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Despite a fall this year of around 40%, many Bitcoin price metrics are still overwhelmingly bullish. The number of addresses holding over 1,000 coins, and the number of Bitcoin millionaires have both increased this year alongside network health indicators such as hash rate. The number of BTC addresses holding more than a thousand coins has hit a high of over 2,000 this month.
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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.
News Resources From Today’s Show:
Bitcoin Millionaires, BTC Addresses Holding 1000+ Coins On The Rise
Here’s the chart for the number of Bitcoin Millionaires over time*, around 12,000 right now.There’s 36m Millionaires on this planet, it’s still early days if you believe BTC will be the new currency.*gross approximation, uses balance in unique addresses
Data by @coinmetrics pic.twitter.com/MMD3J4BETE
— Willy Woo (@woonomic) October 11, 2019
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BITCOIN PRICE TARGET OF $1 MILLION IS ‘PRETTY REASONABLE’ WITHIN THE NEXT 10 YEARS SAYS KRAKEN CEO!!
💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Bitcoin (BTC) will be worth “infinity” and humanity will soon give up pricing it in U.S. dollars, says the CEO of cryptocurrency exchange Kraken.
Speaking to Bloomberg on March 4, Jesse Powell was characteristically bullish on Bitcoin as BTC/USD broke above $50,000.
“Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity,” he told Bloomberg TV about future price trajectory.
“This national currency’s only fifty years old, it’s already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in Bitcoin.”
Powell was commenting as the USD weakened alongside a macro market sell-off on Wednesday, an event which had next to no impact on Bitcoin. At the same time, the U.S. national debt quietly passed $28 trillion for the first time in history.
Despite a rejection of $50,000 support, Bitcoin bulls thus remained more than optimistic.
“The people that are believers in Bitcoin see… it’s going to replace all of the world’s currency, so that basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth,” Powell continued.
“I think in the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is pretty reasonable.”
As Cointelegraph noted, Bitcoin closed February 26% above its target dictated by the stock-to-flow-based price models, with creator PlanB still confident that $100,000 will hit at some time this year.
Meanwhile, the gold eclipse argument has been steadily gaining support on social media in particular, often at the expense of gold bugs, who are left with increasingly little ammunition to defend their anti-Bitcoin stance.
As Cointelegraph reported, it was billionaire and former Bitcoin skeptic Mark Cuban who this week took SchiffGold.com CEO Peter Schiff to task over his love of the precious metal. Gold, he told Schiff, “is dead.”
“Bitcoin has been crushing gold since inception,” Kraken growth lead Dan Held added in response to claims by Schiff that a bet against gold was a losing one.
In other trending Bitcoin News today:
Bitcoin Price Charts Hint At Another Drop After Failing to Break $52K
Bitcoin (BTC) has halted its bull run in the past few weeks as the price has corrected from an all-time high of $58,000 to around $43,000.
Several arguments were found for the pullback, including a sell-off from miners and whales. The other primary reason for the correction is the sudden surge of yields across the world.
The 2-hour chart for Bitcoin shows a clear downtrend since the peak high in February at $58,000. Since then, bearish support/resistance flips have been happening suggesting further weakness in the near term.
This bearish support/resistance flip has happened at the $55,000 and $52,000 levels, with the latter serving as the current major area of resistance.
In recent days, Bitcoin’s price tried to break through this resistance zone but failed to do so. After such a failed breakout, retesting the levels below seems inevitable.
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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:
America’s super entrepreneurial class is waking up to #Bitcoin This is the best chance 🇺🇸 has to reclaim world economic leadership in 2021
China has a head start, but their power structure is too centralized pic.twitter.com/T0bgixxvCV
— Max Keiser (@maxkeiser) March 3, 2021
Grayscale #Bitcoin Trust Discount May Signal March to $100,000 – Bitcoin’s end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is. pic.twitter.com/qj6hfTvH8K
— Mike McGlone (@mikemcglone11) March 4, 2021
https://cointelegraph.com/news/bitcoin-price-is-going-to-infinity-kraken-ceo
https://cointelegraph.com/news/bitcoin-price-charts-hint-at-another-drop-after-failing-to-break-52k
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Bitcoin Halving Will be ‘Make or Break’ for Stock-to-Flow Model: PlanB | K BTC Price End of 2020
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The creator of the stock-to-flow (S2F) Bitcoin (BTC) price model says that the upcoming block reward Bitcoin halving will decide if it lives or dies.
In a series of tweets on April 16, PlanB said that he is sticking by the Bitcoin price increasing by “an order of magnitude” in the two years after the May halving.
“IMO bitcoin 2020 halving will be like 2012 & 2016. As per S2F model I expect 10x price (order of magnitude, not precise) 1-2 yrs after the halving. Halving will be make-or-break for S2F model. I hope this halving will teach us more about underlying fundamentals & network effects”
Stock-to-flow measures the issuance of new Bitcoins each block against Bitcoin’s existing supply, a method which has proven highly accurate in charting price performance.
According to the model’s latest incarnation, BTC/USD should hit $30,000 by the end of 2020.
Continuing, PlanB responded to queries regarding Bitcoin’s correlation to traditional markets.
A key concern among many traders is that a repeat of March could still occur, BTC/USD shedding 60% in a day as stocks crashed.
Highlighting the Dow Jones, PlanB argued that current correlation was the result of the broader coronavirus crisis, and was not a permanent feature for Bitcoin:
“During crisis everything is correlated. What’s next is what’s interesting. They will not be correlated forever (in my opinion).”
Promising to throw out the stock-to-flow model altogether if it fails to deliver as planned, he added that he nonetheless was not nervous about such a scenario occurring.
Recently, some well-known cryptocurrency figures have criticized the concept, arguing it is simply too optimistic and has created a “cult” which reinforces its prognosis.
As Cointelegraph reported, they include Ethereum co-founder Vitalik Buterin and a Bitcoin whale known as J0E007.
“To be clear: I expect S2F-price relationship to hold,” PlanB confirmed.
Here’s Why Bitcoin Rallying 15% to $8,000 Is Just a Matter of Time
Ever since the $3,700 bottom, Bitcoin has mounted an impressive comeback, rallying as high as $7,500 last week as global markets have also seen a similar recovery to pre-crash levels.
But the rally might not be done yet. Crypto trader LightCrypto, or just Light, recently remarked that it “feels like $8,000 is at hand,” referencing his sentiment that the cryptocurrency could soon rally just under 15% from current levels to $8,000.
As to why this is the case, he remarked that with the potential of new buyers “absorbing profit-taking [by longs] and miner selling,” there’s a good chance $7,000 will be “accepted,” which could result in another strong leg to the upside.
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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:
IMO #bitcoin 2020 halving will be like 2012 & 2016. As per S2F model I expect 10x price (order of magnitude, not precise) 1-2 yrs after the halving. Halving will be make-or-break for S2F model. I hope this halving will teach us more about underlying fundamentals & network effects pic.twitter.com/kiTdN0n3Lu
— PlanB (@100trillionUSD) April 16, 2020
Acceptance of this price level comes from new buyers absorbing profit-taking and miner selling. After 1 month of consolidation, it seems that tension will be resolved shortly, with enough kindling built up for a strong leg.
Feels like $8,000 is at hand. pic.twitter.com/xHCAIgtVU1
— light (@LightCrypto) April 16, 2020
Here’s Why Bitcoin Rallying 15% to $8,000 Is Just a Matter of Time
https://cointelegraph.com/news/bitcoin-halving-will-be-make-or-break-for-stock-to-flow-model-planb
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BITCOIN IS GEARING UP FOR $260K CYCLE PEAK IN DECEMBER!! PLAN B CLARIFIES NOVEMBER BTC PREDICTION!!
💰 Get FREE $100 In Bitcoin When You Open Tax-Free IRA Crypto Account With iTrust Capital: http://itrust.cryptonewsalerts.net
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.
Also stock-to-flow model creator Plan B clarifies his $98K November BTC price prediction sharing the following:
“To 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.”
In other trending Bitcoin News today: LA Lakers’ Home Staples Center Renamed to CryptoCom Arena in a $700M Deal!
“We are very excited about partnering
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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 (BTC) Is Gearing Up for Rally to $90,000 as It Hovers Around Its All-Time High
https://cryptopotato.com/la-lakers-home-staples-center-renamed-to-cryptocom-arena-in-a-700m-deal
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