BITCOIN FACING UNPRECEDENTED SUPPLY SHOCK, WILL SURPASS $2 MILLION PER BTC SAYS ON-CHAIN ANALYST!!

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Bitcoin analyst Willy Woo is outlining why he believes BTC is a significant advancement in the history of money. 

Woo, who earlier this week said Bitcoin whale movements are signaling a bottom, maps out why he believes BTC is reinventing the monetary system. 

Believing that Bitcoin is the future of money, Woo expects BTC to reach $1 million per coin in the future.

“Dan Held is calling this a supercycle. I’m thinking this might be the last cycle. Meaning, at this point, Bitcoin doesn’t see this very strongly imprinted four-year cycle, and we do more of a random walk, and it’s highly correlated to macro, and we just random walk all the way up to a million dollars in a few years…”

In other trending Bitcoin News today: Bitcoin and Ethereum Ripe for Big Breakouts, According to Popular Crypto Analyst!

A popular crypto analyst and trader believes that Bitcoin (BTC) and Ethereum (ETH) are poised for huge breakouts amid the bearish sentiment in the digital asset markets.

The pseudonymous analyst known in the industry as Smart Contracter, tells his 154,900 followers that Bitcoin is forming a bullish pattern indicating that a move to the upside is on the horizon.

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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/bitcoin-rebounds-from-33k-support-as-us-dollar-inflation-comes-back-into-focus

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A prominent cryptocurrency analyst says he’s making a hard pivot to BTC with about five days to go until the much-anticipated Bitcoin Halving.

Mati Greenspan says he’s not worried about the naysayers.

Since entering the position on April 30th, his portfolio is up 4.51% at time of publishing.

“Call it FOMO, call it blind faith, or even stupidity, I don’t care. My eToro account is now 100% allocated to BTC.”

Greenspan says the 50% drop in new supply will buoy Bitcoin price even if the rate of adoption remains the same.

“The annual inflation of Bitcoin will go from 3.65% to just 1.8%… approximately half of the global annual inflation rate. At this point, adoption doesn’t even need to grow to sustain the price anymore. Satoshi either knew what he was doing or got really lucky.”

He also cites recent comments from former SEC Chairman Arthur Levitt on a renewed, global focus on inflation.

“As governments continue to print more money it obviously takes more money to buy things with fixed supply…. People are flocking to bitcoin in search of an alternate store of wealth.”

Despite his bullish outlook, Greenspan notes that BTC remains in a descending channel dating back to July of 2019.

The BTC price is currently at the top of that channel, facing resistance at the $9,300 level.

In other trending Bitcoin News today:

Warm-up? History Shows Bitcoin May See Epic Rally After 150% Gain

Bitcoin price may be at the start of an unprecedented mid-term rally after the top-ranked cryptocurrency by market capitalization registered a 150% gain since March. 

Historical data shows that when the long-term price trend of Bitcoin shifted at a local bottom with a strong reaction from buyers, it saw an extended uptrend.

Immediately after the BTC halving — now only five days away — most technical analysts foresee a minor pullback occurring.

In previous Bitcoin halvings seen in 2012 and 2016, the price of Bitcoin rallied prior to the halving and corrected right after its activation.

In the medium-term, however, the Bitcoin price tends to see a prolonged upsurge post-halving.

The first halving led to a staggering 10,000% gain, while the second halving triggered a 2,500% price increase.

On a larger time frame, the Bitcoin price technically recorded lower highs as it fell to $3,100 in December 2018 and $3,600 in March 2020.

The term “lower highs” refers to when the price of an asset falls to a low point that is still higher than the previous local bottom.

Based on the price trend of BTC since 2012, Mohit Sorout, founding partner at Bitazu Capital, suggested that the rally of Bitcoin could be just beginning after reaching $9,500.

“Live shot of BTC getting warmed up,” he said.

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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:

Raise your hand if you’re spending your stimulus check on bitcoin! 🙋‍♂️

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) April 26, 2020

Call it FOMO, call it blind faith, or even stupidity, IDC.

My @etoro account is now 100% allocated to $BTC.

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) April 30, 2020

“As governments continue to print more money it obviously takes more money to buy things with fixed supply…. People are flocking to bitcoin in search of an alternate store of wealth.”

Former SEC Chariman @ArthurLevitt just now on @BloombergRadio.

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) May 4, 2020

https://cointelegraph.com/news/warm-up-history-shows-bitcoin-may-see-epic-rally-after-150-gain

https://bitcoinblockhalf.com/

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Bitcoin is on track to be one of the year’s best performing assets, despite a recent retraction – but that’s not stopped BTC bulls from fighting on Twitter.

The Bitcoin price has climbed through much of 2020, adding some 40%, with the bullish stock-to-flow model – that predicts a massive $288,000 BTC price before 2024 – working “like clockwork,” according to its anonymous creator.

However, a number of high-profile bitcoin analysts and entrepreneurs have clashed over the stock-to-flow model this last week, with the anonymous PlanB accusing his critics of trying to unmask him and his model derided as “absolutely useless.”

“The [stock-to-flow] model is based on the most fundamental errors which render it absolutely useless,” warned Alex Kruger, an economist and cryptocurrency analyst, speaking over the phone.

The stock-to-flow pricing model, created by anonymous Twitter user PlanB, who claims to be a Dutch institutional investor with a legal and quantitative finance background that manages around $100 billion in assets and tweets from the handle @100trillionUSD, calculates a ratio based on the existing supply of an asset against how much is entering circulation.

Kruger, along with many other analysts in recent months, has warned the model is based on faulty comparisons and a “spurious relationship” between price and scarcity.

“The whole model rests on the wrong assumption that there is cointegration between price and scarcity,” Kruger said, who explained that without cointegration it’s “nonsensical to think that bitcoin stock-to-flow, a number that goes up programmatically, and everybody knows what it will be at any point in time, can be used to predict price.”

Criticism of the stock-to-flow model and its creator have bubbled up recently, with the chief executive of bitcoin buying app Swan Bitcoin, Cory Klippsten, posting what PlanB considered to be identifying information on Twitter before deleting it and saying he was “wrong to post any personal information” about PlanB and adding anonymous bitcoin users “should have the right” to stay anonymous.

“It’s extremely important to be bullish for the right reasons,” Klippsten said via Twitter, explaining his opposition to the popularization of the stock-to-flow model.

“Otherwise you’ll have weak hands when your belief is proven false.” Klippsten, speaking via Telegram, said he supported the stock-to-flow pricing model until just a few months ago when he “looked into the models and realized they’re invalid” and “have zero predictive power.”

According to PlanB, who has disputed the information posted by Klippsten, the stock-to-flow pricing model shows bitcoin will reach $288,000 before the next bitcoin halving in 2024.

PlanB has also argued that assets that have a high stock-to-flow have a high value, pointing to gold, silver, diamonds and real estate in a chart posted to Twitter.

In other trending Bitcoin News today:

Bitcoin Active Addresses Shatters 1,000,000! Bitcoin’s fundamentals continue to show signs of strength.

According to the on-chain data provider Coin Metrics, the number of BTC active addresses has soared to a level not seen in over two years.

“Bitcoin doesn’t have to be complicated. The supply is capped and the number of users has been growing exponentially this whole time.”

Analysts use the active addresses metric to measure the rate of a crypto asset’s adoption.

The metric refers to the number of unique addresses that are active on the network as a sender or receiver of the crypto token.

On September 25th, the number of BTC active addresses skyrocketed to 1.14 million – the highest level since the 2017 bull market.

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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:

blocked: noise control

— PlanB (@100trillionUSD) September 28, 2020

OK, by Dec 2021 we will know then: S2F>$100k, Dave