BITCOIN REMAINS BULLISH DESPITE RECENT PULLBACK SAYS TOP ANALYST!! 4 CRYPTO ASSETS TO WATCH OUT FOR!

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Venture capitalist and Bitcoin billionaire Chamath Palihapitiya says BTC will drive financial accessibility to billions of people – if the global financial system crumbles.

The Social Capital CEO and former Facebook executive is one of the largest known Bitcoin HODL’ers that holds 1,000,000 Bitcoins.

In a new interview on CNBC’s Squawk Box with Joe Kernen, Palihapitiya explains what he believes it will take for Bitcoin’s price and adoption to reach meteoric heights.

“The last few million coins of Bitcoin are obviously going to cost more energy than the first 18 million. But in the grand scheme of things, again, this is something in Bitcoin parlance people say ‘Hodl’. You buy it, you hold it, you put it away.”

But Palihapitiya adds that this is a situation no one should want to happen.

“And honestly, I think you hope that you never need it because the amount of actual chaos that will drive bitcoin appreciation is not something you actually really want to see.”

On the other hand, Palihapitiya remains optimistic about the changes Bitcoin could make on the financial infrastructure.

“Now that being said, if it does happen, I think it will create an enormous power redistribution and it will push power, it will push financial accessibility to the edges, to billions and billions of people. And in that there is something to be really proud and excited about.”

Palihapitiya also says inflation will continue regardless of who wins the election in November.

“The most dominant factor that I see is the combination of Treasury and the Federal Reserve. They have printed so much money that the likelihood is we are going to continue to see asset price inflation independent of who is in the White House.”

Virgin Galactic Chairman Chamath Palihapitiya has shared his bitcoin investment strategy, predicting that bitcoin’s price could reach a million dollars.

He further suggested that everybody should have 1% of their assets in bitcoin since it is “a fantastic hedge.”

“In 2013, I bought a lot and at one point I think I had almost 5% of all the bitcoins. My basis is about 80 bucks a coin. I’ve never bought more.”

He then shared his Bitcoin prediction of how high he thinks the btc price could be over the next 10 years.

“It is a 10-year trajectory,” he began. “I’ve always thought of bitcoin as a very binary investment, whether it goes from 80 to 8,000 to 6,000 to 3,000 to 13,000, it doesn’t matter.”

Noting that bitcoin’s price will be “either zero or it’s millions,” Palihapitiya asserted:

“What it will do is it will create a quasi gold standard. It’ll create an index, except instead of having to own gold where gold is owned by central banks, it is an instrument that has value that’s determined in between its participants, and it’s owned by everybody.”

In other trending Bitcoin News today:

Bitcoin Forms Rare Bullish Crossover Not Seen Since 2014 – Here’s Why Analysts Are Preparing for a Big Move

Despite the uncertainty surrounding Bitcoin, the number one cryptocurrency just flashed a bullish signal that has not been seen in six years.

Crypto analyst Eric Thies is highlighting a trend indicator known as the KDJ, which has made a bullish cross on the six-month timeframe for the first time since 2014.

“BTCUSD Notes on this crazy high TF but I’ll gladly give hopium when I see it 6M KDJ crossed bullish when it closed in July, confirming an unmistakably bullish 6M hammer at the same time. Last time KDJ crossed bull was 2014 with a $200 BTC low. Last cross bear at $17k high.”

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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 most dominant factor that I see is the combination of Treasury and the Federal Reserve,” says @Chamath. “They have printed so much money that the likelihood is we are going to continue to see asset price inflation independent of who is in the White House.” pic.twitter.com/315RlmEKPZ

— Squawk Box (@SquawkCNBC) October 6, 2020

https://news.bitcoin.com/chamath-palihapitiya-bitcoin/

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Bloomberg Intelligence commodity strategist Mike McGlone says the Bitcoin price could be en route to $100,000, but BTC investors will have to wait.

In a new edition of the Bloomberg Crypto Outlook, McGlone says that Bitcoin is on track to breach key resistance at $14,000 as indicators show that investors are flocking into the number one cryptocurrency.

“Our chart depicts the market cap of the Grayscale Bitcoin Trust (GBTC) approaching Bitcoin equivalent holdings of 500,000. A year ago, this direct indicator of investor demand held less than half that amount. Inflows in GBTC, the largest exchange traded product, absorbed about 70% of new Bitcoin supply in 3Q, we calculate.

Also featured in our graphic is the 30-day average of Bitcoin active addresses from Coinmetrics. This strong price companion points to the crypto closer to $15,000 vs. about $10,500 on Oct. 2. Addresses plunged with prices in 2018 and were a leading indicator of the Bitcoin recovery in 2019.”

McGlone also highlights Bitcoin’s unique property in that price does not influence supply, which leaves adoption as the number one metric to measure value.

According to McGlone, Bitcoin’s valuation will rise on the back of rising adoption rates, and BTC’s historical price history suggests $100,000 could happen by 2025.

“Still in hangover mode from the 2017 rally, we don’t know what specific catalyst might launch Bitcoin to new highs, but demand vs. supply metrics remain price-positive. If the crypto echoes its past gains, with some maturation, about double the time period it took to add a zero to $1,000 could get its price to $100,000 in 2025.”

In addition, the Bloomberg Intelligence strategist says that the current macroeconomic landscape should serve as a tailwind for Bitcoin’s ascent.

“In an unparalleled macroeconomic backdrop of rapidly increasing fiscal and monetary stimulus, limited supply stores of value such as gold and Bitcoin stand to prevail, in our view. This should be true when traditional asset classes – stocks and bonds – are overextended.”

In other trending Bitcoin News today:

Bitcoin Pioneer Adam Back Predicts $50,000 BTC Price By 2022 Or Sooner

Bitcoin (BTC) hitting a $1 trillion market cap by 2025 is “conservative,” and those levels should hit in less than two years.

That was according to Blockstream CEO Adam Back, who delivered a fresh bullish BTC price outlook on Monday.

Back was responding to a report by Yassine Elmandjra, a crypto-asset analyst at investment advisor Ark, who in September forecast a Bitcoin market cap of $1 trillion to $5 trillion by 2030 at the latest.

Ark is well known for its enthusiastic price forecasts for Tesla stock, which saw an almost unbelievable rise in 2020.

“Conservative. I’d say bitcoin likely sees $1 trillion market cap within 2 years, probably sooner. $1 trillion is about BTC $50k,” he said.

As of October, Bitcoin’s market cap is just over $198 billion.

For Back’s prognosis to come true, the market would need to see a 400% increase by 2022.

For reference, at the start of October two years ago in 2018, the figure stood at $114 billion.

BTC/USD traded at $6,600, two months before the pit of its bear market which bottomed out at $3,100.

Further responses to Ark included on-chain data resource Ecoinometrics, which highlighted a $2 trillion Bitcoin market cap as equal to that of Apple.

BTC/USD would trade at $100,000 under such circumstances, while to equal gold, the pair would need to reach $500,000.

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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:

For context a $2 trillion market cap for #Bitcoin would put one BTC at $100,000.That’s also the same market cap as Apple.To reach the market cap of gold, one BTC would be worth about $500,000.

There is plenty of upside to come. pic.twitter.com/L1yDnaCWdg

— ecoinometrics (@ecoinometrics) October 5, 2020

https://assets.bbhub.io/professional/sites/10/Bloomberg-Indices-Outlook_Cryptos_Oct-2020.pdf

https://dailyhodl.com/2020/10/06/top-commodity-strategist-says-bitcoin-aiming-for-100000-but-it-wont-happen-anytime-soon/

https://cointelegraph.com/news/bitcoin-pioneer-predicts-1t-btc-market-cap-by-2022-or-sooner

https://cointelegraph.com/news/bitcoin-whale-clusters-pinpoint-critical-levels-btc-must-hold-to-rally

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Economist and former Goldman Sachs hedge fund manager Raoul Pal says unprecedented global economic downturns could help underpin Bitcoin as the world’s reserve currency.

And what might that do for the Bitcoin price? Pal says he believes BTC could skyrocket all the way to $1 million before the next halving, which will occur in about four years.

Due to the devastation Covid-19 has caused the global economy, Pal says there’s a high probability that a new financial system will emerge that relies on digital currencies in multiple formats.

Pal, the founder and CEO of the Global Macro Investor, believes the market is betting on the Covid-19 recession/depression to last six months.

He thinks, however, that it’s more likely to last three years.

“It’s not clear how long it will take, but if this is a recession or depression, which I think it may well end up morphing into, and it drags on three years, I think three years would be the time horizon where they’re gonna have to do something, because I fear that the dollar is going to rise dramatically over this period of time, and basically that’s a wrecking ball to the global economy, the U.S. economy, and creating deflation as we go and a whole bunch of other problems.” 

That global economic crisis could, however, correspond with a Bitcoin explosion. When utilizing a log price scale to get a long-term outlook, Pal says the BTC price is on a path toward $1 million.

“When you look at the chart in a log scale, it looks also very extraordinary, because what’s useful about these kind of triangle patterns – I call them wedges – is that usually the size of the pole of the flag is repeated again. Now, if you did that using the log chart, it would take you to $1 million in this halving. Is that possible? Who the hell knows. I think it is. But it wouldn’t match the stock-to-flow model which says it might spike to [$250,000] or something like that.”

In other trending Bitcoin News today:

Bitcoin Climbs Past $9.5K as Analysts Stress ‘Decoupling’ From Stocks

A fresh surge sees BTC/USD well on its way back to $10,000 as the impact of its weekend crash continues to dissipate.

Bitcoin (BTC) rose to reclaim $9,500 on May 14 as the recovery from last weekend’s $1,200 crash gained fresh momentum.

Bitcoin’s futures this week contrast it even further with traditional markets and macro assets.

This stock “decoupling,” which Cointelegraph reported on previously, shows no signs of abating. 

As Cointelegraph analyst Scott Melker wryly summarized on Twitter:

“Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. They’re not correlated now, and they weren’t correlated before. Thanks.”

For fellow analyst Michaël van de Poppe, paying too much attention to correlating markets in times of crisis and afterward was a dangerous game.

“When shit hits the fan (which was in March), all correlations tend to go towards 1,” he tweeted on Thursday: 

“Since then, gold, silver & Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets. Don’t pin yourself on those correlations.”

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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:

When shit hits the van (which was in March), all correlations tend to go towards 1.

Sinc then, gold, silver & #Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets.

Don’t pin yourself on those correlations.$BTC

— Crypto Michaël (@CryptoMichNL) May 14, 2020

Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. They’re not correlated now, and they weren’t correlated before.

Thanks.

— The Wolf Of All Streets (@scottmelker) May 14, 2020

https://cointelegraph.com/news/bitcoin-climbs-past-95k-as-analysts-stress-decoupling-from-stocks