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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.
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2021 BITCOIN PREDICTIONS FROM TOP INFLUENCERS!! BTC FUTURES OPEN INTEREST HITS NEW ALL-TIME HIGH!!
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What highs (or lows) could Bitcoin reach by the end of the year?
The Stock-to-Flow (S2F) model created by PlanB is one of the most well-known BTC price prediction apparatuses in the Bitcoin space. It forecasts the long-term price trend of Bitcoin by weighing two main factors: the amount of BTC in existence (the stock) versus the amount of newly mined coins entering the market (the flow).
Thus far, the model has been eerily accurate. Bitcoin closed February 26% above the model’s projected price and remains on pace to hit the model’s end-of-year target of $288K. With Bitcoin currently trading at around $56K, it would need to increase over 400% between now and December.
Anthony Pompliano of Morgan Creek Digital and Dan Morehead of Pantera Capital haven’t set their sights on $200K for 2021, but that doesn’t mean they are bearish. They both believe Bitcoin will close the year above $100K, which would be double the current price.
In a recent interview with Cointelegraph, Pomp noted:
“If all of a sudden only about 8 million Bitcoin are available and all this demand is showing up, you are going to have a pretty aggressive price increase.”
Who would have thought the day would come when $100K, or even $200K, Bitcoin price predictions are considered moderate? Well, today may finally be that day. Unconfirmed reports say Citibank have set their sights set on even higher price targets for 2021.
And that’s just in the short term. As Bitcoin’s price rises, so do the long-term forecasts. Frank Holmes of US Global Investors and Scott Minerd of Guggenheim Investments both believe half a million dollars is within reach in the coming years.
But there’s one price prediction that trumps them all. Microstrategy CEO Michael Saylor foresees Bitcoin sucking up ‘monetary energy’, which would propel it to an unthinkable price:
“In theory, all monetary energy that’s simply looking for a store of value/safe haven index should presumably drain out of real estate, cash, stocks, and bonds into the Bitcoin network.”
MicroStrategy chief executive Michael Saylor is envisioning a future where hundreds of trillions of dollars worth of investments can push the value of Bitcoin to as high as $14 million.
“I think that demonetizing gold gets you to $500,000 and that’s simply pulling all the monetary energy off of the gold rock from gold bugs who believe is a store of value and a safe haven. It’s important to note there are a lot of organizations and a lot of investors that don’t use gold as their safe haven. They use government debt, sovereign debt, and so cash is a safe haven, and sovereign debt is a safe haven, and another safe haven people use as a store of value is the index funds.”
In other trending Bitcoin News today:
Bitcoin Futures Open Interest Hits New ATH As Traders Flock to Derivatives
With BTC again edging toward all-time highs, a large volume of money is flowing into the Bitcoin derivatives markets.
According to crypto market data aggregator Glassnode, outstanding futures contracts pushed into new all-time highs on March 11, with open interest across exchanges approaching $20 billion.
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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:
On this day last year #Bitcoin dropped 40% in one single day to $3,858. #Bitcoin is up +1400% since that day.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) March 12, 2021
https://cointelegraph.com/news/from-318k-to-0-bitcoin-price-predictions-for-2021
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JPMORGAN SAYS GOLD WILL SUFFER FOR YEARS BECAUSE OF BITCOIN! BTC TO K BY MAY 2021, SAYS THE MOON!
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Bitcoin advocate, The Moon Carl who has 146,000+ YouTube subscribers, told his 70,000+ Twitter followers that he predicts the BTC price to hit $50,000 by May, 2021.
This virtually means he expects the Bitcoin price to grow 250% in the next 5 months.
Stock-to-flow model predicts a $100,000 BTC by December of 2021 so The Moon Carls bullish Bitcoin prediction is right in alignment with this popular model.
In other breaking Bitcoin News today:
JPMorgan Says Gold Will Suffer for Years Because of Bitcoin
The rise of cryptocurrencies in mainstream finance is coming at the expense of gold, says JPMorgan Chase & Co.
Money has poured into Bitcoin funds and out of gold since October, a trend that’s only going to continue in the long run as more institutional investors take a position in cryptocurrencies, according to the bank’s quantitative strategists including Nikolaos Panigirtzoglou.
JPMorgan is one of the few Wall Street banks that’s predicting a major shift in gold and crypto markets as digital currencies become increasingly popular as an asset class. The trend poses a problem for bulls in precious metals markets over the coming years if investors move, even a small slice, of their allocations away from gold and into crypto.
“The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced,” wrote the JPMorgan strategists.
The Grayscale Bitcoin Trust, a listed security popular with institutions, has seen inflows of almost $2 billion since October, compared with outflows of $7 billion for exchange-traded funds backed by gold, according to JPMorgan.
JPMorgan’s calculations suggest Bitcoin only accounts for 0.18% of family office assets, compared with 3.3% for gold ETFs. Tilting the needle from gold to bitcoin would represent the transfer of billions in cash.
One way to play the theme is buying one unit of Grayscale and selling three units of the SPDR Gold Trust, the bank said.
“If this medium to longer term thesis proves right, the price of gold would suffer from a structural flow headwind over the coming years,” wrote JPMorgan’s strategists.
In other tending Bitcoin news:
MicroStrategy CEO Increases Convertible Senior Notes Offering to $635M to Buy More Bitcoin
Michael Saylor just doesn’t give a f—. As we reported, the company’s share dived 17% after Citi released its bearish report on MicroStrategy, where the analyst questions Saylor’s focus on Bitcoin.
While Citi analysts called Bitcoins’ rally “overextended,” it has been the Bitcoin investment that helped the company shares rise to a level not seen since 2000. In 2020, BTC has rallied more than 150% on top of 2019’s 90% gains.
MicroStrategy CEO announced today the pricing of the offerings of the convertible senior notes.
As per the official announcement, the offering amount has been bumped up to $550 million from the previous $400 million as shared in Monday’s announcement. The official announcement reads,
“MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $537.2 million (or approximately $634.9 million if the initial purchasers exercise in full their option to purchase additional notes).”
But of course, the most interesting part of it all is that the company intends to invest the net proceeds from the sale of notes in Bitcoin per its Treasury Reserve Policy. Bitcoin advocate Max Keiser said,
“Michael_saylor /MicroStrategy is making a speculative attack on the Fed/USD like Soros/Druckenmiller did against the BoE/GBP in 1992, ejecting it from the ERM.”
“Saylor has pulled the pin and tossed a grenade into the Fed’s boardroom.”
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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:
Citi: “You’re crazy with this Bitcoin thing. You’re downgraded!” 👉🏻😵
MicroStrategy: “We have *so* much investor interest we’re upping our offering from $400M to $550M. Oh, and investors can buy another $100M on top of that if they want.”
— Ellie Frost (@BlockBytch_) December 9, 2020
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BITCOIN HITTING 0K BY DECEMBER IS NOW ‘CONSERVATIVE’ SAYS TOP CRYPTO ANALYST WILLY WOO!!
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Bitcoin hitting $300,000 per BTC in just one year’s time is “not out of the question,” popular statistician Willy Woo says.
In a series of tweets on Dec. 1, Woo stated that he has “never been so bullish” on Bitcoin’s prospects for 2021.
Discussing potential Bitcoin price trajectory, he confirmed that he was looking at six figures by December next year.
“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question,” one post read.
“The current market on average paid $7456 for their coins. You all are geniuses.”
Woo used his technical Top Cap metric to deliver the forecast. Despite being what his analytics website Woobull calls “experimental,” Top Cap has accurately matched price tops in the past.
Continuing, he eyed the decreasing amount of BTC held on spot exchanges as a sign that bullish price action would be catalyzed in the coming twelve months.
“I’ve never been so bullish for 2021,” he wrote.
“This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”
Lastly, the dollar gain in Bitcoin’s market cap for each dollar invested this cycle has outpaced the 2013 and 2017 bull runs.
“All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop,” Woo concluded.
Is anyone bearish on 2021?
As Cointelegraph reported, Woo is far from alone in his optimistic outlook for post-2020 Bitcoin.
Sky-high price predictions have come thick and fast over the course of the past two months, with quant analyst PlanB’s $100,000 December 2021 estimate now looking decidedly modest.
Beyond technical circles, familiar figures such as serial investor Mike Novogratz have begun taking price predictions to the mainstream. In the case of Novogratz, he told actress Maisie Williams last month that BTC/USD would head to $20,000 and then to $65,000. Williams subsequently invested.
This week, meanwhile, a giant $590,000 price forecast came courtesy of the Realized Profit/ Loss metric, which has returned to its classic bull run launch position.
In other trending Bitcoin News today:
Bitcoin Moves $500K Around The Globe Every Second, Says Samson Mow
Samson Mow, chief strategy officer at Blockstream, says Bitcoin was never about “transactions per second and coffee,” but about value and a “new financial paradigm.”
Blockstream’s Samson Mow wants to move the conversation away from Bitcoin’s (BTC) performance in transactions per second and toward its role in ushering in “a new financial paradigm,” that is, serving as a permissionless medium for the store and transfer of value.
“Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It’s all about value transacted per second and a new financial paradigm. VTPS not TPS. Nothing comes close to BTC”
Mow’s argument is that “VPTS [value transacted per second] not TPS [transaction per second]” is what really counts. Calculations for the video were reportedly made using on-chain data by the editor of the Blockstream engineering blog, who goes by “Grubles” on Twitter.
The editor similarly tweeted that “Bitcoin scales just fine. 1 BTC can store an infinite amount of value.”
The video, according to a follow-up tweet from Mow, “was inspired by a stupid XRP marketing video comparing their sh*tcoin’s TPS [transaction per second] to Bitcoin’s.”
Blockchain.com data shows that as of Dec. 1, the total estimated value of transactions on the Bitcoin blockchain was estimated at $4.627 billion. This figure hit $5.15 billion, close to its all-time-high, on Nov. 5.
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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:
Views on 2021 (THREAD):My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question.
The current market on average paid $7456 for their coins. You all are geniuses. pic.twitter.com/5t1pHXwE0b
— Willy Woo (@woonomic) December 1, 2020
#Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It’s all about value transacted per second and a new financial paradigm. #VTPS not #TPS. Nothing comes close to @BTC. 👑 pic.twitter.com/aXfDauPx9b
— Samson Mow (@Excellion) December 2, 2020
https://cointelegraph.com/news/why-one-analyst-says-bitcoin-is-on-the-cusp-of-busting-through-20k
https://cointelegraph.com/news/bitcoin-moves-500k-around-the-globe-every-second-says-samson-mow
https://cointelegraph.com/news/bitcoin-hitting-200k-by-december-2021-is-now-conservative-willy-woo
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