Bitcoin Price Indicator Shows Bearish Mood Strongest Since February | BTC News Today

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The month of January is usually bearish for the Bitcoin price but this one has bucked that trend.

It has been the best start to the year since 2012 but analysts are eyeing even greater gains in 2021.

Bitcoin blogger Sylvain Saurel has conducted an in-depth analysis into BTC price movements at the beginning of the year.

The study has been done to highlight the cyclical side of the evolution of bitcoin price with each halving as a starting point.

The research goes back to 2012 and starts the comparison there.

In the same twenty days in that year, Bitcoin (BTC) increased by a similar amount, around 23% to reach $6.50.

Who wouldn’t have wanted to load up then! By the end of the year, prices had increased by 157% to end at $13.50.

The following year, after the halving, resulted in an epic bitcoin price pump of 5800% to end 2013 over $750.

The next year was one of correction with a bear market taking prices back down again while 2015 showed signs of recovery at the end.

2016 was the year of the second halving and while January was flat, the asset gained 123% by the end of the year.

2017, the year following the halving, again saw a monumental bull run with bitcoin prices rising 1450%.

2018 as we all know was a mirror of 2014 with a huge correction and 2019 has shown signs of recovery with BTC gaining 85% over the year.

BTC PRICE PEAK IN 2021 The conclusion leads on to the finding that the evolution of Bitcoin price is cyclical with the halving as the starting point for the new cycle.

“The year following a Bitcoin halving is when the bull market for Bitcoin is at its strongest with respective price increases of +5,800% in 2013 and +1,450% in 2017.”

With that in mind, the research suggests that 2021 will be a stronger year for BTC prices than 2020.

In terms of gains, looking at previous rises 500% would not be out of the question.

At current prices, this would put bitcoin at around $17k by the end of 2020 and as high as $100k in 2021 when the big rally really takes off.

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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:

$BTC – clear range of $8500 to $8750 right now on lower time framesCurrently not trading and watching for better setups

Will also take a look at altcoins with potential to outperform Bitcoin short term pic.twitter.com/HRJoMZNaDj

— Josh Rager 📈 (@Josh_Rager) January 21, 2020

Bitcoin Just Slid Under $8,500: Price Must Hold This Level to Satisfy Bulls

Why Bitcoin Price Could Hit $100,000 in 2021?

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Goldman Sachs just wrapped up a highly anticipated investor call that focused, in part, on its outlook for Bitcoin (BTC).

The investing giant is not impressed with increasing institutional investments in cryptocurrency and says the digital assets do not “constitute a viable investment rationale.”

Goldman says BTC is not an asset class because it can’t create a cash flow, as bonds do. According to the analysts, the world’s leading cryptocurrency has a number of other factors working against it: it does not generate earnings through exposure to economic growth; it has not proved itself to be a reliable hedge against inflation; and it has been used to facilitate money laundering and purchases on the dark web.

Billionaire Bitcoin entrepreneurs and co-founders of the crypto exchange Gemini quickly responded.

Tyler Winklevoss says Goldman may not have the moral high ground when it comes to the illicit use of capital.

“Goldman Sachs: In 2019, $2.8 billion in Bitcoin was sent to currency exchanges from criminal entities. Fun Fact: Goldman Sachs facilitated $6 billion in money laundering via 1MDB scandal between 2012-13. Double standard much?”

According to a report published last year by the United Nations Office on Drugs and Crime, banks carry the torch for the money laundering industry.

Cameron Winklevoss also points to Bitcoin’s official status as a commodity, implying its researchers need to get with the times.

“Hey Goldman Sachs, 2014 just called and asked for their talking points back. Bitcoin was declared a commodity by the CFTC in 2015 in the Coinflip order…so yea it’s an asset whose price is set by supply and demand. Just like gold. Just like oil. It’s a commodity.”

The Winklevoss twins, who are strong advocates for a smart global regulatory framework for blockchain and crypto technology, did not stop there.

Here are a few additional hot takes from their ongoing tweetstorm.

“Goldman Sachs: We do not recommend bitcoin on a strategic or tactical basis for clients’ investment portfolios… Google Translate: We don’t want our clients to buy bitcoin and realize they don’t need us anymore.”

“Paul Tudor Jones isn’t waiting around for approval from the establishment to buy bitcoin. And neither should you. Do your own research, build your own conviction, avoid groupthink.”

“Goldman Sachs aka Bankers aka Wall Street still don’t get (or want to get) Bitcoin. It’s ok, because everyone else does.”

“Bitcoin does “not generate cash flow like bonds.” Because it’s not a bond. And the sky is blue.”

Goldman’s report also addresses the economy as a whole, saying global markets have hit a bottom and have not entered into a depression.

However, the firm’s analysts say “significant uncertainty” on the path to recovery remain, centered on the question of whether people who have been laid off will be able to get their jobs back.

In other trending Bitcoin News today:

Crucial Fundamental Data Shows Bitcoin Will Break Out of $10,500

Resistance Analyst Nunya Bizniz recently noted that Bitcoin is currently trading below a crucial resistance level at $9,200.

The technical level he indicated marked three previous highs, one in July, one in August, and one in February of this year.

“The VWAP anchored to June 26th high has been formidable resistance. Flirting with it again. Note: All breaks above the AVWAP have always resulted in lower highs. A close above $9,944 would change that,” the analyst commented.

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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:

Goldman Sachs: In 2019, $2.8 billion in Bitcoin was sent to currency exchanges from criminal entities.Fun Fact: Goldman Sachs facilitated $6 billion in money laundering via 1MDB scandal between 2012-13.

Double standard much?

— Tyler Winklevoss (@tylerwinklevoss) May 27, 2020

Goldman Sachs is a large organization with many different divisions. The Wealth Management division’s opinion on Bitcoin & Crypto doesn’t necessarily reflect the company’s view pic.twitter.com/PpmYrRLkAy

— Ethan Vera (@ethan_vera) May 27, 2020

Crucial Fundamental Data Shows Bitcoin Will Break Out of $10,500 Resistance

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Kraken Head of Business Dan Held explains why he believes the Bitcoin (BTC) price could reach $1,000,000.

Dan Held has been involved in crypto since 2013. In his latest interview with Cointelegraph, he dives into the early crypto meetups in San Francisco’s Mission District and explains how the price of one BTC could eventually reach a million dollars.

Bitcoin will become “very boring” Bitcoin is famous for its volatility, but Held thinks that won’t always be the case.

He believes Bitcoin to be digital gold. With that thesis comes the expectation that there will be immense growth in the asset’s market capitalization. 

“Bitcoin in its final stages decades from now will be something very boring. Like our grandkids will go, ‘Grandpa, Grandma, I only hear about Bitcoin. Everyone’s got Bitcoin.’ It’s like, who cares? Like it’s a boring investment. It’s like holding cash.”

Held predicts Bitcoin to hold from $5 trillion to $100 trillion dollars of value in its “final stages.”

This would result in a transformation from a highly volatile asset to a “very boring” currency. Held’s belief in Bitcoin is unshakeable.

He’s seen his net worth go up and drop 80% three times. And yet, 90% of his current net worth remains in Bitcoin.

His unwillingness to diversify his portfolio comes from a staunch belief that blockchain technology is only useful for Bitcoin.

“Satoshi purposely built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many tradeoffs to build Bitcoin that it is basically ineffective for almost anything else.”

Under this line of thought, which he calls “Bitcoin minimalism” to spite Vitalik Buterin, he doesn’t see a reason for altcoins to exist.

To Held, altcoins are just experiments that have yet to prove blockchain is useful for anything but Bitcoin.

In other trending Bitcoin News today:

Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021

The Bitcoin Stock to Flow (S2F) model created by the pseudonymous analyst “PlanB” has been a controversial subject over the past year.

A majority of cryptocurrency investors on Twitter seemingly believe in the model, though it’s increasingly come under fire.

Debate about PlanB’s work has come to a head over the past few days as prominent commentators have chimed in.

The model predicts that after 2020’s block reward halving, BTC will rise to a market capitalization of $1 trillion.

That corresponds with approximately $55,000 per coin. It has since been updated with a new regression formula that suggests Bitcoin will reach $100,000 in 2020 or 2021.

PlanB’s updated iteration of the model has a high R squared value of ~95% and is purportedly “cointegrated” with BTC’s price.

Statistics lingo aside, the S2F model’s proponents say that this is a confirmation that the model has credence.

“Why are people dunking on the s2f model just a few difficulty adjustments past the halving? The prediction was that BTC will be $100k before the end of 2021. Declaring victory now is like declaring victory 5 minutes into the game.” – Jimmy Song

“So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers. S2F is a valid and vital analysis of Bitcoin price that provides excellent insight into the market.” – Max Keiser

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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:

In this interview I debunk these arguments:– “S2F is invalid because it doesn’t work for altcoins”

– “Scarcity doesn’t give something value. I own a pair of socks my grandma made of which only 1 pair exists in the world. How valuable does that make them?”https://t.co/YS1pQiVsBs

— PlanB 🔴 (@100trillionUSD) July 3, 2020

Why are people dunking on the s2f model just a few difficulty adjustments past the halving?The prediction was that BTC will be $100k before the end of 2021.

Declaring victory now is like declaring victory 5 minutes into the game.

— Jimmy Song (송재준) (@jimmysong) July 2, 2020

So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers.

S2F is a valid and vital analysis of #Bitcoin price that provides excellent insight into the market. https://t.co/diqJfThIg3

— Max Keiser (@maxkeiser) July 3, 2020

Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021

https://cointelegraph.com/news/krakens-head-of-business-bitcoin-could-go-to-1-000-000