
The latest analysis from the Liechtenstein-based Crypto Research Report, led by former cryptocurrency fund manager and Forbes 30 under 30 member Demelza Hays, assesses BTC based on its target addressable market (TAM).
The term is used to describe the overall revenue opportunity for a given product or service.
The report assumes Bitcoin’s use as a currency will outshine altcoins such as Ethereum, Bitcoin Cash, and Litecoin in the long run, and the firm’s analysts say BTC is likely at the very start of its adoption curve, with major upside potential in the decade to come.
The firm says its analysis is based on modest market penetration assumptions, meaning the cryptocurrency will penetrate 10% of the entire target addressable market, which includes store of value, remittance, offshore deposits, gaming, online gambling, unbanked financial services, lending, micropayments, crypto trading, and more.
“The target addressable market for crypto assets is approximately $212 trillion. The largest use cases include medium of exchange including all global fiat currencies worth $126 trillion and consumer loans with a global value of $42 trillion. If Bitcoin penetrated 10% of this market over the next ten years, each Bitcoin would be worth $397,000 in 2030.”
The report also analyzes Bitcoin’s transaction velocity, the state of privacy coins, and Tether’s impact on the price of BTC.
As for the altcoin market, the firm’s analysts look at the potential prices of four leading crypto assets over the next decade, forecasting Ethereum could hit $3,644 by 2030.
The report shows Litecoin targeting $2,252, Bitcoin Cash aiming at $13,016, and Stellar targeting $7.81 in the same time frame.
In other trending Bitcoin News today:
Bitcoin (BTC) Roaring Toward Exponential Bull Run, Says On-Chain Analyst Willy Woo
Crypto strategist and influencer Willy Woo says Bitcoin is ready to launch its next exponential bull.
In a viral tweet, Woo tells his 132,000 Twitter followers that the king cryptocurrency was primed to ignite a bullish onslaught in March until Covid-19 “killed the party.”
But the on-chain analyst’s new model, which signals the possible start of a new bull cycle, suggests that BTC may begin another bull run in July.
“This is a new model I’m working on, it picks the start of exponential bull runs.
1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party.
2) This model suggests we are close to another bullish run. Maybe another month to go.”
Woo says the bull market delay brought about by the pandemic will turn out to be a welcome development for the largest cryptocurrency.
He says the long base-building process is serving as rocket fuel for BTC. “The longer this bull market takes to wind up, the higher the peak price (Top Cap model). A long sideways accumulation band is ultimately a good thing.”
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Trezor: ► http://trezor.cryptonewsalerts.net
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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:
This is a new model I’m working on, it picks the start of exponential bull runs.1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party.
2) This model suggests we are close to another bullish run. Maybe another month to go. pic.twitter.com/wmoEdMVywF
— Willy Woo (@woonomic) June 27, 2020
https://cryptoresearch.report/wp-content/uploads/2020/06/Crypto-Research-Report-June-2020-ENG.pdf
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