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Bitcoin could nail the now-popular $98,000 BTC price target – but it could end up being the cycle top, new research argues.
In its “October 2021 Market Recap & Outlook,” major United States exchange Kraken said that Bitcoin should reach around $96,000 if this quarter copies the last bull run.
“At the current pace, 4Q is trending most similarly to 4Q2017 with a correlation of 0.88. It should be noted that 4Q2017 went on to become Bitcoin’s third best 4Q on record with a return of +220%,” Kraken wrote.
“Assuming BTC continues to follow in the footsteps of 4Q2017, we could expect BTC to rally even higher into month end. For some context, a +220% in 4Q2021 would imply a price of $96,355 for BTC.”
In other trending Bitcoin News today: Apple CEO Tim Cook confirms owning both Bitcoin and Ethereum and says…
“It’s reasonable to own it as a part of a diversified portfolio. I been interested in it for a while, I been researching it and so forth and so I think it’s interesting.”
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Show Notes / Resources:
https://cointelegraph.com/news/bitcoin-price-briefly-hits-69k-ath-before-plummeting-back-to-earth
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BITCOIN RISE TO 0K IS INEVITABLE, REAL BTC ADOPTION ‘HASN’T EVEN STARTED’ 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.
“The question in our mind is not so much does it get to $500,000, but how quickly,” Tyler told McCormack during the Oct. 23 podcast episode.
His thesis takes the market cap of gold and theoretical central bank allocation into consideration.
“I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started,” Cameron noted.
MicroStrategy and others buying significant amounts of Bitcoin for their treasury reserves seems to indicate that the market is beginning to shift.
“What if every Fortune 100 or 500 company does that, what if central banks start doing that?” Cameron queried. “It hasn’t even started,” he added, analogizing that Bitcoin is in the bottom of the first in a nine-inning baseball game.
“Wall Street is not here yet. Institutions aren’t in Bitcoin right now. It’s been a retail phenomenon for the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really in it from our perspective, but it’s starting to happen.”
The basis for the interview was a report from Tyler and Cameron published in August 2020, titled: The Case for $500K Bitcoin.
The brothers began constructing the report in January 2020, Cameron said in the interview with McCormack.
“We 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,” 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 asset’s performance amid the surrounding economy over the past decade.
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 ‘Considerable’ Upside As It Better Competes With Gold As Alternative Currency, JPMorgan Says
Bitcoin’s 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an “alternative” currency, JPMorgan said in a note on Friday.
Bitcoin has surged more than 70% year-to-date, and this week’s 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.
“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price,” 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
— Dan Tapiero (@DTAPCAP) October 23, 2020
https://cointelegraph.com/news/bitcoin-price-rise-to-500k-is-inevitable-winklevoss-twins-say
Post Views: 78 -
MAX KEISER SAYS, BITCOIN TIPPED TO HIT $220K AS CHINA SHUTDOWN SEES MINERS AIRLIFT EN MASSE TO USA!!
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CHINA’s Bitcoin crackdown has caused the nation’s miners to flee en-masse and set up operations in the US, with one expert Max Keiser stating the move affirms his price target of “$220,000 BTC for 2021”. Referring to the move by China Bitcoin pioneer Max Keiser, speaking to Express.co.uk, said: “China doesn’t have the moral character to mine bitcoin.
“America and El Salvador do. The difficulty adjustment has decreased to accommodate the transference of mining out of China and will increase when the move is completed. I’m keeping my $220,000 BTC price target for 2021.”
In other trending Bitcoin News today: PlanB Outlines ‘Worst Case Scenario’ for 2021 As Bitcoin and Crypto Markets Tumble! In August, PlanB says BTC will likely rise above $47,000. In September, he sees a shift lower, with BTC holding above $43,000.
In October, PlanB believes the market will begin a rapid ascent, hitting $63,000. He forecasts the rally will continue through the remainder of the year, with Bitcoin hitting a whopping $98,000 in November and $135,000 in December.
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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://www.express.co.uk/finance/city/1452830/bitcoin-price-latest-news-BTC-live-china-shutdown-hash-rate-miners-flee-to-us-texas
https://cointelegraph.com/news/microstrategy-expands-company-s-bitcoin-holdings-with-489m-purchase
Post Views: 82 -
MAX KEISER SAYS BITCOIN WILL SKYROCKET 40-80X WHILE WARREN BUFFETS WEALTH HYPERINFLATES TO NOTHING!!
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People with zero Bitcoin exposure like Warren Buffett will see their wealth hyperinflate to nothing while the BTC price skyrockets 40-80x, says Max Keiser.
Popular TV host and long-time Bitcoin proponent Max Keiser believes that futures traders suppress the Bitcoin price at current levels.
However, once the asset explodes to Keiser’s intermediate target at $28,000, the BTC amount for sale will evaporate as governments and institutions will purchase directly from miners.
Keiser recently tweeted that “the (temporary) Bitcoin price suppression scheme is a godsend for poor people to stack sats *now* before retail liquidity dries up and the price vaults to gold-parity levels around $400,000.”
CryptoPotato reached out to the popular TV host to elaborate on his views regarding the price suppression and potential surge in value.
Keiser asserted that “for the world’s poor, the current price and availability of BTC are a once in a species-existent opportunity to acquire unconfiscatable Hard Money before a 40-80x move on the upside.”
He commented that his “forensic analysis of the BTC market, corroborated by insiders, is indicating futures traders are suppressing the price of BTC to give institutional players a chance to load the boat.”
He also gave his intermediate price target of $28,000 per coin. Once the cryptocurrency reaches that level, it would be a significant game-changer for people’s perception of the asset.
“When this happens, we’ll see something quite unexpected. The retail market for BTC will dry up. The amount of BTC for sale AT ANY PRICE will be increasingly tiny. Institutions, corporations, and governments will be buying BTC directly from miners, presumably at a huge premium.”
Keiser, who previously said that Warren Buffet will start panic buying Bitcoin when the asset price jumps to $50,000, said that people like the prominent investor, who have no Bitcoin exposure, will see “their wealth hyperinflate to nothing.”
It’s no secret for the community that Buffett isn’t a fan of the primary cryptocurrency..
He once called Bitcoin “rat poison,” and even a charity launch with TRON’s Justin Sun couldn’t change his mind.
Shortly after the event, Buffett insisted that BTC has no value “and never will.”
However, Buffett recently purchased a massive share in a mining company producing gold while reducing his exposure in significant banks such as JPMorgan Chase and Wells Fargo.
Keiser believes that those who had taken a similar path and purchased gold and silver will be less impacted.
Nevertheless, even gold holders “will see their wealth take a relative nosedive against investors that are 100% BTC.”
In other trending Bitcoin News today:
Even The Rothschild’s Are Buying Bitcoin; Grayscale’s Holdings Surpass 450k BTC
The Rothschild Investment Corporation has bought 27 bitcoins in share form through Grayscale Bitcoin Trust (GBTC).
GBTC itself added another 6,937 BTC (worth $72 million) in the past few days after reporting the third straight record quarter with inflows reaching $1 billion.
As of Sept. 2020, Grayscale’s bitcoin holdings reached 450k BTC, representing nearly 2.5% of all Bitcoin supply, as per YCharts.
Rothschild reportedly has $1.4 billion in assets under management, with $235,000 of it held in Bitcoin.
This makes them one of the most prominent investment banks to get into bitcoin, which is most likely for their clients.
Other big names like Rockefellers began investing in blockchain and crypto startups back in 2018.
Blackrock, with $6.3 trillion assets under management, also started considering diversifying into crypto the year following the bitcoin price top.
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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:
There is strong evidence to suggest #Bitcoin futures traders are manipulating BTC down to give institutions a chance to load up on physical BTC cheap before the break to $28,000
— Max Keiser (@maxkeiser) October 16, 2020
The (temporary) #Bitcoin price suppression scheme is a godsend for poor people to stack sats *now* before retail liquidity dries up and the price vaults to gold-parity levels around $400,000
— Max Keiser (@maxkeiser) October 16, 2020
Post Views: 76