The Bitcoin technical charts suggest that BTC is heading for $90K levels but might witness a shake-off before that. The recent Taproot upgrade to the Bitcoin blockchain can fuel further rally to a $190K-$260K cycle peak in December.Â
Also stock-to-flow model creator Plan B clarifies his $98K November BTC price prediction sharing the following:
âTo clarify: 98K Nov prediction is NOT based on S2F model but on my floor model. As I said before (in tweets and latest podcasts), I use 3 models:
1) S2F
2) Floor model
3) On-chain model
If for example 98K Nov floor model prediction fails, that does NOT mean S2F or on-chain fails.â
In other trending Bitcoin News today: LA Lakersâ Home Staples Center Renamed to CryptoCom Arena in a $700M Deal!
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.
Right now, with the Bitcoin market cap sitting just under $1 trillion, BTC is only a very tiny fraction of the worldâs assets combined. So in the grand scheme of crypto, this is why many analyst believe weâre still so early.
âIf Bitcoin captures just 5% of the market cap of other assets on this chart, itâll be worth over $2M/coin.â
In other trending Bitcoin News today: Bitcoin bears lack âballsâ to continue selling into 2022!
BTC bears will probably be too âstonelessâ to keep prices down much longer, fresh Bitcoin price analysis argues.
In a Twitter series published Dec. 18, popular account Light summarized the events which led to Bitcoinâs recent 39% correction.
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.
In an interview with Altcoin Daily, Binance founder, and CEO, Changpeng Zhao (CZ) answered true to Bitcoin reaching a $1 million valuation one day.
However, considering that the BTC price prediction came from a quickfire, true, or false segment at the end of the interview, it would be wise to take this valuation with skepticism.
Of more significant concern was CZâs view on the long term outlook for the market leader.
Contrary to his million-dollar price prediction, he believes a bigger and better alternative will replace Bitcoin at some point.
The interview covered a wide range of topics, including cryptocurrency as a hedge against traditional finance, Bitcoin maximalism, and the role of DeFi in taking the space forward.
But of interest was CZâs opinion on the long term future of Bitcoin, especially when taking into account the antiquated nature of its core technology, and the limitations of updating it as a live blockchain.
âTo be honest, I think Bitcoinâs dominance over time will decrease, not increase. It may increase in the short term⊠thereâs a lot of innovations people do that people can bring back to Bitcoin, like second layer solutions etc. But when the technology is out already and adopted for ten years, thereâs relatively limited scope that you can update it.â
CZ expanded on this by saying sooner or later, every technology eventually gets replaced by something better.
He drew on examples such as dated programming languages, and once-dominant hardware and software firms losing ground to more innovative rivals.
ânothing lasts forever⊠so things change⊠if we look at 10, 15, 20 years later, I think itâs totally conceivable that something new will replace Bitcoin, and something better than Bitcoin.â
However, he was keen to state that Bitcoin will still be around, simply because going back to fiat is an unlikely alternative.
But he remains adamant that another, more current product will usurp the market leader down the line.
âBut if you ask 20 years from now is it still going to be king? A hundred years from now, a thousand years from now, and the answer is obviously weâre not sure, things just change over time.â
Bitcoin has considerable influence on the rest of the other markets.
If CZâs prediction plays out, what then for the future of cryptocurrency as a whole?
Zhao dealt with this by saying a decoupling of this effect will occur, but this will happen over a long period. âwithin the next six months, if Bitcoin went to zero that would be true, everything else will be hit really really bad. But if you look at a five year, ten year horizon⊠I donât think cryptocurrencies will be gone.
However, as the most decentralized and censorship-resistant, Bitcoin will retain its place in the short to medium term.
In other trending Bitcoin News today:
TOP FUND MANAGER EXPLAINS WHY BITCOIN WILL UNDERGO âEXPLOSIVEâ RALLY
According to the chief investment officer of Hayman Capital Management, Kyle Bass, Bitcoin will soon rally alongside the two top precious metals:
âSilver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world. Here is a chart or front-month silver going back 10 years.â
Bass is a prominent investor who called the Great Recession in 2008.
He has also been critical of China and the central bank money-printing efforts that have gone on over the past decade.
In late 2019, he said that what will also fuel a rally in the price of Bitcoin is people in Asia, especially in China, trying to siphon funds out of the sometimes closed economy there.
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.
Yesterday, we discussed the chances of a short term correction in Bitcoin from the $6,636 high against the US Dollar.
The Bitcoin price did correct lower and traded below the $6,500 support area.
The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $5,850 swing low to $6,636 high.
Besides, there was a break below the $6,400 level, but the price remained well bid above the 100 hourly simple moving average.
It seems like the bulls protected the 100 hourly SMA and the 50% Fib retracement level of the upward move from the $5,850 swing low to $6,636 high.
The price is currently rising and trading above $6,300.
There is likely a bullish flag pattern forming with resistance near $6,420 on the hourly chart of the BTC/USD pair.
If Bitcoin surpasses the flag resistance and gains pace above the $6,450 level, there are high chances of a strong increase.
The next key resistance is near the $6,600 level, above which the price is likely to gain bullish momentum above $6,640.
In the mentioned bullish case, the bulls are likely to aim a test of the $7,000 resistance.
CZ Talks Bitcoin Price After Halving, Coronavirus and Binance Decentralization Changpeng Zhao, known as CZ â the man behind Binance, one of the largest cryptocurrency exchanges in the world â took part in Cointelegraph China HUB, an online interview column started by Cointelegraph China.
âItâs hard to define the year 2020 with three words. If I must pick three words, I would say: challenge, opportunity and decentralization. The year ahead will be a mix of challenges and opportunities as the industry takes one step further toward the future of decentralization.â â CZ
âThe global outbreak of coronavirus does affect certain industries and has caused many countries to lock down. Industries like traveling, tourism and hotels are greatly affected in the short term. However, it also creates opportunities for industries like medicine, health care, online education, etc. Among market activities, great attention has been given to the circuit breaker incidents of the United States stock market. As part of the global financial market, the crypto market has also been volatile for the past couple of days.â â CZ
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.