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PlanB, creator of the controversial stock-to-flow Bitcoin price prediction model says BTC may still have room for 100X growth which means the leading cryptocurrency has the potential to rise to $2,000,000 per Bitcoin.
“Bitcoin and central bank balance sheets (money ‘printing’) have gone hand in hand last 10 years .. but now BTC is lagging behind .. about two orders of magnitude (100X). Room for growth?”
The pseudonymous analyst also recently shared that he has ‘no doubt’ Bitcoin will hit $100K-$288K ‘before’ December 2021 as his BTC price prediction model suggest.
In other trending Bitcoin News today:
Bitcoin Just Made Its Highest Close In History!!
Many analyst see this as a validation that this isn’t a “double top” near $20,000 on a macro basis. Analysts are confident that BTC will continue its ascent higher now that it has set a new high.
While Bitcoin has made this technical accomplishment, there are some concerned that a drop is imminent.
Raoul Pal recently shared that as per the Tom Demark Sequential, a key time-based technical indicator, he fears that a correction is likely:
“Bitcoin is potentially facing some serious technical headways… the daily DeMark is showing a cluster on 2 13’s and a 9 and tomorrow might put in ANOTHER 13!”
Raoul Pal is a prominent Wall Street veteran that spent his career running hedge funds and working as the head of hedge fund sales at Goldman Sachs. He retired from the hedge fund business and now researches markets and runs Real Vision for a living.
He recently put 98% of his liquid net worth into Bitcoin and Ethereum:
“Ok, last bomb – I have a sell order in tomorrow to sell all my gold and to scale in to buy BTC and ETH (80/20). I dont own anything else (except some bond calls and some $’s). 98% of my liquid net worth. See, you can’t categorize me except #irresponsiblylong.”
The more controversial elements of U.S. President-elect Joe Biden’s future tenure are already becoming clearer — and it’s good news for Bitcoin.
As his inauguration edges closer, Biden has already said that he plans a $7 trillion recovery package to tackle the impact of coronavirus. This would add a huge new chunk of debt to the already huge mountain that the U.S. has accrued this year.
Against the backdrop of an already weakening dollar, the U.S. could thus face a potent cocktail of dangerous economic factors driving down wealth. The appeal of a safe haven has thus never been so real.
“We had a horrible time in 2008 because of too much debt, and since 2008, the debt everywhere has skyrocketed. We can’t even count how much the debt is up,” Jim Rogers, co-founder of the Quantum Fund with George Soros, said at an investment summit last week quoted by Reuters.
“If Janet Yellen is the next Secretary of the Treasury, she loves to print and spend money.”
As Cointelegraph reported, the strength of the dollar is predicted to fall further in 2021, something that has traditionally buoyed Bitcoin. The greenback is already at its weakest against a basket of trading partner currencies since April 2018.
As an indication of the direction the U.S. is headed, meanwhile, Preston Pysh noted the opposing direction of U.S. debt versus M2 money velocity.
“Check out the disparity on these two charts -just in 2020 alone,” he mentioned to Twitter followers.
“A growth in M2 money supply by +22.5%. Velocity of money DOWN by -20%. Printing is nesting itself into bonds and stocks. It’s causing massive destruction of the middle class. You might want to checkout Bitcoin.”
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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.