BITCOIN SUPERCYCLE SUPPLY SHOCK INCOMING!! TOP CRYPTO ANALYST PREDICTS 80% ETHEREUM SURGE TO $3,400!

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Bitcoin (BTC) is on track to break its all-time high and hit $50,000 in a matter of months, according to Nexo co-founder and managing partner Antoni Trenchev.

In a new interview during the virtual Block Down conference, Trenchev said his crypto lending platform is witnessing double-digit percentage growth rates month-on-month, with a wide range of both institutional and retail investors jumping in.

He believes a significant increase in institutional participation in the crypto markets will power a new bull run.

“We have clients from every corner of the world, every age group. We have from young adults, all the way to boomers who for some reason have chosen to put assets in digital form and to conduct business with us. So the demographic, it’s really, really diverse and we cover it all.

Right now we’re seeing a great influx in both the retail part and the institutional side of things because for institutions, crypto got a huge endorsement by Paul Tudor Jones. When you have the guy who put the word hedge in hedge funds endorse Bitcoin, and say they have an allocation of a few percent of their total assets on their management in Bitcoin, that gives them the additional boost of traditional institutions to come into the space.

So we have quite heavily been onboarding with institutions that up to very recently would not have to articulate their liking of Bitcoin. And now with this endorsement of Paul Tudor Jones, the timeline has shifted gears and it’s expanding very rapidly.”

Trenchev says Bitcoin’s monetary supply stands in stark contrast to the level of money printing from governments, which he believes will benefit both gold and BTC.

“I think that there’s just no case that this isn’t good for both gold, but more importantly Bitcoin. So yes, I’m sticking to my prediction of 50k until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well.”

In other trending Bitcoin News today:

Will Bitcoin Hit $288,000 by December of 2021? New Poll Reveals Crypto Trader Sentiment on BTC

A new survey launched by PlanB, the crypto analyst known as the first apply the stock-to-flow (S2F) ratio to Bitcoin, reveals where members of the crypto community believe BTC is heading.

The results of the survey suggest crypto traders are a bit skeptical of PlanB’s S2F model, which predicts Bitcoin surging as high as $288,000 in the next bull cycle.

More than 60% of the respondents do not see BTC touching any of the price points predicted by the three S2F models within the next two years. Over 40% say they believe Bitcoin will not hit $55,000 before 2021 expires.

The survey indicates that at the current price of $9,118.92, nearly half of crypto Twitter sees a maximum upside of 450% for BTC in the next bull cycle.

That figure is a far cry from the gains of the 2013 bull market which witnessed BTC surge from $2.22 in 2011 to $1,163 in 2013 – a 52,287% rally, and the bull rally that propelled the king coin from $152.40 in 2015 to an all-time high of $19,666 in December 2017 – a 12,000% surge.

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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:

Do you think #bitcoin will reach $288K (S2FX), $100K (S2Fv2), $55K (S2Fv1) before December 2021, or will BTC stay below $55K?

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

https://cointelegraph.com/news/bitcoin-is-the-new-apple-how-btc-price-could-reach-60-000-by-2023

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“Bitcoin is life insurance” is how Ross Stevens, founder, and CEO of NYDIG, a BTC management company, which is the subsidiary of $10 billion asset manager Stone Ridge, defined the cryptocurrency in his latest interview.

Ross Stevens also revealed that he had a meeting with the heads of three of the world’s largest central banks about Bitcoin and inflation. He believes that we could see a central bank adopting the bitcoin standard or purchasing BTC as a reserve asset in the next 12 months.

In other trending Bitcoin News today: Ethereum co-founder Vitalik Buterin has posted a lengthy paper on the limits to blockchain scalability, criticizing claims made by Tesla’s CEO, Elon Musk.

“For a blockchain to be decentralized, it’s crucially important for regular users to be able to run a node, and to have a culture where running nodes is a common activity.”- Vitalik

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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:

“He’s actually a government apparatchik. He exist entirely on carbon credits. He got the tap on the shoulder & he’s been tasked with trying to go after #bitcoin. You got J Yellen, you got J Powell, you got central bankers, you got the IMF, you got Christine Lagarde…”-@MaxKeiser

— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) May 23, 2021

https://cointelegraph.com/news/vitalik-why-elon-musk-s-plan-for-scaling-crypto-10x-is-fundamentally-flawed

https://cointelegraph.com/news/biggest-ever-monthly-btc-price-drop-5-gyrations-to-watch-in-bitcoin-this-week

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Since BTC topping out at $6,500 on March 31, the Bitcoin price had spent the majority of Wednesday in a steady slump which saw the price drop from $6,494 to $6,147.

The pullback mirrored the poor performance in traditional markets where the S&P 500 and Dow dropped by 4.41% and 4.44% respectively. 

The slump in traditional markets appeared to be a reaction to dismal news that the United States surpassed more than 200,000 Coronavirus cases.

Earlier this week the White House also stated that it concurs with the estimate that up to 240,000 Americans could die from COVID-19 within the next 3 weeks. 

If true, this would likely extend the time social distancing and mass quarantine policies stay in effect, leading to additional damage to the economy.

As advised by many market analysts, global markets are unlikely to show signs of bottoming until the Coronavirus pandemic is brought under control. 

Surprisingly, shortly after equities markets closed BTC price broke from the pattern of lower highs with a sharp upside move which pushed the price to $6,744.

The move came as the Bitcoin price was on the verge of falling below the $6,200 support to complete the right shoulder of a rather sloppy head and shoulders pattern on the 4-hour time frame. 

Had that occurred, traders would be looking at a target near $5,150 so for bulls the current surge above the $6,600 resistance level is probably a welcome relief. 

The push through the $6,250-$6,450 range brought Bitcoin (BTC) above the $6,600 resistance and even though the price pulled back, traders are fighting to turn this level to support.

Once above $6,600 traders will target $6,725 and $6,900. 

On the daily timeframe, the volume profile visible range shows that above $6,900, the $7,100 to $7,200 zone could present stiff resistance.

For the short term, holding $6,600 as support then setting a higher high above $6,900 would be a positive step forward. 

Could Stablecoin Holdings Tip the Scale in BTC Bull’s Favor?

One factor that could bolster bulls eventually is the fact that the Stablecoin Supply Ratio is currently nearing an all-time low, showing that the current stablecoin supply has significant buying power and could bolster BTC.

“Stablecoin Supply Ratio (SSR) is near its ATL. Low SSR means the current stablecoin supply has strong buying power to purchase BTC and push the price up. USDT (ERC20) exchange balances at an ATH indicates that those coins are waiting on the sidelines,” Glassnode noted in a recent tweet.

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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:

This Indicator Shows Bitcoin May Soon See a Massive Influx of Buy Orders

https://cointelegraph.com/news/us-stimulus-package-might-cause-modest-improvement-to-bitcoin-market

https://cointelegraph.com/news/decoupling-bitcoin-price-surges-above-67k-as-stocks-again-bearish