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.
You Might also like
-
High-Profile Crypto Strategist Says Bitcoin (BTC) Price Targeting K | Ethereum Hits 2020 High
➡️ Tap into OPM (Other People’s Money): http://opm.cryptonewsalerts.net
High-profile crypto strategist Peter Brandt says Bitcoin appears to be setting up for a big move that will propel the BTC price to a new all-time high.
The veteran trader tells his 364,000 Twitter followers that he sees Bitcoin ending its multi-year bear market en route to a surge of 400%.
“That is actually where my head is. Massive symmetrical triangle in BTC points to ATHs, then $50k”
The top cryptocurrency briefly climbed above psychological resistance of $10,000 on Sunday.
Brandt also sees the possibility of a long-awaited breakout for XRP.
“XRP/BTC forming a possible inverted H&S bottom. Maybe Ripple Labs, the bag holder, will be able to pull a cat out of the bag.”
Another closely-followed crypto analyst who goes by the name The Crypto Dog tells his 203,000 Twitter followers that he believes the XRP/BTC pair is on the cusp of a new uptrend.
“This is literally the very beginning for XRP. Let it ride.”
In other trending Bitcoin News today:
Ethereum Price Hits 2020 High: Key Reasons Why ETH Outperforms Others
The price of Ethereum (ETH) has reached a new yearly high at $322, surpassing the previous high achieved in February 2020.
Three key catalysts are seemingly behind the ETH rally. Since early 2020, the anticipation of Ethereum 2.0, which would enable staking for users, pushed the demand for ETH upward.
Staking allows users to receive incentives when miners are eliminated from the Ethereum network.
A proof-of-stake consensus algorithm does not need miners on the protocol.
Instead, users with a stake in ETH collectively process data and information through staking.
In return, they receive rewards in the form of ETH.
After the so-called “Black Thursday” correction on March 13, when ETH briefly dropped below $90, the DeFi market began to expand rapidly.
When new protocols, like Compound, introduced their incentive systems, the demand for decentralized finance increased even further.
In May, less than $1 billion was locked in DeFi platforms. As of July 26, more than $3.75 billion is locked across various DeFi protocols.
The optimism around DeFi and Ethereum 2.0 eventually led to Ether spot and options markets setting record high volume and open interest.
Since the start of the second quarter, the ETH options market has continuously soared to new highs in terms of trading activity.
Consequently, it intensified the uptrend of ETH in a short period. Cryptocurrency on-chain market data analysis firm Santiment said ETH broke out of $300 for the 42nd time in history.
An upsurge above $350 would be significant, according to researchers, because it has only happened three times in the past. Santiment stated in a tweet:
“It’s clear that Ethereum is sitting in its ‘sweet spot’ where the most polarization has historically unfolded (between the $200 and $300 levels) during its five year history.”
Based on the technical market structure of Ether, some traders said that $308 and $400 remain as the key short-term resistance levels.
Michaël van de Poppe, a Cointelegraph contributor and a full-time trader at the Amsterdam Stock Exchange, said in a tweet that ETH has increased higher than expected:
“Going a little higher than the plan initially was, a month ago. But we’re doing fine. Might be on the resistance at the $308 level. But that’s basically final hurdle before $400+, to me.”
Follow Us:
🔥 Blog/Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Subscribe on Stitcher: http://stitcher.cryptonewsalerts.net
🔥 Subscribe on TuneIn: http://tunein.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:
That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k
— Peter Brandt (@PeterLBrandt) July 25, 2020
https://www.coindesk.com/research/reports/ethereum-2-0-how-it-works-and-why-it-matters
https://cointelegraph.com/news/ether-price-hits-2020-high-key-reasons-why-eth-outperforms-others
Post Views: 148 -
MAX KEISER: ,000 Bitcoin Price in Play Before a Pullback – Then BTC is Heading to 6-Figures!!
➡️ Tap into OPM (Other People’s Money): http://opm.cryptonewsalerts.net
One of YouTube’s most popular crypto strategists says the next Bitcoin bull cycle is officially underway, with BTC en route to a meteoric all-time high of $100,000.
In a new video, Nicholas Merten says that Bitcoin’s expanding boom-and-bust cycles are painting a clear picture of where the crypto king is headed in the long term.
“What is the general trend we are seeing here? Well, each time, we are adding around 11 to 13 months, give or take, basically a year for each cycle. It would make logical sense here that for this next cycle, we would add another twelve months, give or take, again it could one month less or one month more.
That’s going to lead us here somewhere around November of 2022. If we take a look at the logarithmic chart, where we have the line resistance that’s curving over time, it’s roughly around a big even of $100,000.”
Merten is also bullish on Bitcoin in the short term as he sees the top cryptocurrency igniting a strong rally and ending its three-year-long bear market.
“We are now starting to see a breakout here. Similar to the pattern we’ve been looking for, we might come down here, make that line of resistance [into] support before we really take off. Either way, I would not be betting against Bitcoin right now. We could very well be going in to set in a relative short-term high here around $12,000 then eventually testing above here on $14,000.”
With a Bitcoin breakout on the horizon, Merten expects the rising tide to lift other boats.
“The thing I’m really focusing on is that there is an opportunity to possibly trade Litecoin and Ethereum and Cardano and some of the other blockchains out there, some of the bigger protocols. I think that’s going to be the class of altcoins that are going to do well in the next week or two.”
While the crypto analyst is bullish on large-cap coins, he expects small-cap gems to correct, which would give him the chance to buy on dips.
“But as much as I do believe that those blockchains and protocols might do well and I have some positions in some of them, the major thing that I’m watching for is a discount opportunity and that’s in decentralized finance and enterprise blockchains.”
Merten is particularly bullish on DeFi plays including iExec (RLC), ChainLink (LINK), Cosmos (ATOM), and REN (REN).
In other trending Bitcoin news today:
Wall Street Veteran Says Bitcoin on Track to Hit $20,000 by Year End
Speaking with CNBC on Tuesday, Galaxy Digital chief executive Mike Novogratz asserted that Bitcoin is on track to hit $20,000 by the end of 2020.
For context, BTC rallying to $20,000 by the end of the year will be an 80% rally in the coming five months.
He also said that he thinks gold will continue to rise, citing the “liquidity pump” being activated by governments and central banks the world over:
“Great bubbles usually end with policy moves. It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus.”
This comment comes as U.S. politicians are working on the next $1 trillion (plus) stimulus bill for the millions of unemployed, underemployed, and underperforming Americans.
Novogratz, a former Goldman Sachs partner, added in that interview that he thinks this money printing and other trends are pushing focus from stocks back to Bitcoin and gold:
“A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin. There’s an adoption game in bitcoin that you don’t have in gold. But I like them both.”
Follow Us:
🔥 Blog/Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Subscribe on Stitcher: http://stitcher.cryptonewsalerts.net
🔥 Subscribe on TuneIn: http://tunein.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:
Wall Street Veteran Says Bitcoin on Track to Hit $20,000 by Year End
Analyst Who Forecasted Latest Bitcoin Rally Now Predicts Move to $18,000
Post Views: 149 -
BITCOIN MAY HIT #post_titleM AND TOP GOLDS MARKET CAP SAYS MACRO INVESTOR RAOUL PAL
➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net
Influential investor Raoul Pal says the best trade he’s ever found is Bitcoin, which he’s described BTC as “a call option on the future” and “the world’s most pristine reserve asset.”
In a recent interview on Yahoo Finance, Pal said that the central banks move toward digital currencies is “literally the biggest story” in his career.
Investors like Pal don’t want to compete against central banks, but aim to create “a digital world,” Pal said, underscoring that despite big reservations, policymakers don’t appear to want to ban crypto completely.
“They understand the technology is out of the bottle. The genie is out of the bottle,” the investor said.
“There’s nothing you can do about it. It’s not going away. It’s too small to matter still.”
Pal has stated repeatedly that bitcoin’s price could get to $1 million, becoming a $10 trillion asset class, and possibly surpassing the gold market.
In the last year, bitcoin’s price has surged more than 42% to last trade near $13,137. In the last month, the digital currency has jumped more than 22%.
With a market cap of around $240 billion, bitcoin is approximately the size of a “large, mid-cap S&P [500 Index] stock,” Pal pointed out.
As it moves to $500 billion or $1 trillion, “suddenly it’s a real asset class and sucks in more money.”
One of the drivers will be the “wall of institutional money” coming.
“It becomes a Soros-style reflexive loop where we’ve got the macro story backing it up,” said Pal — referring to George Soros, the speculative investor once credited with “breaking” the Bank of England in a bet against the British pound.
“We’ve got the flow of funds backing it up, then we’ve got the move, which the central banks are driving. It’s literally the biggest story I’ve seen,” Pal said.
What it means is more printing of currency. That’s not just the U.S. It’s basically every single country on earth is doing the same thing.
In Pal’s view, bitcoin “plays a role as the world’s most pristine reserve asset” for individuals, corporations, pension funds.
“It’s an incredible asset. It’s the only one with a limited supply with growing demand. It’s an extraordinary thing,” he said.
In other trending Bitcoin News today:
Bitcoin Monthly Candle Closes Above $13K For The First Time Since 2017
The monthly candle of Bitcoin (BTC) for October has closed above $13,000 for the first time since December 2017.
It comes after both daily and weekly candles all closed above the crucial resistance level.
Ark Invest’s Cathie Wood emphasized the importance of the $13,000 level.
Wood, who manages $11 billion in assets under management at Ark Invest, said there is little resistance between $13,000 and $20,000.
This means if Bitcoin breaks out on a high time frame chart, the probability to rise to a new record-high could get higher.
She said:
“That $13,000 [level] is important because if we were to get through that, then in technical terms, there would be very little resistance and we would probably be on our way back to the peaks we saw in late 2017 — so, around $20,000. Now, we’re not sure if that is going to happen. We could stay in a new trading range, just at a little bit of a higher level than the recent six to 10. Maybe we’re in the $10,000 to $13,000 range. Nonetheless, a breakout.”
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:
https://money.yahoo.com/raoul-pal-on-bitcoin-as-a-reserve-asset-120007396.html
https://cointelegraph.com/news/bitcoin-monthly-candle-closes-above-13k-for-the-first-time-since-2017
https://cointelegraph.com/news/bitcoin-is-the-best-treasury-reserve-asset-humanity-s-ever-had
Post Views: 97