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The chief investment officer of investment giant Guggenheim has repeated his warning that Bitcoin (BTC) will crash to $20,000.Â
In an interview with CNBC on April 20, Scott Minerd warned again that Bitcoin could lose half of its value in a pullback, however, his longer-term forecast of $400,000 per Bitcoin still stands.
In other trending Bitcoin News today:
Bitcoin Dominance Drops Below 50% For The First Time In 3 Years
The move came as Bitcoin was about to lose its market cap dominance supremacy to altcoins in what traditionally marks the ârealâ start of the âalt season.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.
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https://cointelegraph.com/news/guggenheim-cio-repeats-20k-bitcoin-price-forecast-as-btc-doubles-since-last-warning
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BITCOIN (BTC) JUST SAW ITS BIGGEST BREAKOUT EVER, AND THAT MEANS K IS JUST THE START
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Itâs been an explosive past few days for Bitcoin (BTC).
After tanking as low as $8,600 on the weekend before last, the Bitcoin price breached $10,000 just hours ago.
On Bitstamp, BTC traded as high as $10,429, according to TradingView.com data.
While the asset remains below the yearly highs of $10,500, a prominent analyst noted that this rally has formed Bitcoinâs largest breakout ever.
This suggests that the crypto market is heading much higher than it is in the long run.
Chief executive of Real Vision Raoul Pal shared the below chart in the wake of the BTC price breaking past $10,000, attaching the comment:
âHere it is on a log scale⊠this is the biggest chart pattern break out thus farâŠâ
The chart depicts that Bitcoin is now trading above the downtrend that formed at the $20,000 all-time high.
The technical downtrend marked the $14,000 2019 high, along with the $10,500 high seen earlier this year.
Pal did not explain the significance of this technical breakout during this thread, but he has in a recent research note.
In the April newsletter from his macroeconomic analysis firm Global Macro Investor obtained by NewsBTC, he wrote that âI think it hits $100,000 in the next two years aloneâ in reference to a chart almost identical to the one above.
The only difference was that when he shared the chart, it had not broken past the resistance.
Bitcoinâs crucial technical breakout isnât the only reason why the former Goldman Sachs executive is bullish on the cryptocurrency.
Pal remarked in a Twitter thread published in early May that the confluence of record-level fiscal and monetary stimulus, coupled with the Bitcoin halving, is setting BTC up for success in the long run:
âThis is confirmed by stock to flow models by PlanB and the breakout has happened almost exact at The Halvening. Add to that HUGE the ENTIRE worlds central banks are [âŠ] printing money like CRAZY. quantitative easing fiat meets the hardest money that automatically quantitatively tightens.â
This led him to the conclusion that Bitcoin currently has one of the âbest set ups in any asset class Iâve ever witnessedâŠtechnical, fundamental, flow of funds and plumbing.â
While he has floated the $100,000 price target, the investor has mentioned a $10 trillion market capitalization in the past.
Speaking to Max Keiser, Pal said that Bitcoin could eventually rival the market capitalization of gold, which sits around $9 trillion:
âIf it becomes an ecosystem, and we believe it will be and it will take the whole ecosystem with it as well, then yes, I think a $10 trillion number is easily achievable within that process.â
For context, a $10 trillion market capitalization corresponds with more than $500,000 per coin. In other trending Bitcoin News today:
Bitcoin (BTC) Soars Above $10,000 â Hereâs What Will Trigger âInsanely Bullishâ Breakout According to Analyst Josh Rager
Crypto strategist Josh Rager tells his 72,000 Twitter followers that BTC is close to making a move that will have huge bullish implications.
However, the bulls have a bit of work left to do.
âBTC breaking above daily resistance. [Bitcoin is] showing no mercy to bears and is on route to try to break above $10,300. Closing above $10,370 would be insanely bullish.âÂ
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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:
Add to that the ENTIRE worlds central banks are either seeing their currencies collapse to the almighty dollar (BRL, TRY, ARG, etc) or they are printing money like CRAZY.
HUGE quantitative easing fiat meets the hardest money that automatically quantitatively tightens. $BTC wins.
â Raoul Pal (@RaoulGMI) May 8, 2020
$BTC breaking above daily resistanceShowing no mercy to bears and is on route to try to brak above $10,300s
Closing above $10,370 would be insanely bullish pic.twitter.com/0l8YTrJ6Uy
â Josh Rager đ (@Josh_Rager) June 1, 2020
1/ With $BTC back over $10,000 for the first time since a brief scrape above this threshold in early May, we are revisiting our long-term key triple volume measurement to analyze the health of both the on-chain and social metrics that are vital to justify pic.twitter.com/nYQjVUOeAS
â Santiment (@santimentfeed) June 2, 2020
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BITCOIN WILL SOON HAVE A 0,000 PRICE TAG: ADAM BACK | BTC Price Is About to Go Parabolic!
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The Bitcoin price is not so far from reaching a $100,000 valuation, recalled Adam Back, founder of Blockstream.
The BTC price broke $10,000 when it was not even expected to move above $1,000.
Bitcoin (BTC) went on to revisit the $10,000 level with ease a few times.
Over the years, the bitcoin price reached a peak near $20,000, reached within just weeks from lows around $3,500.
Adam Back recently shared the following Tweets on Crypto Twitter:
âItâs closer than it sounds as along the path of hyperbitcoinization, the USD inflation rises, eg aided by Modern Monetary Theory rationale for high inflation, so $1 becomes worth say 10c over a decade or two of monetary craziness, then $10mil/BTC is $1mil/BTC in todayâs money.â
âAnd $100k Bitcoin doesnât seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.â
In other Crypto news today, this simple observation suggests Bitcoin is about to go parabolic.
Historical data suggests the BTC halving to boost prices pre-event. Cryptocurrency analyst Nunya Bizniz recently made an eerily bullish observation about Bitcoin.
He noted that in the two previous market cycles of the BTC market, the cryptocurrency performed extremely well starting 120 days (four months) out from the cyclesâ respective block reward reductions, known as âhalvingsâ or âhalvenings.â
In the four months prior to the first halving in 2012, the price of BTC rallied dozens of percent higher from $10 to around $14 by the time of the event; and in the four months prior to the second halving in 2016, the price of Bitcoin went effectively parabolic, running from $432 to $700.
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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:
And $100k Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.
â Adam Back (@adam3us) January 11, 2020
Bitcoin is about 120 days away from the halving.What was price action like 120 days prior to the first two halvings?
Whether you believe its priced in or not, if past is prologue â volatility may be expected. pic.twitter.com/7peG6Ir0m4
â Nunya Bizniz (@Pladizow) January 10, 2020
This Late Night Host Just Exposed Millions to Bitcoin, Again
This Simple Observation Suggests Bitcoin is About to Go Parabolic
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2 Genuine Reasons Why Bitcoin Price Will Hit ,000 Soon | Top 20 Best Cryptocurrencies in 2020
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With the Bitcoin price climbing an astonishing 9 million percent, that makes BTC the best preforming asset in the past decade.
Coming into the first quarter of 2020, offbeat asset Bitcoin is already proving to be the yearâs best investment.
The benchmark cryptocurrencyâs upside run has returned roughly twenty-fold returns in January.
Its rate peaked at over $9,190 on Coinbase exchange on the 19th.
In comparison, it was trading at a mere $6,300 on December 18th, 2019.
Whether speculative or real, the gains have left investors under a spell.
Meanwhile, the market is serving more bullish narratives for the year 2020, many of them predicting the Bitcoin (BTC) price to close above its historical high of $20,000.
Top 20 Best Cryptocurrencies in 2020: Which Coins to Watch For This Decade
In todayâs show I share a list of the top 20 best Cryptocurrencies to watch for in 2020 and beyond.
Check out the biggest, most popular promising crypto-assets to consider investing and buying this decade.
Peter Schiff Lost His Bitcoin, Claims Owning Crypto Was A âBad Ideaâ
âI just lost all the Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!â
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Ledger: âș 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:
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! pic.twitter.com/6SJvDJOZU6
â Peter Schiff (@PeterSchiff) January 19, 2020
Heightened geopolitical risk has resulted in both gold and Bitcoin moving higher, but for different reasons. #Gold is being bought by investors as a safe haven. #Bitcoin is being bought by speculators betting that investors will buy it as a safe haven.
â Peter Schiff (@PeterSchiff) January 3, 2020
Top 20 Best Cryptocurrencies in 2020: Which Coins to Watch For This Decade
https://cointelegraph.com/news/peter-schiff-lost-his-bitcoin-claims-owning-crypto-was-a-bad-idea
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