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The chief investment officer of investment giant Guggenheim has repeated his warning that Bitcoin (BTC) will crash to $20,000.
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 “real” start of the “alt season.”
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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:
https://cointelegraph.com/news/guggenheim-cio-repeats-20k-bitcoin-price-forecast-as-btc-doubles-since-last-warning
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BITCOIN CAN HIT $400,000 IN 2021 AS ‘RISK-OFF RESERVE ASSET’ SAYS BLOOMBERG INTELLIGENCE!!
💰 Crypto’s Next $1 Trillion Coin: http://teeka.cryptonewsalerts.net
Bitcoin still gets criticized for being too volatile, but one Bloomberg analyst believes that BTC is conversely becoming a “risk-off” choice for investors.
In a tweet on March 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that this year marked a watershed moment for the largest cryptocurrency and that a $400,000 Bitcoin price would ‘rhyme’ with history.
McGlone uploaded a chart of the BTC/USD average price and the Bitcoin Liquid Index, a price ticker specially created for institutional use.
“Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view,” he wrote.
A potential price peak this year, with previous behavior as context, could be as much as $400,000 per bitcoin, the chart shows. This dwarfs other estimates, such as that of stock-to-flow, which calls for an average of $288,000 between now and 2024.
While McGlone did not provide exact details of the factors behind Bloomberg’s view, the idea of Bitcoin reducing, rather than increasing portfolio risk is the talking point of the year among corporates. New reports of treasury allocations to BTC appear frequently, with appetite unfazed by price action.
“My mission right now is to fix the balance sheets of the world,” Michael Saylor, CEO of MicroStrategy, one of the largest Bitcoin treasury investors, said in an interview with TIME this week.
In other trending Bitcoin News today:
Here’s How Bitcoin Dolphins, Sharks and Whales Are Playing the Crypto Markets, According to Top Analyst Willy Woo
On-chain analyst Willy Woo is providing his take on how large Bitcoin (BTC) holders are attacking the market.
As Bitcoin takes a dive to the low $50,000 range this week, new crypto whales are entering the market, according to Woo.
“Some bearish scares over whales selling down, here’s more complete picture. Chart: BTC held by dolphin/shark/whales (100-10,000 BTC).
Whales becoming dolphin/sharks, new buyers coming in, cohort is still accumulating, they usually sell in the middle of the bull run. Still bullish.”
Woo points out that although it may appear as though whales have been parting with their BTC at an alarming rate causing the recent sell-off, the Bitcoin being sold on the market are newer supplies likely held by entities that are taking profits after the largest crypto asset’s huge run up.
“This is a new species of whale; hedge funds. Likely selling down for end of quarter rebalancing after such a good run from $10,00 BTC last year. Doesn’t look like the typical OGs selling (which they do on every bull season rally). The coins being sold lately are relatively young.
Bitcoin addresses are forensically clustered into wallets held by individual participants before extracting this view. Beware that looking at just raw address balances, which I’ve seen posted elsewhere can be misleading.”
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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 in Transition to Risk-Off Reserve Asset: BI Commodity — Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view. pic.twitter.com/Ycr1LSqEAJ
— Mike McGlone (@mikemcglone11) March 26, 2021
A Tesla is the new pizza
10 years from now people will be amazed that someone spent a whole #Bitcoin for a Tesla
— Max Keiser (@maxkeiser) March 25, 2021
Law of averages gives #Bitcoin an $83,000 price target for April.
Avg over 10 years in April +51%
— Danny Scott (@CoinCornerDanny) March 27, 2021
Pizza Day 2.0: Buying A Tesla With Bitcoin Could Be A Mistake
https://cointelegraph.com/news/bitcoin-can-reach-400k-in-2021-as-risk-off-reserve-asset-bloomberg
https://cointelegraph.com/news/stock-to-flow-creator-doesn-t-think-bitcoin-s-bull-market-is-done
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WHY BITCOIN SHOULD TECHNICALLY HIT ,000 BEFORE NOVEMBER 1ST!! 4k BTC PRICE IN 4 YEARS!!
➡️ September 9th – Teeka Tiwari’s ‘Set For Life’ Summit: Register here: http://teeka.cryptonewsalerts.net
The underlying reason for Bitcoin (BTC) hitting $28,000 by November 1, 2020, is based on historical data and not just an analyst’s prediction.
Bitcoin’s volatility is a well-known aspect of the asset and the fact that this aspect is high is what’s preventing it from becoming an everyday unit of exchange/account or in simple terms – money.
Arguing the soundness of Bitcoin is for another day, however, what’s important is this historical data that suggests an average BTC return of 196% after a certain condition has been met.
According to Kraken’s August volatility report, there are “suppressed pockets” which represent bitcoin volatility slump between 15% to 30%.
To date, bitcoin has only every hit these pockets 12 times, and every time bitcoin slides into these pockets, it reverses to the mean, which happens to be a 315-day moving average.
In other words, after sliding into these pockets, volatility has seen an average surge of 140%.
What’s interesting is the price implication of this volatility suppression and eventual expansion.
It was observed that the price saw an average surge of 196% over the next 90 days.
On two separate occasions – 2014 and 2018, the returns were -60% and -45%., hence, there is an 83% chance of price surging 196%.
Considering the last dip in the pocket was July 24, 2020, and the surge as of writing was only 4.36%, there is a lot of upside for Bitcoin.
196% surge from July 24, over the next 90 days should put bitcoin between the $28,000 and $30,000 range and on October 22, 2020.
This would mean the Bitcoin price has to surge a 4.2% surge every day to hit the target of ~$30,000.
In other trending Bitcoin News today:
PlanB: $700,000,000 Investment in Bitcoin Industry Shows New Phase of BTC’s Financial Takeover Underway
Recent Bitcoin developments have convinced popular analyst PlanB that Bitcoin is entering a new phase of adoption.
The anonymous trader and creator of the stock-to-flow Bitcoin model points to a Reuters report that Kazakhstan has been in talks to attract more than $700 million worth of investments into the cryptocurrency sector.
The oil-reliant central Asian country offers BTC miners cheap electricity rates and reportedly accounts for more than 6% of the total Bitcoin hashrate across the globe, according to a report published in the Cambridge Centre for Alternative Finance.
PlanB also points to last month’s news that MicroStrategy, the largest publicly-traded business intelligence company, had used $250 million of its balance sheet capital to buy Bitcoin.
“This is a game changer: Nasdaq-listed company with $250M Bitcoin (25% of assets, 15% of market cap) is basically a Bitcoin ETF! Shareholders have 15% BTC exposure and 85% tech. No capital charges (like banks & pension funds), no SEC approval needed (like ETF).”
PlanB recently told cryptocurrency podcaster Peter McCormack that he actually made a conservative bet when he predicted that BTC will hit $288,000.
Instead, he says it could meteorically rise to $864,000 in four years.
“I’m on $288,000 as an average value. $100,000 would be very nice, too. But if you just follow the math, if you just follow the data, and I don’t mean the time-series model. So we’re not looking at Bitcoin only. We’re looking at gold, silver, diamonds, real estate, all that stuff.
It’s $288,000. That’s an average value. It could overshoot, like three times, like it did the last phases. I don’t want to mention the number. I try to be conservative all the time. But let’s say a 2x or a 3x from that $288,000, and then it crashes again, of course.”
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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 game changer: Nasdaq listed company with $250M bitcoin (25% of assets, 15% of market cap) is basically a bitcoin ETF!Shareholders have 15% BTC exposure and 85% tech. No capital charges (like banks & pension funds), no SEC approval needed (like ETF)
So it begins https://t.co/UepeYeOqbI
— PlanB (@100trillionUSD) August 27, 2020
#phase5https://t.co/03h07lkiiU
— PlanB (@100trillionUSD) September 5, 2020
Futures bounce back significantly in the U.S. Europe also bouncing back up.
Might signal a slight relief on $BTC as well towards the area of $10,600-10,800.
— Crypto Michaël (@CryptoMichNL) September 9, 2020
https://cointelegraph.com/news/stocks-may-push-bitcoin-to-108k-says-trader-as-usd-bull-run-falters
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Bitcoin’s Symphony: Bobby Lee, Crypto Veteran, Anticipates Big ‘Crescendo’ in Super Bull Market Top
In the ever-dynamic world of cryptocurrency, Bitcoin continues to be a focal point of discussion and speculation. The latest headline-making statement comes from none other than Bobby Lee, a prominent figure in the crypto space, who suggests that Bitcoin has yet to experience the grand ‘crescendo’ that signifies the top of a super bull market.
Bobby Lee, a seasoned veteran in the cryptocurrency industry, has long been known for his insights and predictions. In this latest revelation, he points to the notion that the cryptocurrency market, particularly Bitcoin, has not yet witnessed the climax of a ‘crescendo’ moment that typically characterizes the peak of a super bull market.
The article in question delves into Bobby Lee’s perspective, hinting at the possibility of a more significant and awe-inspiring phase for Bitcoin on the horizon. The term ‘crescendo’ invokes imagery of a grand musical climax, a moment of heightened intensity and culmination. In the context of Bitcoin, this could imply that the cryptocurrency has more room for growth and transformative moments that are yet to unfold.
Lee’s statement sparks intrigue among investors and enthusiasts, raising questions about what might constitute this elusive ‘crescendo’ in the world of Bitcoin. As the cryptocurrency market is known for its unpredictability, such comments from industry veterans add a layer of anticipation to the ongoing narrative of Bitcoin’s evolution.
For those closely following the trajectory of Bitcoin, Lee’s perspective may fuel speculation about potential catalysts or events that could contribute to the much-anticipated ‘crescendo.’ Whether it involves broader institutional adoption, regulatory developments, technological breakthroughs, or other unforeseen factors, the crypto community remains on the lookout for signals that could mark the zenith of a super bull market.
As with any market predictions, it’s crucial for investors to approach these insights with a balanced perspective. While Bobby Lee’s experience and track record lend credibility to his statements, the cryptocurrency landscape is complex, and multiple variables can influence its trajectory.
In the symphony of Bitcoin’s journey, Bobby Lee’s suggestion of an impending ‘crescendo’ adds a new note of excitement. As the crypto community eagerly awaits the next movements in the market, all eyes will be on Bitcoin to see whether it can indeed reach new heights and deliver the crescendo that Bobby Lee envisions.
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