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Veteran trader Tone Vays says Bitcoin is now in the process of targeting $100,000 per BTC within the coming months.
Vays says he sees Bitcoin threatening to take out its all-time highs potentially early next month before making a parabolic move into the six-figure price range by the time 2022 rolls around. He posits that BTC could explode in October the same way it did in 2013.
“Just like before, in early October or mid-October, I expect us to start challenging the prior all-time highs and then a huge run-up at the end of the year. Like mid-October into late December, I’m expecting us to go from that $65,000 all the way to $100,000. That is still my target.”
In other trending Bitcoin News today: El Salvador Now Owns 700 Bitcoin As President Bukele Buys BTC Price Dip!
El Salvador’s President Nayib Bukele confirmed via Twitter Monday that the Latin American nation has bought the “Bitcoin price dip,” exchanging dollars for Bitcoin at a time he believes it remains undervalued by the global market.
The price of Bitcoin was around $45,700 dollars at the time of Bukele’s tweet announcing the purchase, down from highs near $50,000 earlier in the week.
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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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THE AVERAGE BITCOIN TRANSACTION VALUE IS NOW WORTH 1K!! PAYPAL TO OFFER BTC AND CRYPTO PAYMENTS!!
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The average value of Bitcoin transactions has increased dramatically since July this year.
The average BTC transaction value was sitting at approximately $25,000 per transaction four months ago, but posted a yearly high on Oct 20 at $151,000 per transfer — representing an increase of more than 500%.
The latest spike, as shown by crypto analytics platform BitInfoCharts’ data, saw the average value of a transaction increase almost $50,000, up from $105,000, in the last 48 hours.
This surge in transaction value comes shortly after Bitcoin’s trading dominance rose to levels not seen since 2017.
The $151,000 average value is 190 times more than Ethereum’s average transaction value of $793, suggesting a significantly greater institutional presence in the Bitcoin markets.
However, the number of daily Ethereum transactions increased by 30% amid the DeFi boom in August, reaching a 2-year high of 1.29 million on Aug 10.
Over the same period, Bitcoin transactions consistently hovered between 300k and 350k, suggesting the Ethereum ecosystem was the primary magnet for new crypto users.
The number of Bitcoin active addresses also showed no significant changes, fluctuating between 650k and 970K over the last 4 months.
Accumulation figures show that institutional investors are starting to take notice as large investment firms, like Grayscale and Microstrategy, increased their accumulation of large amounts of Bitcoin and other cryptocurrencies over the last few months.
By the end of September, Grayscale controlled at least 449,900 BTC or 2.4% of the current supply of Bitcoin, and Microstrategy owned 38,250 BTC.
Two weeks later, Jack Dorsey’s Square purchased 4,709 BTC (approximately $50 million) in Bitcoin.
In other trending Bitcoin News today:
“PayPal To Offer Crypto Payments Starting In 2021”
PayPal announced on Wednesday its entry into the cryptocurrency market, according to multiple reports.
PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021, the company said.
The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay.
This means that the merchants will be receiving fiat, as PayPal will take care of the conversion.
The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said.
The payments giant partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as the BitLicense.
In addition to cryptocurrency payments, PayPal users will also be able to purchase crypto directly through the app.
PayPal will thus feature a cryptocurrency wallet, letting users buy, sell and hold crypto via the PayPal apps.
PayPal is one of the largest global payment providers, with 346 million active accounts and $222 billion in volume processed in Q2 2020.
It was one of the initial founding members of the Libra association, though it subsequently dropped out after regulatory pressure mounted for the project.
Rumors of a planned crypto integration surfaced earlier this year.
The company is nevertheless often criticized in crypto circles due to perceived unfair practices and the amount of control it has within its own network.
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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:
Finally!PayPal joins the bitcoin space race.+ 346 million users+ 26 million merchants + 20th largest “bank” by deposits
Between them, Square, and Grayscale, it’s safe to assume that all remaining BTC will be hoovered up by public companies. https://t.co/d3oEk0LLgv
— Ryan Selkis (@twobitidiot) October 21, 2020
https://cointelegraph.com/news/bitcoin-average-transaction-value-increases-500-since-july
https://cointelegraph.com/news/paypal-to-offer-crypto-payments-starting-in-2021
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BITCOIN PRICE HITTING 5K THIS BULL CYCLE IS ‘COMMON SENSE’ – Willy Woo | BTC Reclaims ,000
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The Bitcoin price is heading to at least $100,000 during the bull cycle which has already begun, one of the industry’s best-known analysts has confirmed.
Speaking to RT financial news show the Keiser Report on March 3, Willy Woo described the BTC price hitting $135,000 as a “common-sense prediction.”
Woo to Keiser: BTC could soon clinch $250K
Woo highlighted the cumulative average Bitcoin (BTC) price as a particularly effective metric for forecasting future gains.
“You go could 35 times the cumulative average of the price — and that’s actually picked every single top in the ten-year history of Bitcoin — right now that’s sitting above $50,000, but it keeps climbing the longer it runs for,” he told host Max Keiser.
Explaining that Bitcoin ebbed and flowed in line with the four-year cycles of its block reward halvings, Woo likened new highs in BTC/USD to water “sloshing” in a bathtub.
“If you make a best guess, it’s above $100,000; I think one of the more common-sense predictions would be around $135,000 based on the timing cycleture and the 35x of average cap,” he continued.
“I’m looking at around the $100,000 to $250,000 range depending on how long this bull market runs.”
In other Crypto news today:
India’s Supreme Court (Effectively) Unbans Bitcoin & Crypto Per excerpts of the Bloomberg article shared by Three Arrows Capital’s Su Zhu, judges today ruled that the Reserve Bank of India was wrong in banning banks from offering services to those that dabble in cryptocurrency.
Commenting on this decision, Joe McCann, a prominent cryptocurrency analyst and an AI/cloud specialist at Microsoft said in a message published to his Telegram channel:
“If true, India is nearly as big as China. That would open up a potentially large market for Bitcoin buyers…”
Indeed, prior to the restrictions placed on the cryptocurrency industry, India was a hotbed for innovation regarding this industry.
Thus, a de-escalation of said restrictions by the regulators could revive Bitcoin investment and the level of technological developments for other projects.
NewsBTC’s very own Joseph Young said that this “will be the biggest news of the year,” likely referencing the abovementioned sentiment.
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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’s hash rate has hit another all-time high.This has happened in the face of a potential pandemic, absolute chaos in the public markets, and helicopter money being distributed in Hong Kong.
Bitcoin doesn’t care about anything other than doing what it was built to do. pic.twitter.com/q5VF2AFn0D
— Pomp 🌪 (@APompliano) March 3, 2020
India’s Supreme Court Just Made an Extremely Bullish Ruling For Bitcoin
https://cointelegraph.com/news/bitcoin-hash-rate-passes-record-150-quintillion-as-price-reclaims-9k
https://cointelegraph.com/news/bitcoin-hitting-135k-this-bull-cycle-is-common-sense-willy-woo
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Bitcoin in Midst of Powerful Breakout: How Far Will BTC Price Go Past ,000?! | Crypto News Today
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After an 11% drop last week, Bitcoin (BTC) started to mount an extremely strong recovery on Sunday and Monday.
Just earlier today, the the BTC price reached a local high of $9,150, trading 5% higher on the day.
Per Raoul Pal, a former Goldman Sachs executive, this move has allowed the Bitcoin price to break out of “an inverse head and shoulders formation (with a very weak right shoulder, which makes it often more powerful.”
This move has also notably brought Bitcoin above the key 200-day simple moving average.
While the price has yet to close above this key technical level, sitting around $9,000, this specific moving average has long been seen as analysts as an indicator of an asset’s long-term directionality.
With these bullish factors in mind, where do analysts say the leading cryptocurrency can go next?
Unsurprisingly, this latest boost higher has analysts convinced that the market is ready to see even more gains.
Eerily accurate trader Filb Filb in a recent edition of his Decentrader newsletter wrote:
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”
As to why $12,500 makes sense, he noted that that is the “top target” for a bullish inverse head and shoulders chart that is forming on a medium-term basis for Bitcoin.
BITCOIN VS CORONAVIRUS: IS BTC TRADING LIKE STOCKS OR GOLD?
Bitcoin markets have reacted with increased volatility to the news of the spreading coronavirus in China.
The last few days may reveal patterns about BTC trading in relation to risk.
BITCOIN SHOWS NEW TRADING PATTERNS ON RISK EVENTS
BTC (Bitcoin) showed behavior that may reveal new patterns of trading in relation to stocks.
The coronavirus epidemic and subsequent lockdowns in China, coinciding with the Chinese New Year celebrations, caused a slump in Chinese and international stocks.
But Bitcoin prices showed a different pattern in relation to the movements of stocks, with waves of activity both coinciding with the overall slide in assets, but also rallies that suggest BTC is also a risk-averse asset.
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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:
Some sold at $1 because they thought $10 was impossibleSome sold at $10 because they thought $100 was impossibleSome sold at $100 because they thought $1,000 was impossibleSome sold at $1,000 because they thought $10,000 was impossible
Some will also sell at $10,000…
— Crypto₿ull (@CryptoBull) January 28, 2020
16/ So how about returns?
Correlations of returns between bitcoin & risk assets have historically been unstable and hovered around zero. This changed somewhat in 2019. Correlations since Jan/1/2019 are -0.14 with the S&P 500 and +0.19 with gold. pic.twitter.com/LvBFAPM8Df
— Alex Krüger (@krugermacro) January 28, 2020
$BTC Good looking candle on the monthly chart, looks like it wants to overtake the Nov. openIt would be extra bullish if this month closed above $9250
Price would likely look to push up over $10k and re-test the POC of the June to Sept ’19 pic.twitter.com/Hxl5yZys7Y
— Josh Rager 📈 (@Josh_Rager) January 28, 2020
Bitcoin in Midst of Powerful Breakout: How Far Will Prices Go Past $10,000?
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