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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KRAKEN’S DAN HELD SAYS BITCOIN TARGETING 0K!! BTC WILL TAP 0K-8K 'BEFORE' DECEMBER 2021!!
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Dan Held from the crypto exchange Kraken, says Bitcoin is in a much stronger position now with the possibility of skyrocketing to $100,000 per BTC in 2021.
In an interview with crypto influencer Lark Davis, Held says that Bitcoin remains a risk-on asset as he anticipates the Biden administration to print more money at an unprecedented rate.
“If you look at options pricing in Biden, he’s being priced into the market and his impact is being priced in as a positive because he will spend more money. Money printer will go brrr, and the Democrats will likely go brrr at an even faster rate than Republicans and they’re both brrring at a rate we’ve never seen in US history…
Insane amounts of money. People are like ‘Bitcoin, at a $100,000? Oh man, that would be a $2 trillion market cap.’ I’m like ‘Yeah, we just printed that much last week alone.”
Despite the bullish target, Held doesn’t discount the possible threat of the paperization of Bitcoin where large corporations such as PayPal buy huge amounts of BTC but do not allow the deposit or withdrawal of the crypto asset from their ecosystem, which eliminates the need to settle transactions on-chain.
“If big corporates decided that they don’t care about Bitcoin’s layer one or care about Bitcoin’s settlement mechanism and then they [are] fine with settling with each other, then that gets pretty scary where it’s like, ‘Well, what if we just rebuilt the old system where no one cared about the settlement guarantee of the Bitcoin layer?”
Held himself though says he still strongly believes in Bitcoin’s core settlement system and doesn’t see any reason to use any counterparty.
“We look at that from a very critical perspective, we don’t want to take on any additional risk. Bitcoin as a settlement mechanism is phenomenal so I think there would have to be a really strong reason not to use that.”
In other trending Bitcoin News today:
“PLANB SAYS BITCOIN WILL TAP $100K-$288K BEFORE DEC. 2021!!”
In a recent tweet the stock-to-flow model creator PlanB shares the following Bitcoin price prediction:
“People ask if I still believe in my model. To be clear: I have no doubt whatsoever that Bitcoin S2FX is correct and Bitcoin will tap $100K-288K before Dec2021. In fact I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular. Not financial advice!”
And regarding Bitcoin’s relationship to gold he pointed out the following in another tweet:
“Bitcoin priced in gold. 1BTC = 8 ounces of gold, up 1 ounce in 1 month .. and counting”
In other trending Crypto news today:
“3 Ways Bitcoin Price And Stocks May React to a Biden Presidency”
On Nov. 7 several major media outlets announced that after 4 days of rigorous vote-counting in key battleground states Joe Biden had managed to secure enough electoral votes to become the 46th President of the United States.
As the excitement over an incredibly close election starts to abate, analysts will take a closer look at how a Biden presidency may impact traditional markets and Bitcoin price.
Three key factors to consider are the eventual passage of a new round of economic stimulus, a strengthening U.S. dollar, and the possibility of a stock market recovery.
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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 ask if I still believe in my model. To be clear: I have no doubt whatsoever that #bitcoin S2FX is correct and #bitcoin will tap $100K-288K before Dec2021. In fact I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular. Not financial advice! pic.twitter.com/GNSxLIt7NG
— PlanB (@100trillionUSD) November 8, 2020
https://cointelegraph.com/news/3-ways-bitcoin-price-and-stocks-may-react-to-a-biden-presidency
https://cointelegraph.com/news/bitcoin-at-15k-is-now-bigger-than-paypal-coca-cola-netflix-disney
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Bitcoin (BTC), XRP, Ethereum (ETH), and Crypto Hot Trends For 2020 | John McAfee Halts Crypto Promos
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Bitcoin (BTC), XRP, Ethereum (ETH), and the entire Crypto sector has gone through a turbulent year, with significant developments in the background.
Despite the setbacks, there are expectations for significant trends that will shape the moods, attitudes, and decision-making in 2020, which comes with various predictions as the Bitcoin market is about to choose a direction.
Messari has posted a report with 120 trends and opportunities in the Cryptocurrency sector, expected to appear and expand in the coming year.
“This is NOT an objective analysis, but a collection of my / our strong convictions for the decade ahead. It’s based primarily on my nearly seven years studying this industry closely and working in it full time.” – Ryan Selkis
Previous trends in crypto have been altered by Selkis.
He is now especially critical of Ripple XRP, calling it a project that’s “too-big-to-jail”.
At the same time, Tether (USDT) was a surprise, in that it continued to keep its dollar peg, while the project remained solvent.
EOS on the other hand, was deemed as being “broken and ran by a cartel”.
In 2020, BTC will lead again as the best performing asset, while altcoins will only follow if the Bitcoin price remains stable.
Smaller coins and tokens will continue to dump into oblivion, while other underwhelming trends will include tokenized securities, which still lag behind.
On a wider scale, the Crypto sector may give rise to a serious Web 3.0 movement, with decentralized hardware and the willingness to build a new infrastructure less reliant on surveillance and centralization.
In other Bitcoin news today, Crypto-preneur John McAfee says he will stop promoting individual coins to focus on his presidential bid — but already knows he will not win.
In a series of Tweets beginning on Dec. 14, McAfee, who has built a large following among crypto users, claimed that championing individual projects in the space took up too much of his time.
“People ask why I am no longer doing Blockchain promotions. It is very time consuming. My Presidential Campaign will be starting in earnest in January and I cannot do both. I am in no way abandoning crypto; only the task of promoting specific projects.” – John McAfee
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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:
WOAH (as @APompliano would say)I just published my most ambitious piece in the ~7 years I’ve been studying crypto full-time:”Crypto Theses for 2020″
Over the past eight days, I compiled 120 nuggets of my clearest thoughts into one 70 page report.https://t.co/dMSafdfW5k
— Ryan Selkis (@twobitidiot) December 16, 2019
I’m not backing off from Crypto. I’m backing off from promoting specific coins or projects. It’s the Wild West here in Crypto. Even I cannot properly vet anything in this nuclear explosion of technology, promise and exploitation to the degree that I am comfortable promoting it.
— John McAfee (@officialmcafee) December 14, 2019
Crypto Hot Trends and Opportunities for 2020, Messari Research
https://cointelegraph.com/news/no-chance-john-mcafee-halts-crypto-promo-as-us-2020-elections-near
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Bitcoin Price to Rally Past ,000: Bloomberg Analysts | Peter Schiff On BTC Price Drop
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http://trade.cryptonewsalerts.netThe Bitcoin price didn’t have the best second half of 2019, plunging from a year-to-date high of $14,000 in June to $7,400, where it currently sits at this time.
At its lows, the BTC price fell as low as $6,600, languishing as Bitcoin (BTC) buyers failed to step in amid selling pressure seemingly catalyzed by Chinese regulation of digital assets and the operators of a multi-billion dollar Bitcoin scam selling their coins.
Despite the harrowing backdrop, Bloomberg’s Mike McGlone of the business media giant’s Intelligence unit believes that Bitcoin has a positive outlook heading into “2020 and the next decade” due to a confluence of factors.
This confluence, McGlone went as far as to say, could bring the cryptocurrency back into the five-digit range in the near future, which would be a welcome surprise for many investors in the industry, who has begun to think that Bitcoin has reentered a “Crypto Winter” state yet again.
Bloomberg’s McGlone believes that the bull case for Bitcoin is rapidly building, as long as the key support of $6,500 holds in the near future.
In fact, the analyst went as far as to say that it is “only a matter of time” before BTC breaks the key resistance at $10,000.
In other Crypto news today, Peter Schiff doubles down on his claim that Bitcoin is a “pump-and-dump” scheme in his most recent tweet:
“Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!”
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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 pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!
— Peter Schiff (@PeterSchiff) December 4, 2019
Why Bloomberg Analysts Expect Bitcoin Price to Rally Past $10,000
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