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 RALLY INCOMING!!!! SUPPLY SHOCK IN PLAY THIS WEEK!!!! MIKE TYSON FUELS BTC VS. ETH DEBATE!!
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A popular on-chain analyst believes that a Bitcoin rally is in the cards as BTC faces the possibility of a supply squeeze. Will Clemente says that a Bitcoin supply shock could ignite a significant BTC rise.
âHang in there guys. This thing is going to pop soon.
Supply shock still in play this week.â
Clementeâs bullish stance on BTC comes as he sees on-chain signals pointing to the rise of Bitcoin adoption around the world.
âExtremely bullish on global Bitcoin adoption.
Blue: Supply held by entities with .01-1 BTC.
Green: Net user growth on the network.
All-time highs in new users. Hockey stick up in accumulation from small entities.â
In other trending Bitcoin News today: Former Heavyweight Boxing Champion Mike Tyson Asks Fans if They Prefer Bitcoin or Ethereum!
On Saturday, former heavyweight boxing champion, Mike Tyson, asked his 5.6 million followers on Twitter which crypto asset they prefer: bitcoin or ethereum. Tyson is no stranger to the world of crypto and just recently stepped into the realm of non-fungible token (NFT) collectibles.
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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.
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Which do you prefer, BTC or ETH?
â Mike Tyson (@MikeTyson) July 17, 2021
https://cointelegraph.com/news/crypto-experts-see-bitcoin-replacing-fiat-money-in-20-years
https://cointelegraph.com/news/bitcoin-mining-difficulty-drops-for-fourth-time-in-a-row
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BITCOIN WILL HIT 0K IF REPEATS 2016 HALVING CYCLE PATTERN!! YEARN FINANCE (YFI) FLIPS BTC PRICE!!
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Bitcoin price needs to hit $340,000 just to match its performance from its last BTC halving cycle, data shows.
In a Twitter series on Aug. 20, popular statistics resource ChartsBTC noted that the BTC price still has huge room for growth at current levels of $11,700.
Comparing lows, highs and halving prices from its two previous Bitcoin halving cycles, ChartsBTC put the difference between peaks at 36x for the 2012 cycle and 17x for the 2016 cycle.
In order to repeat even the more modest cycleâs success, BTC/USD would have to trade at $340,000. 36x from last cycleâs high â Bitcoinâs all-time record of $20,000 â comes to $720,000.
Comparing cycle lows, the results are even more dramatic â the smallest jump of 130x from the previous cycle would deliver a Bitcoin price of $400,000.
Running the same diagnosis for Bitcoinâs price at the time of its halving events, the price target is $250,000.
âThe multiples from prior cycles applied to the current one arrive at highs between $250k and $1.6M in the next 18 months,â ChartsBTC summarized.
The account noted that while the math adds up, there is little evidence which demands that such levels really do appear within the given timeframe. âWhile this may sound exciting, itâs just hopium,â it added.
âThe prior highs and lows wonât dictate the future.â
In other trending Bitcoin News today:
Yearn Finance (YFI) Becomes First Altcoin to Exceed the Price of Bitcoin â Now What?
Yearn.financeâs native governance token YFI became the first-ever altcoin to surpass the price of Bitcoin (BTC) on Aug. 20.
It spiked to as high as $13,444 on Binance, fueled by the growing demand for Decentralized Finance, or DeFi.
Yearn.finance is a DeFi protocol that launched in July with no premine in a decentralized setting by developer Andre Cronje.
It is the first protocol on Ethereum that claims to give token holders all the power to govern the network.
Blockchain analytics firm IntoTheBlock said`:
âJust a month ago, the yearn.finance token was trading around the $1000 mark. #YFI is up more than 10x in one month, climbing to $10,551.25 yEarn Finance is the first project on Ethereum, whose governance is entirely in the hands of token holders.â
Cryptocurrency researcher Hasu explains yearn.finance as a platform that allows users to execute various investment strategies.
He says: âIf youâre not familiar with Yearn, you can think of it as a smart bank account that automatically allocates your assets to different low-risk investment strategies that execute on the Ethereum blockchain.â
The price of YFI, the governance token of the protocol, increased naturally as the total value locked in yearn.finance surged.
According to data from Defipulse, more than $670 million worth of capital is locked in yearn.finance.
Compared to other tokens, the price of YFI is high due to its unique monetary supply.
Its supply is capped at 30,000, which is significantly lower than most digital assets.
While the price of YFI has surpassed $12,000, its market capitalization remains below $400 million.
By market cap, it is the 45th biggest cryptocurrency in the global market.
As such, crypto startup investor Ian Lee explained that YFI surpassing Bitcoin is more of a psychological event than anything else.
He explained:
âYFI âflippingâ BTC price is arbitrary & more psychologically than practically important. What is important is what yearn.finance is doing & Andre Cronje is building in DeFi.â
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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:
15,000 followers đ„ł Thank you everyone! Let’s break down the #bitcoin cycles and see how well history is rhyming. /1High $32, Low $2, Halving $12High $1,163, Low $152, Halving $658
High $19,892, Low $3,129, Halving $8572 pic.twitter.com/LmsuGjDiiq
â ChartsBTC (@ChartsBtc) August 20, 2020
The $ghost project is calling me a loose cannon because I called them on their bullshit.If I am a loose cannon because I dropped my support for a failing project so be it.
I will not support bullshit.
â John McAfee (@officialmcafee) August 19, 2020
https://cointelegraph.com/news/yfi-becomes-first-altcoin-to-exceed-the-price-of-bitcoin-now-what
https://cointelegraph.com/news/bitcoin-will-hit-340k-if-btc-price-repeats-2016-halving-cycle-pattern
https://cointelegraph.com/news/john-mcafee-has-left-his-own-privacy-asset-project
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Bitcoin Targeting Bitcoin Targeting $1,000,000 In Four Years: Former Goldman Sachs Exec. | BTC Decoupling From Stocks,000,000 In Four Years: Former Goldman Sachs Exec. | BTC Decoupling From Stocks
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Economist and former Goldman Sachs hedge fund manager Raoul Pal says unprecedented global economic downturns could help underpin Bitcoin as the worldâs reserve currency.
And what might that do for the Bitcoin price? Pal says he believes BTC could skyrocket all the way to $1 million before the next halving, which will occur in about four years.
Due to the devastation Covid-19 has caused the global economy, Pal says thereâs a high probability that a new financial system will emerge that relies on digital currencies in multiple formats.
Pal, the founder and CEO of the Global Macro Investor, believes the market is betting on the Covid-19 recession/depression to last six months.
He thinks, however, that itâs more likely to last three years.
âItâs not clear how long it will take, but if this is a recession or depression, which I think it may well end up morphing into, and it drags on three years, I think three years would be the time horizon where theyâre gonna have to do something, because I fear that the dollar is going to rise dramatically over this period of time, and basically thatâs a wrecking ball to the global economy, the U.S. economy, and creating deflation as we go and a whole bunch of other problems.âÂ
That global economic crisis could, however, correspond with a Bitcoin explosion. When utilizing a log price scale to get a long-term outlook, Pal says the BTC price is on a path toward $1 million.
âWhen you look at the chart in a log scale, it looks also very extraordinary, because whatâs useful about these kind of triangle patterns â I call them wedges â is that usually the size of the pole of the flag is repeated again. Now, if you did that using the log chart, it would take you to $1 million in this halving. Is that possible? Who the hell knows. I think it is. But it wouldnât match the stock-to-flow model which says it might spike to [$250,000] or something like that.â
In other trending Bitcoin News today:
Bitcoin Climbs Past $9.5K as Analysts Stress âDecouplingâ From Stocks
A fresh surge sees BTC/USD well on its way back to $10,000 as the impact of its weekend crash continues to dissipate.
Bitcoin (BTC) rose to reclaim $9,500 on May 14 as the recovery from last weekendâs $1,200 crash gained fresh momentum.
Bitcoinâs futures this week contrast it even further with traditional markets and macro assets.
This stock âdecoupling,â which Cointelegraph reported on previously, shows no signs of abating.Â
As Cointelegraph analyst Scott Melker wryly summarized on Twitter:
âRemember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. Theyâre not correlated now, and they werenât correlated before. Thanks.â
For fellow analyst Michaël van de Poppe, paying too much attention to correlating markets in times of crisis and afterward was a dangerous game.
âWhen shit hits the fan (which was in March), all correlations tend to go towards 1,â he tweeted on Thursday:Â
âSince then, gold, silver & Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets. Donât pin yourself on those correlations.â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
When shit hits the van (which was in March), all correlations tend to go towards 1.
Sinc then, gold, silver & #Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets.
Donât pin yourself on those correlations.$BTC
â Crypto MichaĂ«l (@CryptoMichNL) May 14, 2020
Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. Theyâre not correlated now, and they werenât correlated before.
Thanks.
â The Wolf Of All Streets (@scottmelker) May 14, 2020
https://cointelegraph.com/news/bitcoin-climbs-past-95k-as-analysts-stress-decoupling-from-stocks
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