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Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, believes the Bitcoin price could shoot past the price of an ounce of gold – by around 100 times.
In the July 2021 edition of the monthly cryptocurrency newsletter ‘Bloomberg Crypto Outlook’, McGlone says that based on technical analysis, BTC could keep appreciating relative to the coveted metal.
“Bitcoin may be more than a digital version of gold. A potential path for the Bitcoin price is to stabilize around 100x an ounce of gold and for volatility to resume its downward trajectory, if past patterns repeat.”
In other trending Bitcoin News today: “Top Analyst Predicts Parabolic Bitcoin Rally, Says Bull Market Gearing Up for Final Phase”
A prominent crypto strategist and trader is predicting a parabolic rise in Bitcoin’s value that would make the rise to the recent all-time high of $64,000 a blip in the chart.
Jack Sparrow, the crypto analyst who accurately predicted BTC’s rise to $19,000 last year, tells his 203,600 followers that he’s positioning himself to capture the possibility of a massive Bitcoin ascent to $380,000.
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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:
I Stand By My $100,000 Bitcoin Price Target, Anthony Scaramucci
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BITCOIN NOW ON TRACK TO HIT $115K IN A FEW WEEKS SAYS PANTERA CAPITAL!! BTC PRICE PREDICTION 2021!!
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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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MAX KEISER SAYS BITCOIN SUPERCYCLE IS JUST BEGINNING AND WILL SUPER CHARGE BTC TO THE STRATOSPHERE!!
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Bitcoin dumped 17% in the past 24 hours liquidating $5.64 billion in extended BTC losses, however, Wall Street veteran and host of the Keiser Report, Max Keiser remains optimistically bullish sharing the following on Crypto twitter:
”Bitcoin has been rising 200% per annum for 10 years during a time of historic low inflation-expectation (see chart).
We are now heading into a crushing inflationary period that will super charge BTC’s price to the stratosphere.
Incredibly bullish for Bitcoin. The BTC super cycle is just beginning!”
The price of Bitcoin (BTC) plummeted by more than 17% in the last 24 hours as the futures market saw mass liquidations across the board.
Liquidations occur when leveraged futures positions fall to a certain threshold. For example, a position using 10x leverage would get liquidated or turn worthless if the price of BTC drops by 5%.
What triggered the mass Bitcoin liquidation fest?
If the Bitcoin futures market is highly overleveraged and overcrowded, a minor price movement can trigger mass liquidations.
According to analysts at Santiment, a data analytics firm, an address was responsible for the second-largest Bitcoin transaction of the year, as Cointelegraph reported.
More than 2,700 BTC were transferred right before the drop, which were bigger than the 2,000 BTC inflow seen before the March 2020 crash when Bitcoin dropped below $4,000. The analysts said:
“As we noted yesterday, there was an 11x exchange inflow spike that initiated #Bitcoin’s price correction from its $58.3k #ATH. Further data combing revealed that an address was responsible for the 2nd largest $BTC transaction of the year, an import of 2,700 tokens to the wallet before a quick sell-off. This same address also made a 2,000 $BTC import last March right as the Black Thursday correction took place. In total, it’s made 73 transactions in its one-year existence, for a total of 91,935 $BTC imported, with all tokens moving away within minutes after arrival.”
It is a possibility that a major sell-off in the spot market triggered the futures market to see intense selling pressure from many long positions getting liquidated.
When Bitcoin initially began to correct on Feb. 22, the futures funding rate of the dominant cryptocurrency was hovering at around 0.15% even as it continued to drop.
In other trending Bitcoin News today:
North American Bitcoin ETF Erupts, Analyst Says It Could Soon Shatter $1 Billion in Assets Under Management
A Bloomberg Intelligence analyst is estimating that the first North American Bitcoin exchange-traded fund (ETF) is on track to reach $1 billion in assets under management (AUM) in the coming days.
In a new tweet, Bloomberg Intelligence’s senior ETF analyst Eric Balchunas predicts that the Purpose Bitcoin ETF, which trades under the BTCC ticker on the Toronto Stock Exchange (TSX), could soon hold more than double its current AUM.
“Canada Bitcoin ETF BTCC traded $350m (CAD+USD) today, a 40% jump from yesterday (defying typical Day Two drop-off) and 3x more than any other ETF (unreal). Proportionally speaking, this is equivalent to about $5 billion in volume in the US (or about 7x more than GBTC). Two-day AUM is estimated at $330m.
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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:
Sec Treasury Janet Yellen states: “Bitcoin is extremely inefficient.” Give me a break. Does she think printing trillions of fake dollars is efficient? Does she not know the more fake dollars she prints the more efficient and valuable Bitcoin becomes? God bless her.
— therealkiyosaki (@theRealKiyosaki) February 22, 2021
#Bitcoin has been rising 200% per annum for 10 years during a time of historic low inflation-expectation (see chart).
We are now heading into a crushing inflationary period that will super charge BTC’s price to the stratosphere. pic.twitter.com/4FyO1xAz7D
— Max Keiser (@maxkeiser) February 23, 2021
As we noted yesterday, there was an 11x exchange inflow spike that initiated #Bitcoin‘s price correction from its $58.3k #ATH. Further data combing revealed that an address was responsible for the 2nd largest $BTC transaction of the year, an import of 2,700 tokens to the wallet pic.twitter.com/CTgtJr27np
— Santiment (@santimentfeed) February 23, 2021
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KRAKEN REPORT: Most Traders Expect New All-Time High Bitcoin Price in 2020 | BTC Drops to .1K
➡️ REPLAY: 5 *MORE* COINS TO $5 MILLION: http://5coins.cryptonewsalerts.net
A user poll conducted by Kraken has revealed that most BTC traders are expecting the Bitcoin price to break into new all-time highs before 2021.
The poll analyzed the responses of 400 “VIP” crypto traders on Kraken: 41% of respondents described themselves as “investors”, 40% identified as “traders”, and 15% as “institutions” — with the remaining 4% comprising payment processors, crypto exchanges and miners.
84% of respondents manage less than $10 million in capital, while 11% manage between $10 million and $50 million.
The remaining 6% is divided evenly between traders managing from $50 million to $100 million and traders mobilizing more than $100 million.
The survey found that the average BTC price target for 2020 is $22,866.
However, traders do not expect Ethereum (ETH) to also see new highs — with $810 comprising the average price target for ETH.
The overall market sentiment is slightly bullish, with 44% of participants stating that the cryptocurrency markets are in a bull market, while 22% believe we are in a bear trend and 34% stating they are unsure.
There was little consensus among traders as to what will accelerate crypto’s growth over the next 12 months, with the top answer comprising “adoption” with 19%.
Bitcoin’s upcoming halving came second with 15%, followed by political “conflict” with 11%, “fear of missing out” with 11%, and economic “crisis” with 9%.
Respondents came to a greater agreement regarding the major threats to the industry — with 32% of participants agreeing that “regulation” comprises the biggest risk to crypto, followed by “fraud, hacks, scams” with 23%.
Bitcoin Price Drops to $6.1K Shortly After Equities Markets Close Red After trading in the $6,450 to $6,850 range for the past eight days, Bitcoin (BTC) price finally made a larger move, this time to the downside, as the digital asset dropped 8.72% to a daily low at $6,068.
The move somewhat mirrors the performance of traditional markets, which also closed the day with losses.
The Dow closed with a 915 point loss, the S&P 500 pulled back 3.37% and the Nasdaq was down 3.79%.
The break below $6,550 pulled the price below the ascending trendline and the $6,450 support.
Traders had anticipated that a sharp move was on the cards after the price had traded sideways on declining volume for the majority of the week, also failing to push above $6,850 and flip the resistance to support.
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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:
Kraken’s 2020 Sentiment Survey: Where We Are & What’s To Come
https://cointelegraph.com/news/bitcoin-price-drops-to-61k-shortly-after-equities-markets-close-red
https://cointelegraph.com/news/most-traders-expect-new-all-time-high-price-for-bitcoin-in-2020
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