Bitcoin Price To Rise Above ,000 in 2020, Says Bitpay’s Singh | Elon Musk Drops BTC Bomb

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Analysis of Bitcoin price action dating back to 2011 suggests the coin price could next top out somewhere between $75,000 and $306,000, research from Kraken shows.

Based on one reading of a logarithmic growth curve that connects historical tops and bottoms, a BTC price of $75,000 would signal Bitcoin’s entry into overbought territory, marking the end of its current bull run.

“Based on previous cycles, Bitcoin could likely continue appreciating gradually in price before ultimately going parabolic and hitting resistance, which will signal the end of its fourth bull market cycle,” the report states.

Analysis of historical price retracements throws up some even bolder predictions. All things being equal, if BTC were to continue along its current growth curve and then enter a retracement similar to prior market crashes, the next bottom would be somewhere around $30,000.

Based on this proposed bottom one can attempt to make predictions about the next market peak, depending on the extent of the retracement.

Were Bitcoin to retrace 70% during the current cycle, the coin price would have to reach a peak of $102,000 in order to hit the aforementioned bottom of $30,000.

Similarly, a 90% crash would place the next top at $306,000, while an 86% drop — the average retracement of previous market cycles — would imply an upcoming market peak of $221,000. Either way, states the report, history would suggest Bitcoin remains “far and away” from a market top.

Diving into the historical data once more, the first quarter of 2021 proved to be the third-best performing quarter in Bitcoin’s 12-year existence, based on return percentage and annualized volatility.

Kraken’s research shows that March has historically been a bad month for Bitcoin, with the coin price appreciating just twice during this period since it began trading. In the past, March has, on average, underperformed February’s growth by 11%.

The report also notes that Bitcoin is now trending in a manner similar to the first quarter of 2013 — the most fruitful Q1 in the coin’s history. A correlation of 0.82 between the two is an encouraging sign and could subvert the historic trend which sees Bitcoin underperform in March.

Bitcoin recorded five consecutive months of positive returns leading up to the time of publication. That’s a sight witnessed just once before — in 2017 during the lead up to that year’s bull run and subsequent market peak.

In other trending Bitcoin News today:

Kraken CEO Reveals $1 Million Bitcoin Price Target – Here’s When It Could Happen

Kraken CEO Jesse Powell believes that Bitcoin is set to hit the seven-figure mark.

In a new interview with Bloomberg TV, Powell bets that Bitcoin’s price will grow by roughly 2,000% within the next decade and says it could eventually replace other dominant world currencies.

“So you know the people that are believers in Bitcoin say it’s going to replace all of the world’s currency, so basically whatever the market cap of the dollar is or the euro all of that combined is what bitcoin could be worth.

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 very reasonable.”

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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 went from $10K in Oct to $50K in Feb. Do you realize that if we do that same 5x in 5 months, then BTC is $250K in July 🔥

— PlanB (@100trillionUSD) March 5, 2021

BitGo has revealed that it holds $250 million in #Bitcoin on its balance sheet.

The digital asset infrastructure company has held #BTC since 2014

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) March 6, 2021

As a #Bitcoin sovereign individual the number of people I’m obligated to interact with is very small. This is an underrated luxury.

— Max Keiser (@maxkeiser) March 5, 2021

https://cointelegraph.com/news/bitcoin-s-next-top-could-be-between-75k-and-306k-kraken-research-suggests

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‘Bitcoin (BTC) may hit $20,000 any time’

Many have been expecting the Bitcoin price to go through the roof at any moment due to the recent global economic crisis caused by the COVID-19 outbreak in China’s Wuhan.

Lockdowns emerged in the majority of countries in Europe, China and the US, prompting governments to take steps to stimulate the economy via quantitative easing to support businesses and ordinary citizens.

All of that led to an oil price collapse below zero on Monday.

In these conditions, bullish expectations towards the approaching Bitcoin halving have increased.

Trader Carl Eric Martin, also known as the Moon Carl, has tweeted his rising bullish take on the prospects of the Bitcoin price in the current economic chaos that has been spreading around the world.

The situation is unpredictable for any assets now. As an example, he refers to the crude oil futures price suddenly dropping below zero.

The trader believes that with the approaching halving, Bitcoin could easily surge to $20,000 in one week.

Trader and analyst Christopher Jaszczynski seconds his forecast, emphasizing that $20,000 is a realistic price for Bitcoin to reach in the current fundamental setup.

“If i asked you 1 week ago what is most likely: Oil going into negative price in 1 week? Or Bitcoin going to $20,000 in 1 week? Everything is possible in times like these. Be prepared for anything after the Bitcoin halving in 20 days!”

Earlier, the same trader took to Twitter to share a textbook Bump and Run Reversal Bottom pattern for Bitcoin, which would allow it to hit $10,500 soon.

Gabor Gurbacs, the digital currency strategist at VanEck, has shared his growing bullish attitude towards BTC.

He says that despite the fact that a few weeks ago financial markets did not take Bitcoin seriously, under the current impact of the pandemic, fragile economy and oil price, Bitcoin seems to be making “more sense than most markets.”

“A few weeks ago financial markets kept dismissing Bitcoin as nonsense. In a short few weeks, after trillions in QE, 22 million newly unemployed, massive bailouts, UBI checks, negative treasury rates and negative oil prices, Bitcoin seems to make more sense than most markets.”

Touching on the subject of millions of people losing their jobs in the US alone, Gurbacs states that Bitcoin is capable of helping people solve this problem as well. In other trending Bitcoin news today:

THESE 4 FUNDAMENTAL SIGNS SHOW A BITCOIN BULL RALLY IS GROWING MORE LIKELY

As observed by crypto exchange ShakePay, despite “the most significant economic collapse of the 21st century,” Bitcoin hasn’t been fazed.

Per Coin Metrics, the number of active addresses on the network is reaching a multi-month high, recently surmounting the sum of 840,000 addresses.

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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:

If i asked you 1 week ago what is most likely:Oil going into negative price in 1 week?Or Bitcoin going to $20,000 in 1 week?

Everything is possible in times like these. Be prepared for anything after the #Bitcoin halving in 20 days!

— The Moon (@TheMoonCarl) April 22, 2020

OIL KEEPS FALLING!!JUNE CONTRACTS DOWN 47% and trending straight to sub $0 levels againNegative rates, negative oil, negative yield – the economy has gone mad!! Everything is inverted

Luckily we have Plan B – #Bitcoin  🙏

— Ivan on Tech (@IvanOnTech) April 21, 2020

A few weeks ago financial markets kept dismissing #Bitcoin as nonsense. In a short few weeks, after trillions in QE, 22 million newly unemployed, massive bailouts, UBI checks, negative treasury rates and negative oil prices, #Bitcoin seems to make more sense than most markets.

— Gabor Gurbacs (@gaborgurbacs) April 21, 2020

Active Bitcoin addresses are looking like a 🚀🚀🚀 this week.

Not only is the Bitcoin network growing, it’s growing amidst the most significant economic collapse of the 21st century. pic.twitter.com/PkEVVSdyqw

— Shakepay – Buy/Sell Bitcoin 🇨🇦 (@shakepay) April 21, 2020

These 4 Fundamental Signs Show a Bitcoin Bull Rally is Growing More Likely

https://u.today/bitcoin-btc-may-just-hit-20000-in-20-days-be-prepared-for-anything

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The pseudonymous analyst who goes by the name Dave the Wave predicts the Bitcoin price will hit $500,000 – eventually.

Dave, a technical trader who correctly predicted the BTC collapse from $11,600 to $6,400 last year, is reacting to Tyler and Cameron Winklevoss’ recent Bitcoin analysis.

The twin brothers and co-founders of crypto exchange Gemini say Bitcoin is undervalued as long as it trades below $500,000, citing the likelihood of hyperinflation in the US that could drive Bitcoin as a safe-haven asset.

“Good to see a reasonable price projected here by the Winklevoss brothers.”

In response, Dave shared his analysis of Bitcoin’s long-term trajectory, which tracks the cryptocurrency’s past price movements and increasingly long cycles.

His chart shows Bitcoin could reach $500,000 sometime around 2029.

“When peaks are ‘stepped’, they meet on the logarithmic growth curve. With each subsequent cycle – from base to peak – an extra year is added.”

The trader, who refers to himself as a “BTC Centrist,” also recently released a projection predicting Bitcoin would hit $100,000 sometime in early 2023.

That’s a slightly more conservative projection than the one recently released by PlanB, the controversial analyst who burst onto the scene last year after being the first to apply the stock-to-flow (S2F) ratio to Bitcoin.

PlanB’s latest S2F forecast predicts BTC will hit $100,000 even earlier, by August 2021.

The pseudonymous analyst’s newest cross-asset model, BTC S2F (S2FX), enables the valuation of different scarce assets like silver, gold and Bitcoin with a single formula.

It predicts Bitcoin will be worth $288,000 by 2024 year end.

In other trending Bitcoin News today:

BITCOIN COULD SURGE TOWARDS $20,000 BY END OF 2020: MARKET CYCLE ANALYSIS

A market cycle analysis by one crypto trader suggests that Bitcoin will hit $20,000 in the coming months, likely by the end of 2020.

The charts show that per historical market cycles, BTC is at the point of its ongoing bull market where it will begin its parabolic ascent towards its previous all-time high.

This market cycle forecast isn’t the only analysis showing that Bitcoin could hit $20,000 by the end of 2020.

This strong sentiment has been echoed by a number of market participants.

Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, commented in a research report on crypto:

“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year if it follows 2016’s trend.”

Arthur Hayes, CEO of BitMEX, has also mentioned this price target.

In an April blog post, he said that the Federal Reserve money printer and other macro trends will push the asset to its all-time high this year:

“As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien régime. My end of 2020 price target remains $20,000.”

He seemingly doubled down on this price target in a recent blog post.

“I, like many other pseudo intellectual keyboard warriors, have a massive upside price target for Bitcoin. I will get to that in the next digest. But Q4 is going to be a humdinger. The financial markets are going to whipsaw as politicians contort themselves to continue feeding at the trough.”

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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:

The road to 500K and price stability.When peaks are ‘stepped’, they meet on the logarithmic growth curve.

With each subsequent cycle – from base to peak- an extra year is added. pic.twitter.com/i4HN49UdGi

— dave the wave (@davthewave) January 5, 2019

BTC Monthly:Yesterday the month closed above the 50% Fib retracementSo what buddy!Well if past cycles are a sign and the pattern continues, the launch sequence has been initiated.1. Halving ✅2. Monthly close above 50% Fib Retracement ✅3. Bull market 🚀to 🌜

Let’s Go! pic.twitter.com/qlLRZjphD8

— Nunya Bizniz (@Pladizow) September 1, 2020

I don’t normally like making definitive #bitcoin price predictions. That being said, this is the last time you’re going to see bitcoin below $12K…until it goes back above $12K.

— Cameron Winklevoss (@winklevoss) September 2, 2020

Bitcoin Could Surge Towards $20,000 by End of 2021: Market Cycle Analysis