BITCOIN TO SKYROCKET 100X THE PRICE OF GOLD, SAYS TOP BLOOMBERG ANALYST!! $380K MASSIVE BTC ASCENT!!

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Bitcoin continued its bounce from its 2021 opening price on Wednesday, hitting $31,600 in what some fear is just a temporary reprieve from the downside. 

BTC Bulls had successfully defended the largest cryptocurrency against further losses at just above $29,000 – the price at which the market began the year, however, concern is running high over current strength being a “relief rally” – not a true comeback after a price floor.

“It’s still ‘short the bounce’ season,” popular analyst and podcast host Nebraskan Gooner summarized to Twitter followers and veteran trader Peter Brandt concurred, suggesting that Bitcoin would need another shock leg down before the genuine return to form kicked in.

In other trending Bitcoin News today: Is Stock-To-Flow Crypto Analysis Still Valid? Coin Bureau Looks at State of Prominent Model

The S2F has traditionally been applied to commodities like gold and silver. It predicts the performance of an asset based on the idea that the price increases as the asset becomes more scarce. PlanB has used it to predict Bitcoin topping out at about $288,000 this bull run.

In a new video, the pseudonymous host of Coin Bureau says that with Bitcoin trading near the $30,000 level – about $83,000 below where the S2F suggests it should be – he agrees with PlanB that the model is in a “make or break” phase.

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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/bitcoin-rebounds-to-31-6k-but-warnings-of-another-btc-price-plunge-are-everywhere

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With Bitcoin closing the month of October at $13,816, this signals the highest monthly close for BTC since December of 2017.

October’s monthly close also signals the highest red dot close to date via the Stock-to-flow model, a clear indication that this controversial Bitcoin price prediction model is right on track ‘still’ targeting $288K by 2024.

Bitcoin briefly spiked above $14,000 again, this time perhaps on news from the US Presidential elections.

The altcoins have erased most of yesterday’s losses, and the market capitalization has added about $10 billion.

Bitcoin broke above the coveted $14,000 mark on Saturday for the first time since January 2018.

Since then, though, the asset has primarily struggled with maintaining its high price tag.

In fact, BTC even dipped below $13,300 on two occasions in the following days.

It started recovering yesterday when it jumped above $13,500 and stayed above it for most of the past 24 hours.

Just a few hours ago, the primary cryptocurrency headed higher once more.

With a few decisive candles, Bitcoin surged to $14,050 (on Bitstamp) before retracing to its current level – $13,800.

Interestingly, the price increase coincided with surfacing reports that the current US President Donald Trump has become the betting favorite to win the 2020 Presidential elections.

Nevertheless, popular TV host Max Keiser recently highlighted that despite who’s the US President following the elections, Bitcoin will emerge as the ultimate winner.

In other trending Bitcoin News today:

“$17K Next? Watch These 3 Key BTC Price Levels”

Bitcoin (BTC) has been on a tear and there’s no escaping it.

But the majority of high-cap altcoins are seemingly suffering at the hands of this bull run, leading to the question: have we had our altseason already?

Is it over or is there more to come?

Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level.  

After $14,400 there isn’t much in the way of resistance until $17K before a new all-time high can be printed for the king of cryptos.

But the question is can Bitcoin run out of steam?  

In other trending BTC News today:

“Bitcoin Bull Cynthia Lummis Wins US Senate Seat”

Cynthia Lummis, the Republican Party candidate for Wyoming, “publicly said” on the night of November 3 “that she wants to defend [crypto] against federal encroachment,” per a tweet from Avanti Bank & Trust CEO Caitlin Long, a Wall Street veteran and fellow crypto advocate.

Lummis is known to be a long-term bitcoin enthusiast and said she made her first purchase in 2013, in the days when one could buy BTC 1 for around $300.

Lummis has previously served in Congress, and recently told the Wyoming Blockchain Stampede in a video interview, “During my time in Congress, I first learned about bitcoin. I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply. […] Knowing that there are only going to be 21 million bitcoin makes it an attractive store of value.”

This last point, she stated, was important as the USD’s status as the world’s de facto reserve currency is now coming under threat.

“Bitcoin, to me, has shown great promise and may rise as a viable alternative store of value to the US dollar, both on the institutional level and the personal level. That potentiality is something we must at least acknowledge in our conversations about the economic future of our country.”

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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:

Price of #Bitcoin at the last 3 US presidential elections: 2012: $102016: $7002020: $14,0002024: ?

Where do you think the $BTC price will be in 2024 at this time? My prediction is $288K! 😎🚀

— Crypto News Alerts (@CryptoNewsYes) November 4, 2020

SENATOR LUMMIS…YESSS!!!🤠 She is likely to be one of the most powerful US senators, given how divided the new senate appears to be. She LOVES what #Wyoming did in #crypto—publicly said tonight that she wants to defend it against federal encroachment. 🙏Congrats Sen Lummis!🚀 pic.twitter.com/FVI7sBcB2t

— Caitlin Long 🔑 (@CaitlinLong_) November 4, 2020

#Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC

— Mike McGlone (@mikemcglone11) November 4, 2020

https://cryptonews.com/news/bitcoin-bull-cynthia-lummis-wins-us-senate-seat-8197.htm

https://cryptopotato.com/bitcoin-pumped-above-14k-as-trump-becomes-betting-favorite-to-win-elections-market-watch/

https://cointelegraph.com/news/can-bitcoin-hit-17k-next-watch-these-3-key-btc-price-levels

https://cointelegraph.com/news/bitcoin-is-targeting-288k-stock-to-flow-price-like-clockwork-planb

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The trillion-dollar asset manager Fidelity is scrutinizing a popular and controversial Bitcoin price model.

A recent report from Fidelity Digital Assets analyzes the BTC stock-to-flow ratio, which divides the amount of a commodity in circulation by the amount mined per year.

Using the correlation between an asset’s price and its S2F ratio, the pseudonymous crypto analyst PlanB has predicted that the BTC price will soar to $1 million by 2029.

Although there is a fierce debate on whether the stock-to-flow ratio is an accurate way to forecast Bitcoin’s trajectory, Fidelity says the model is a credible tool for analyzing scarce assets.

The firm says historically, the metric is a sound way to judge whether a given commodity will become a successful store of value.

“Commodities with a stock that is difficult to double due to a low rate of production relative to existing supply have historically served as superior stores of value.

Such commodities are largely used for investment purposes, and occasionally industrial uses.

On the other hand, consumable commodities that are susceptible to large increases in supply, are less effective in storing value.

In the Bitcoin Standard, Saifedean Ammous adapted stock-to-flow to compare bitcoin to commodities used for investment and consumption and the use of the metric has since expanded and even given rise to models based on the ratio.

Gold, the most resilient store of value through the ages, has the highest stock-to-flow ratio, followed by Bitcoin (today) and silver.

Following the recent halving (May 2020), the gap between the gold and Bitcoin ratio compressed.

Bitcoin’s stock-to-flow will eclipse that of gold following the next halving (2024).”

Grayscale echoes Fidelity’s assessment that commodities with high S2F ratios are typically sought after by investors.

The investment giant looks at Bitcoin to illustrate the positive correlation between an asset’s price and its S2F ratio.

“Commodities with high stock-to-flow ratios such as Bitcoin, gold, and silver have historically been utilized as stores of value.”

However, Grayscale cautions that the S2F price model does not guarantee an increase in the asset’s value.

“While it’s true that price has followed this stock-to-flow model with high correlation, the relationship may be spurious and does not take into account the requisite demand for price appreciation.”

In other trending Bitcoin News today:

BLOOMBERG PREDICTS GOLD AT $3K, BITCOIN AT $20K IN CURRENT BULL RUN!

A bullish comment on gold by a top Bloomberg Intelligence analyst could leave Bitcoin in a similar upside spell.

“Central banks essentially printing money to spur inflation is a solid foundation for the benchmark store of value,” McGlone said.

“Gold bottomed at about $700 in 2008 and peaked near $1,900 in 2011. A similar-velocity 2.7x advance from this year’s low-close near $1,470 would approach $4,000 by 2023.”

The analyst said in its June update that the cryptocurrency could hit $20,000 by the end of this year, citing increasingly favorable fundamental and technical factors.

They included its maturity as an asset, followed by its rising futures open interest and more buy-and-hold strategy among institutional investors.

“Bitcoin ended 2019 at about $7,000, near the bottom of its range, favoring a shift toward the peak. Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the recent band,” Mr. McGlone explained.

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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:

#Bitcoin Asymmetric ReturnLast 10 years (2011-2020):– 2 years negative return (2014, 2018)– 3 years [+25% -> +100%] return (2015, 2019, 2020)

– 5 years >100% return (of which 3 yrs >1000% return!) pic.twitter.com/WFatEzbG5Z

— PlanB (@100trillionUSD) August 26, 2020

The Fed, under the leadership of Jerome Powell, continues to be #Bitcoin‘s biggest booster. On Thursday, he will deliver a speech about how the Fed will begin targeting higher inflation. 🧙‍♂️🙏🚀https://t.co/MUXB2MRTp3

— Tyler Winklevoss (@tylerwinklevoss) August 25, 2020

Bloomberg Predicts Gold at $3K, Bitcoin at $20K in Current Bull Run

https://cointelegraph.com/news/tyler-winklevoss-says-us-fed-is-the-biggest-booster-of-bitcoin-price

https://dailyhodl.com/2020/08/25/asset-giant-fidelity-analyzes-model-that-forecasts-bitcoin-rise-to-1000000/