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One early Bitcoin investor has crunched the numbers on BTC, and thinks the leading crypto is looking mighty undervalued at the moment.
“We did a study showing the number of people using Bitcoin over the years and price of Bitcoin. Both of those data series went up by an order of magnitude every two years. If that kept going, that would put BTC at $700,000 when everybody with a smartphone uses it. Ten years time is a reasonable forecast,” Pantera Capital founder Dan Morehead said on Yahoo Finance Live.
Morehead launched his first crypto fund back in 2013. Today, the firm has $2.8 billion in assets under management that spans venture investments and early stage token investments.
In other trending Bitcoin News today: MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC!
MicroStrategy’s Bitcoin holdings are now worth more than $5.3 billion at the current BTC price.
With its latest purchase, Michael Saylor’s firm now holds 108,992 BTC, which cost the company about $2.918 billion to acquire at an average price of approximately $26,769 per “coin.”
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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/microstrategy-splashes-177m-on-bitcoin-now-holds-almost-109-000-btc
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Bitcoin Price Hitting K Wouldn't Be Surprising | BTC Continues To Be Resilient As Economy Tanks
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Adam Back, the CEO of Blockstream who was quoted in Satoshi’s white paper, says that the Bitcoin price hitting $20,000 would’t seem surprising to him if that happened due to the current BTC market conditions.
“woke up to a vivid dream this morning, which took a moment to realize was a dream. sure you’ve had them once in a while. it was that bitcoin hit $20k overnight and then pulled back to $16k. didn’t seem surprising given the market conditions, so it wasn’t price that caused wakeup” – Adam Back
Bitcoin Could Rocket Higher
It is worth noting that Back accurately called Bitcoin’s recent price spike.
As reported by U.Today, he explained that dip buyers would soon start putting their cash to work.
The drop that followed dampened bullish sentiment, but it remains to be seen whether this downtrend will continue.
With the U.S. Federal Reserve firing new bazookas and the Bank of England promising to print an unlimited amount of money, there hasn’t been a better time for Bitcoin (BTC) to shine.
Bitcoin Price Analysis: BTC Continues To Be Resilient As Economy Tanks – Are We Headed Above $7,000 Next?
Bitcoin fell by a total of 4% over the past 24 hours of trading.
It had dropped much further lower but managed to find strong support at $5,786 which allowed the cryptocurrency to rebound higher and break back above $6,000.
The cryptocurrency is proving to be extremely resilient as it continues to stabilize whilst the rest of the economy around the world continues to fall further lower.
Short term prediction: NEUTRAL Bitcoin remains neutral and would need to close above $6,500 before we can consider a very short term bullish trend.
Toward the upside, the first level of strong resistance lies at $6,175.
The coin has struggled with this resistance over the past 4-days of trading and failed to close above here on each attempt.
Above this, resistance lies at $6,542 (bearish .5 Fib Retracement) and $7,000. If the buyers continue to drive even further above $7,000, resistance lies at $7,100, $7,174 (bearish .618 Fib Retracement), and $7,270.
On the other side, support is located at $5,786. This is followed with support at $5,600, $5,500, and $5,467 (.618 Fib Retracement).
Key Levels Support: $5,911, $5,786, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436..
Resistance: $6,174, $6,542, $6,700, $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.
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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:
$btc will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC’s year.
— Michael Novogratz (@novogratz) March 22, 2020
but don’t write off the value of liquidity, trading with less 3rd party custody, atomic trade – that’s part of the value of bitcoin. cypherspace zero trust things are very cool and literally a cypherpunk dream realized already https://t.co/AC5CnuFGlX
— Adam Back (@adam3us) March 21, 2020
https://u.today/bitcoin-btc-price-hitting-20000-wouldnt-be-surprising-for-blockstream-ceo-heres-why
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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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BITCOIN NOW ON TRACK TO HIT $115K IN A FEW WEEKS SAYS PANTERA CAPITAL!! BTC PRICE PREDICTION 2021!!
💰 Crypto’s Next $1 Trillion Coin: http://teeka.cryptonewsalerts.net
Blockchain investment firm Pantera Capital says Bitcoin looks like it will break the $100,000 level sooner than they originally forecasted.
In a new letter to investors, CEO and co-chief investment officer Dan Morehead notes that when BTC plummeted in March of 2020, he assured investors that it would set a new record within 12 months as institutional investors started making allocations.
“It took a few months to stabilize. A few months for the rally to build steam. Now it’s full on. My instinct from trading many cycles over 35 years is that crypto prices are going to melt-up. We’ll see much higher prices before this cycle is over.”
Morehead says Bitcoin is now rallying ahead of Pantera’s original projection. The CEO of the blockchain investment company highlights that as of March 15th, 2021, BTC is already three weeks ahead of schedule based on an analysis of the BTC stock to flow ratio (S2F) after the third halving.
Bitcoin broke the $60,000 mark on March 13th, exceeding Pantera’s original prediction of $52,943 for March 15th, 2021. Morehead concedes that BTC is outpacing their forecast and is now on track to reach $115,000 in a few weeks.
“Bitcoin is now ahead of our April 2020 forecast schedule — to hit $115,000 this summer.”
According to the firm, exposure to Bitcoin and the digital asset space has allowed their performance to skyrocket. Morehead also mentions the outstanding performance of the decentralized finance (DeFi) sector.
“Since publishing our March 2020 investor letter, which outlined our core thesis that unlimited money printing will push up the price of things whose quantity cannot be eased, Pantera Funds are up immensely.
In addition, the power of DeFi is emerging in the returns of our hedge funds. DeFi assets are out-performing even the remarkable performance of bitcoin.
We believe we are at the beginning of a multi-decade transformation.”
In other trending Bitcoin News today:
Rich Dad Poor Dad Author Says He’s Buying Bitcoin and Ethereum, Economy Is Screwed
Rich Dad Poor Dad author Robert Kiyosaki says he is racing to buy Bitcoin, Ethereum, and precious metals as the economy weakens.
In a new Rich Dad Radio Show podcast episode, the best-selling author and entrepreneur says that while he does not wish to argue over which store of value asset is superior, he is currently scrambling to own as much BTC, ETH and gold as he can.
“So I’m just grateful I have a lot of gold, silver, Bitcoin and Ethereum and I don’t get into the argument. Peter Schiff is always arguing about gold and silver and Max Keiser’s arguing back, and I think, ‘Why the heck are you guys arguing?’ Just get as much as you can right now because the government is screwed. We’re screwed. Our whole economy is screwed. We’re so deeply in debt, it’s like sinking into quicksand right and you’re arguing about gold, silver, Bitcoin. Just buy something.”
Last year, Kiyosaki predicted Bitcoin would break the $50,000 level in 2021. He said that this bet wasn’t necessarily based on the strength of Bitcoin, but in the weakness of the US economy and government.
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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:
Anyone who says “money doesn’t make you happy” is sick puppy who has never been broke. Money is a drug. It makes people happy. Problem is when drug wears off people get unhappy. Buy gold silver Bitcoin real money and stay happy.
— therealkiyosaki (@theRealKiyosaki) March 21, 2021
Saw some people freaking out about this drop of #Bitcoin and #altcoins.
Yes, altcoins drop further than $BTC due to the correlations.
And dips are interesting to accumulate.Corrections are healthy and organic.Stop zooming in on the charts and relax.
It’s still bull.
— Michaël van de Poppe (@CryptoMichNL) March 21, 2021
Pantera Capital Says Its Big Bitcoin Price Prediction Is Ahead of Schedule
https://cointelegraph.com/news/bitcoin-price-slides-5-after-failing-to-break-60k-here-s-why
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