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Bitcoin has not died for the 500th time, but market fear could easily convince you otherwise as analysts predict a slow return to higher levels.
BTC starts a new week with traders still digesting the impact of the last â a major price drop that at one point saw $41,900.
A modest recovery is now competing with some formidable resistance, the first of which is $50,000.
In other trending Bitcoin News today: Top Crypto Analyst Says Ethereum Rival Primed for Price Explosion, With ETH Itself Set for Monster Rally!
The pseudonymous trader known in the industry as Smart Contracter tells his 195,500 Twitter followers that Ethereum is primed for a monster rally against Bitcoin (ETH/BTC) after the pair broke out from a large bullish continuation pattern.
âETH/BTC breaking out of a multimonth reaccumulation on a marketwide dump seems pretty bullish for alts in my opinion. 0.1 BTC ($4,885) and then 0.14 BTC ($6,839) will come sooner than people think. Imagine thinking this is a bear market.â
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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://cointelegraph.com/news/virtual-land-in-the-metaverse-dominated-nft-sales-over-past-week
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APPLE SET TO ANNOUNCE $2.5 BILLION BITCOIN PURCHASE ON MONDAY?!! OPTIONS TRADERS AIM FOR $100K BTC!!
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Did Tech Giant Apple Purchase $2.5 Billion in Bitcoin?!! Well according to rumors floating around Crypto Twitter, Apple is set to make a huge announcement on Monday that they acquired $2.5 Billion Dollars in BTC.
Cryptocurrency influencer Crypto Cobain shared the following tweet to his 400,000+ Twitter followers:Â
âAPPLE SET TO ANNOUNCE $2.5B PURCHASE OF BITCOIN ON MONDAY â AG REPORTS VIA CMSâ
In other trending Bitcoin News today: âOptions Traders Aim For $100K Bitcoin Price By The End Of 2021!â
$100,000 is still in play according to options markets according to the Black & Scholes model, the current $1,185 price for the $100,000 call option has a 13% mathematical probability. It is worth noting that this methodology considers the price exclusively on Dec. 31 at 8:00 am ET and does not count the $99,999 price as a success.
Despite this, there is strong evidence that professional traders are still valuing the year-end $100,000 options. It might seem far-fetched right now, but Bitcoinâs volatility opens room for surprise, especially considering that thereâs still half a year ahead.
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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://cointelegraph.com/news/paraguayan-lawmakers-to-present-bitcoin-bill-on-july-14
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BITCOIN RISE TO 0K IS INEVITABLE, REAL BTC ADOPTION âHASNâT EVEN STARTEDâ SAYS WINKLEVOSS TWINS!!
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Gemini crypto exchange founders Tyler and Cameron Winklevoss said that the Bitcoin price will eventually hit $500,000 per BTC during a recent interview with podcast host Peter McCormack.
âThe question in our mind is not so much does it get to $500,000, but how quickly,â Tyler told McCormack during the Oct. 23 podcast episode.
His thesis takes the market cap of gold and theoretical central bank allocation into consideration.Â
âI would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasnât even really started,â Cameron noted.
MicroStrategy and others buying significant amounts of Bitcoin for their treasury reserves seems to indicate that the market is beginning to shift.
âWhat if every Fortune 100 or 500 company does that, what if central banks start doing that?â Cameron queried. âIt hasnât even started,â he added, analogizing that Bitcoin is in the bottom of the first in a nine-inning baseball game.
âWall Street is not here yet. Institutions arenât in Bitcoin right now. Itâs been a retail phenomenon for the last decade. So Wall Street talks about it, theyâre aware of Bitcoin, but theyâre not really in it from our perspective, but itâs starting to happen.â
The basis for the interview was a report from Tyler and Cameron published in August 2020, titled: The Case for $500K Bitcoin.Â
The brothers began constructing the report in January 2020, Cameron said in the interview with McCormack.
âWe started to think about what the government has been doing with the U.S. dollar for the past decade or so and traditional sort of stores of value and hedges,â Cameron explained.
The twins halted work on the report in March when COVID gained a global foothold. They resumed the paper several months later after evaluating the economic changes brought on by the virus.
Tyler said he and his brother began buying BTC in 2012. Part of the rationale for the report stemmed from evaluating the assetâs performance amid the surrounding economy over the past decade.Â
While a growing number of bullish predictions for Bitcoin surfaced throughout 2020, some have remained skeptical such as gold bug Peter Schiff.
In other trending Bitcoin News today:
Bitcoin Has âConsiderableâ Upside As It Better Competes With Gold As Alternative Currency, JPMorgan Says
Bitcoinâs 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an âalternativeâ currency, JPMorgan said in a note on Friday.
Bitcoin has surged more than 70% year-to-date, and this weekâs announcement that PayPal would allow its users to buy, sell, and exchange the asset served as another high-level endorsement for the cryptocurrency.
Earlier this month, Square purchased $50 million worth of bitcoin as it further commits to viewing the digital currency as a long-term investment.
According to JPMorgan, the physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.
For bitcoin to catch up to gold in terms of market value, the crypto currency would have to surge 10x from current levels.
âEven a modest crowding out of gold as an âalternativeâ currency over the longer term would imply doubling or tripling of the bitcoin price,â JPMorgan said.
And over time, crypto could be held for other reasons then being a store of wealth as gold is, according to JPMorgan.
The technicals are also pointing to a continued surge in bitcoin. According to technical strategist Katie Stockton, the cryptocurrency could surge to $14,000 as short-term momentum improves.
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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:
Holy Cow
Most bullish commentary for #bitcoin that I have read from JP Morgan
“Even modest crowding out of #GOLD takes #bitcoin up multiples.”
Widespread research piece reaches all clients of the bank.
Paypal announcement “cover” for other traditional players to get involved. pic.twitter.com/lUd8oYQ77h
â Dan Tapiero (@DTAPCAP) October 23, 2020
https://cointelegraph.com/news/bitcoin-price-rise-to-500k-is-inevitable-winklevoss-twins-say
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7K BITCOIN PRICE PREDICTION BY MAY 12TH 2021!! BTC IS IN âEARLY MAIN BULL PHASEâ CIRCA Q4 2016!!
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Macro investor Dan Tapeiro, just revealed a Bitcoin price chart which suggest BTC soars 38X peaking at $387,000 on May 12th, 2021.
However, he reveals the following conservative BTC price prediction based on this chart:
âTremendous long term Log Chart of Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.â
The investor goes on to share:
âI spent 25 yrs looking at charts all day. I would not say that I was a technical analyst but I did learn that certain patterns repeat in obvious ways. When you can identify those patterns it can be very profitable.â
Bitcoin is copying what it did a year before its $20,000 all-time highs, and the new bull market has been here for over a year already.
That was according to popular statistician Willy Woo, who this week shed further light on Bitcoinâs current price gains.
Woo: Bitcoin âearly main bull phaseâ began recently In a series of tweets on Aug. 10, Woo continued a debate begun by Bitcoin developer Jimmy Song, who himself debated the topic in the latest issue of his Tech Talk blog post series.
âYes. The bull market really started April 2019,â Woo responded, continuing:
âWhatâs started recently is the early main bull phase, itâs Q4 2016 all over again, but different dynamics and themes at play.â
BTC/USD hit $12,000 twice in recent days, managing to hold support at $11,500 in a long-awaited show of strength that has given many analysts cause for long-term optimism.Â
Despite failing to flip $12,000 to support, Bitcoin remains firmly bullish, both sentiment and technical fundamentals-based evidence suggests.
For Woo, the composition of the market formed a major difference in maturity between this year and 2016 â maturity which has historically dictated both price trajectory and volatility.
âOne of the themes is the legitimization of BTC for large institutional funds, and also the easy accessibility to buy crypto for the masses with the likes of square cash, paypal, and not to mention the one Iâm working on LVL which is real regulated banking integrated with crypto,â he continued.
In other trending Bitcoin News today:
Four Altcoins Could Break Out As Ethereum-Based Ecosystem Goes Parabolic, According to Messari Researcher
Messari researcher Ryan Watkins is shining the spotlight on four small-cap crypto assets in the Ethereum ecosystem.
In a series of tweets, Watkins says the coins could be part of a new decentralized finance (DeFi) paradigm that breaks out alongside the second-largest blockchain.
âAs Ethereum faces challenges scaling and interest in DeFi goes parabolic, there hasnât been a better time for a parallel DeFi ecosystem to break out.â
Watkins says Terra (LUNA) generates the highest transaction fees after Bitcoin and Ethereum.
The Messari researcher highlights the fact that Terra is on track to print $3.8 billion in annualized transaction volume, allowing the coin to pocket $26 million in transaction fees.
Watkins says from a fundamental standpoint, Luna is a potential big winner.
âIf LUNA were to be valued like itâs peers by year-end, it would imply as much as a $3.53 price â 10x current.â
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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:
Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run.Just breaking up NOW.Should last a few years as 2.5yr consolidation is fantastic base for catapult up.Break of old highs will have explosive follow through. Time to sit and be patient.
H/T @RaoulGMI pic.twitter.com/08bIpZ6i9h
â Dan Tapiero (@DTAPCAP) August 11, 2020
Yes. The bull market really started April 2019. Whatâs started recently is the early main bull phase, itâs Q4 2016 all over again, but different dynamics and themes at play. https://t.co/8fZgO3Upu9
â Willy Woo (@woonomic) August 10, 2020
What a difference a month makes! In July (btc $9000), 43% of my followers thought btc would stay below $55k until Dec 2021 (i.e. 43% did not believe S2F model). Now (btc $11500) that is 30%. So 25% in that group changed their mind. And 51% thinks #bitcoin > $100k before Dec 2021. pic.twitter.com/GgmIu1QzVr
â PlanB (@100trillionUSD) August 10, 2020
https://cointelegraph.com/news/bitcoin-price-is-in-early-main-bull-phase-circa-q4-2016-willy-woo
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