BITCOIN MILLIONAIRES – BTC Addresses Holding 1,000+ Coins On The Rise!

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Since the Bitcoin price tapped $6,500 in late-November, analysts have been wondering if the bottom is really in.

The BTC price bounced by 20% from $6,500, hitting $7,850 just a week after that.

Now, Bitcoin (BTC) is currently trading at just above $7,500, seemingly trying to establish a market trend for the coming week.

While some say that Bitcoin’s inability to move past the resistance in the high-$7,000s is decisively bearish, an analyst has said that the odds are leaning in the favor of bulls.

Why BTC Could Jump 15%: Popular trader Mr. Chief (or Halo Crypto) recently noted on Crypto Twitter that the cryptocurrency ball is finally entering the court of the bulls.

He noted that the inverse chart of Bitcoin has shown that the cryptocurrency has broken below (meaning above) a key trend line that has been in place for over six weeks.

The asset is also situated in a descending channel (actually an ascending channel) that implies a move to $8,500 is “definitely on the table.”

A move to $8,500 would mark a 15% rally from current price levels. Also Adaptive Capital’s Willy Woo, a popular on-chain metrics analyst, noted on Dec. 7 that a proprietary indicator his fund uses is implying that the usage of the Bitcoin network is implying that bulls will soon gain the upper hand again:

“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view.”

In other Crypto news today,

Deutsche Bank Research: Crypto to Replace Fiat Currencies by 2030 By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank.

In the “Imagine 2030” report, Deutsche Bank strategist Jim Reid raised awareness of the challenges the existing fiat system has encountered in recent years, specifically with the emergence of cryptocurrencies.

Reid stipulated that people’s heightened demand for dematerialized means of payment and anonymity could drive more individuals to digital currencies.

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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-chain momentum is crossing into bullish. Prep for halvening front running here on in. Can’t say what this indicator is, as it’s proprietary to @AdaptiveFund, but it tracks investor momentum. The bottom is mostly likely in, anything lower will be just a wick in the macro view. pic.twitter.com/WqiPRpweUv

— Willy Woo (@woonomic) December 7, 2019

15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why

https://cointelegraph.com/news/deutsche-bank-research-crypto-to-replace-fiat-currencies-by-2030

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“If Bitcoin repeats the pattern after the last consolidation – we could see $147k BTC price by mid-May”, the Bitcoin Archive shared on Twitter to its 119,000 crypto followers.

In other trending Bitcoin News today:

Michaël van de Poppe Unveils Bullish Price Target for Ethereum, Says Bitcoin Must Remain Above Crucial Breaker

In a new tweet, Van de Poppe says that as long as Bitcoin can remain above the $61,000 range, he believes the asset is set to keep climbing towards new all-time highs and also says  that Ethereum looks primed to continue breaking out against BTC. If it follows his anticipated trajectory, ETH will hit $4,000 or higher this summer.

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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 is the most important asset every created. If I had to choose one thing to hold, it would be $BTC.

That said, if you are a TRADER (not investor), the disproportionate upside from this point is likely in altcoins. They are far more likely to make you insanely wealthy.

— The Wolf Of All Streets (@scottmelker) April 14, 2021

https://cointelegraph.com/news/switzerland-s-largest-insurer-axa-starts-accepting-bitcoin-as-payment

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The trillion-dollar asset manager Fidelity is scrutinizing a popular and controversial Bitcoin price model.

A recent report from Fidelity Digital Assets analyzes the BTC stock-to-flow ratio, which divides the amount of a commodity in circulation by the amount mined per year.

Using the correlation between an asset’s price and its S2F ratio, the pseudonymous crypto analyst PlanB has predicted that the BTC price will soar to $1 million by 2029.

Although there is a fierce debate on whether the stock-to-flow ratio is an accurate way to forecast Bitcoin’s trajectory, Fidelity says the model is a credible tool for analyzing scarce assets.

The firm says historically, the metric is a sound way to judge whether a given commodity will become a successful store of value.

“Commodities with a stock that is difficult to double due to a low rate of production relative to existing supply have historically served as superior stores of value.

Such commodities are largely used for investment purposes, and occasionally industrial uses.

On the other hand, consumable commodities that are susceptible to large increases in supply, are less effective in storing value.

In the Bitcoin Standard, Saifedean Ammous adapted stock-to-flow to compare bitcoin to commodities used for investment and consumption and the use of the metric has since expanded and even given rise to models based on the ratio.

Gold, the most resilient store of value through the ages, has the highest stock-to-flow ratio, followed by Bitcoin (today) and silver.

Following the recent halving (May 2020), the gap between the gold and Bitcoin ratio compressed.

Bitcoin’s stock-to-flow will eclipse that of gold following the next halving (2024).”

Grayscale echoes Fidelity’s assessment that commodities with high S2F ratios are typically sought after by investors.

The investment giant looks at Bitcoin to illustrate the positive correlation between an asset’s price and its S2F ratio.

“Commodities with high stock-to-flow ratios such as Bitcoin, gold, and silver have historically been utilized as stores of value.”

However, Grayscale cautions that the S2F price model does not guarantee an increase in the asset’s value.

“While it’s true that price has followed this stock-to-flow model with high correlation, the relationship may be spurious and does not take into account the requisite demand for price appreciation.”

In other trending Bitcoin News today:

BLOOMBERG PREDICTS GOLD AT $3K, BITCOIN AT $20K IN CURRENT BULL RUN!

A bullish comment on gold by a top Bloomberg Intelligence analyst could leave Bitcoin in a similar upside spell.

“Central banks essentially printing money to spur inflation is a solid foundation for the benchmark store of value,” McGlone said.

“Gold bottomed at about $700 in 2008 and peaked near $1,900 in 2011. A similar-velocity 2.7x advance from this year’s low-close near $1,470 would approach $4,000 by 2023.”

The analyst said in its June update that the cryptocurrency could hit $20,000 by the end of this year, citing increasingly favorable fundamental and technical factors.

They included its maturity as an asset, followed by its rising futures open interest and more buy-and-hold strategy among institutional investors.

“Bitcoin ended 2019 at about $7,000, near the bottom of its range, favoring a shift toward the peak. Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the recent band,” Mr. McGlone explained.

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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 Asymmetric ReturnLast 10 years (2011-2020):– 2 years negative return (2014, 2018)– 3 years [+25% -> +100%] return (2015, 2019, 2020)

– 5 years >100% return (of which 3 yrs >1000% return!) pic.twitter.com/WFatEzbG5Z

— PlanB (@100trillionUSD) August 26, 2020

The Fed, under the leadership of Jerome Powell, continues to be #Bitcoin‘s biggest booster. On Thursday, he will deliver a speech about how the Fed will begin targeting higher inflation. 🧙‍♂️🙏🚀https://t.co/MUXB2MRTp3

— Tyler Winklevoss (@tylerwinklevoss) August 25, 2020

Bloomberg Predicts Gold at $3K, Bitcoin at $20K in Current Bull Run

https://cointelegraph.com/news/tyler-winklevoss-says-us-fed-is-the-biggest-booster-of-bitcoin-price

https://dailyhodl.com/2020/08/25/asset-giant-fidelity-analyzes-model-that-forecasts-bitcoin-rise-to-1000000/