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A new report from Bloomberg Intelligence suggests the Bitcoin price may soon approach $100,000 per BTC should historical trends continue.
The intelligence report stated, “What’s changed in about three years is sufficient to sustain more of the same for most of Bitcoin’s history – rising prices. Supply is declining while demand and adoption are rising in most countries that welcome open discourse and free-market capitalism.”
“Supply is declining while demand and adoption are rising in most countries.”
In other trending Crypto News today: ConsenSys founder and Ethereum co-founder Joseph Lubin has implied that Ether (ETH) is transitioning to “ultrasound money” status ahead of the London hard fork slated to activate around 12:30 pm UTC on Thursday.
“The second step that’s in full play right now is the democratization of the global decentralized finance system. And this step is the introduction of something that people are calling ultrasound money.”
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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:
https://bitcoinmagazine.com/business/bloomberg-intelligence-report-bullish-on-bitcoin
https://cointelegraph.com/news/ethereum-is-becoming-ultrasound-money-consensys-founder-says
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POST HALVING, BITCOIN WILL STILL SURGE TO ,000: WALL STREET BILLIONAIRE | BTC Mania in June
➡️ REPLAY – TEEKA TIWARI – 5 Coins To $5 Million: http://final5.cryptonewsalerts.net
TOP INVESTOR STILL EYES $20,000 BITCOIN PRICE
Yesterday, the infamous 2020 Bitcoin Halving finally came to pass.
Unlike optimists expected, the market didn’t pump in the wake of this event. Instead, BTC is actually down more than 15% in the past three days, having rallied as high as $10,100 on Thursday.
Yet this drop has not stopped a prominent Wall Street billionaire from predicting the Bitcoin price will rally towards $20,000 by the end of the year.
Speaking to CNBC’s “Fast Money” panel in the wake of the halving, Galaxy Digital chief executive officer Mike Novogratz held his bullish tone on the leading cryptocurrency.
He asserted that with all of the stimulus by governments, along with the record amount of liquidity operations by central banks, Bitcoin could climb towards $20,000 by the end of the year.
Along with the positive macro outlook, Novogratz noted that Paul Tudor Jones, the legendary macro hedge fund investor, entering the Bitcoin space is especially notable.
This point was not expanded on, but many in the space believe that the investor’s entrance of the space is one of the most bullish things to happen to the cryptocurrency.
The idea goes that because Jones is now in Bitcoin (and in the space publicly), other investors that were sitting on the fence are more likely to flock to buy Bitcoin now.
In other trending Bitcoin News today:
Top Analyst Predicts Bitcoin (BTC) Mania in June, Sparking Fast and Volatile Push to All-Time High
A prominent crypto strategist who accurately called the bottom after the coronavirus-induced sell-off in March says he’s long-term bullish on Bitcoin, but not before the world’s leading cryptocurrency whipsaws traders.
In a tweetstorm, pseudonymous trader Bitcoin Jack says that he expects volatility to reign for the rest of the month before Bitcoin accelerates in June.
“Key requirements in May for my thesis: decent buy pressure this week with resistance between $10,500 to $11,000, sell-off into strong support at $9,000 – $9,500 that holds. That would complete a running flat. If so, it is a recipe for an end of May / June rally.”
Should Bitcoin follow the script, the crypto analyst says BTC will begin to rise next month in a rally that ignites FOMO, mania and media attention en route to $15,000.
After the rally, Jack expects the top cryptocurrency to correct and form a base which would set the stage for a massive bull run to $20,000.
“I expect support ($9,000 – $11,000) to form by August. If my earlier thesis is correct, we should then rally towards previous ATH by Dec/Jan.”
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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:
Post Halving, Bitcoin Will Still Surge to $20,000: Wall Street Billionaire
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BITCOIN COULD SOON SEE 20% SURGE TO ,700 | BTC Pullback Accelerates, Crypto Bull Run Over?
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BITCOIN PRICE HOLDING THIS ESSENTIAL LEVEL WILL LEAD TO 20% RALLY
Bitcoin has seen quite the turn of events over the weekend; the BTC price of the leading cryptocurrency has whipsawed between $9,700 and $10,500, failing to establish a short-term trend due to an endless tug of war between buyers and sellers.
While many analysts and investors have attributed this indecisive price action to a potential topping in the Bitcoin (BTC) market, some are sure the asset is poised to continue even higher in the coming weeks, citing the fact the cryptocurrency maintained the $9,500 price point – a level that has been critical for BTC to hold over the past few months.
Prominent cryptocurrency investor George recently remarked the Bitcoin price is still on track to rally towards the $11,700 price point – around 17% higher than the current price – in the coming weeks.
He backed this forecast by posting a chart, seemingly suggesting the cryptocurrency, despite rejecting the 0.25 level of a weekly range formed in 2019, has held the $9,700 swing low and the $9,500 inflection point.
George further explained “Keep it simple, $11,700 is next. Invalidation [if there is a] clean break below $9,500.”
BITCOIN PULLBACK ACCELERATES, IS THE CRYPTO BULL RUN OVER?
The crypto correction that began over the weekend has accelerated into Monday morning as bitcoin slides back towards support.
Altcoins, which have rallied hard recently, are in deeper pain with several dumping double digits today.
Total crypto market capitalization has dumped a further $15 billion over the past 24 hours or so.
The slide has taken total cap back to $280 billion, which is still 47% higher than it was at the beginning of the year.
Bitcoin has failed to break $10k again and further losses are expected but how low will it fall this time?
Lower highs are being made on the bitcoin chart which means that the short term downtrend is accelerating.
It failed to break resistance at $10k a few hours ago and has since slumped back towards $9,700 where there is support.
If this level does not hold BTC is expected to fall back to the $9,350 region where there is further support.
If this crucial zone is broken then things could get ugly fast with a potential dump back into the low $8k region.
Analysts and traders remain optimistic however with some pointing out that the correction is not even 10% yet from a climb of 46% so far this year.
“$BTC has risen 60+% since the first of the year and everybody is now scared of a 10% drop? Really?” – CryptoFibonacci
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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:
$BTCBullish – nice 4 hr & daily close to end Sunday, bounced at key area of $9800 (HVN)Bearish – still forming lower highs/lower lows on intraday charts, CME price pullback from $10,075. less premium
Still needs to hold $9800+ on HTF or we’ll still visit $9,300 to $9,550 pic.twitter.com/G1LCcGqjF2
— Josh Rager 📈 (@Josh_Rager) February 17, 2020
I wouldn’t mind a 10-20% dip here if it means alts crash by 70%+. The malinvestments from the last bubble don’t feel finished 2+ years later.
— Jimmy Song (송재준) (@jimmysong) February 17, 2020
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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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