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Bitcoin closed October 2021, with 40% gains, the best BTC price action since December 2020, even beating the Q1 bull run.
After a highly anticipated end to “Uptober,” Bitcoin bulls are now looking to November to provide the next phase of massive BTC gains.
Plan B, creator of the Bitcoin stock-to-flow model predicts BTC price closing the month of November above $98K while other crypto analyst predict $84K within the next couple weeks.
“Wave 2 projected peak of 84k Nov 9th-15th is still in play.”
In other trending Bitcoin News today: Here’s When the Next Nasty Bitcoin Correction Could Happen, According to Crypto Analyst Nicholas Merten!
The analyst says that the $100,000 level will probably act as a massive point of resistance for Bitcoin, and potentially trigger a significant correction should it be hit.
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INFLUENTIAL CRYPTO ANALYST SAYS BITCOIN (BTC) COULD REACH MILLION!! ETHEREUM 2.0 UPDATES!!
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A well-known Bitcoin influencer and analyst just gave one of the most bullish Bitcoin price predictions on record, saying the top cryptocurrency could skyrocket to $5 million per BTC.
The pseudonymous analyst, known in the industry as Carl the Moon, has a collective following of 170,000 on Twitter and YouTube.
In a new interview with Coin Post, he says the bold Bitcoin prediction depends on the future of fiat currency.
“If you look at the currency supply of the world, it is currently valued at $100 trillion. If Bitcoin takes over this whole pool of liquidity, this fiat money pool, then this means that Bitcoin could potentially take over this market cap and that would put Bitcoin at approximately $5 million per Bitcoin.”
Carl says he believes the current global economic landscape is favorable for the number one cryptocurrency.
“I think it’s obvious that Bitcoin is eventually going to break $20,000. We’re seeing central banks printing currency like never before. And what we’re seeing is [an] historical amount of currency printing, this is the exact scenario that Bitcoin was created for. Fundamentally, Bitcoin is looking extremely bullish, much more bullish than on a technical level.”
While the pseudonymous analyst is bullish on Bitcoin, he says that most traders will likely lose money trying to time BTC’s price action.
“I think that people that hold Bitcoin will be the biggest winners in the world because Bitcoin has been the best performing asset of the previous decade. It will continue to be the best performing asset of this decade in my opinion.
Traders can make more money than holders if they actively trade and if they know what they’re doing. But people that are not experienced tend to lose money when trading. Approximately, 80 to 90% of people that trade actually lose money over time.”
In the short-term, the analyst says Bitcoin just needs to break $14,000 in order to start the big uptrend.
“I believe Bitcoin is currently in a bull market but I’m not so sure that we have started the big Bitcoin bull run just yet… The big question is will Bitcoin be able to break this previous high. There was a high at approximately $14,000 back here in June – July 2019. I think that when we break this level, then I can say for sure we are guaranteed in a bull market.”
Carl, who, says Bitcoin must stay above a crucial technical indicator to have a chance to breach key resistance of $14,000 and then move on to $20,000.
“For us to reach $20,000 obviously we’re going to have to reach $14,000 first, but more importantly we have to break it. If we get rejected here, then that would be a bad sign… If Bitcoin can hold above this 20-weekly moving average here, then the 20-weekly might look something like this and we will see the Bitcoin price maybe do something like this.
In that case, maybe we could see Bitcoin break above $14,000 before April 2021. When we break the $14,000, then I think we’re going to see a huge candle. We’re going to see a massive move up to $20,000.”
In other trending Bitcoin News Today:
Vitalik Buterin Updates Ethereum 2.0 Roadmap, Details Plans to Exponentially Increase Scalability
The Ethereum co-founder says the leading smart contract protocol will rely on rollups to massively elevate the throughput of the leading smart contract platform by over 666,500%.
“Today, Ethereum has ~15 TPS (transactions per second). If everyone moves to rollups, we will soon have ~3000 TPS. Once phase 1 comes along and rollups move to eth2 sharded chains for their data storage, we go up to a theoretical max of ~100000 TPS… Eventually, phase 2 will come along, bringing eth2 sharded chains with native computations, which give us… ~1000-5000 TPS.
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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://news.bitcoin.com/kucoin-ceo-says-exchange-hack-suspects-found-204-million-recovered/
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This Bitcoin Price Metric Is Up 940% Since BTC ,000 High | Chainlink (LINK) Nears ATH
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Over the past few weeks, investors have begun to doubt the veracity of the assertion that “BTC is on the verge of its next bull run.”
While there are reasons to believe this is the case, an analyst has asserted that per one key metric, the Bitcoin price has “never been more bullish.”
The past few weeks have undoubtedly been weak for the cryptocurrency market; the BTC price has collapsed from the $10,500 high to a price as low as $8,400 established just this weekend, while the hash rate of Bitcoin has stagnated.
But, according to the latest data from Blockchain.com, miners are once again allocating many resources to the security of the world’s largest cryptocurrency.
Case in point: the hash rate of the Bitcoin network reached a new all-time high of 136 exahashes (or 136,000,000 terahashes) per second just two days ago – nearly three times higher than it was one year ago.
Commenting on the significance of this, crypto price tracking app Blockfolio wrote:
“As Wall Street experiences the worst week since the 2008 financial crisis, Bitcoin’s hash rate has just reached a new all-time high. 136,264,908 tera hashes per second.”
This optimism has been echoed by analyst RookieXBT, who noted on Tuesday that the hash rate is almost “~940% from where it was when Bitcoin (BTC) was at an all-time high” of $20,000.
This, RookieXBT wrote, is a sign that “Bitcoin has never been more bullish.” Indeed, growth in the hash rate of the network suggests at least two things: 1) Bitcoin miners are confident in the long-term success of the cryptocurrency (especially in terms of price) and allocate more resources to the security of the network; and 2) the technology of mining machines is being improved on, resulting in the increase in hash rate.
Chainlink (LINK) Nears $5 All-Time High Unfazed by Bitcoin Price Slump
Chainlink’s (LINK) 27.48% gain over the past four days shows that the altcoin continues to function as an outlier when compared against the recent performance of other cryptocurrencies.
This strong recovery from the swing low at $3.30 to $4.79 has LINK now approaching its previous all-time high at $4.86.
Unlike Bitcoin (BTC), LINK trading volume has shown that traders are excitedly buying each dip and the candlesticks of the past 3 days clearly show that a strong reversal has occurred.
In the daily timeframe, the moving average convergence divergence (MACD) shows a bull cross between the MACD and signal line and the histogram has recently popped above 0, a rather compelling move considering that the altcoin has already gained 26.57% since March 2.
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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/chainlink-link-nears-5-all-time-high-unfazed-by-bitcoin-price-slump
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MAX KEISER SAYS BITCOIN WILL GO TO $1M AS GOVERNMENTS START PUTTING BTC ON THEIR BALANCE SHEET!!
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Bitcoin bull and Wall Street veteran Max Keiser has issued a massive BTC price prediction, saying as game theory suggest, governments around the world will start putting Bitcoin on their balance sheet sending BTC parabolic to $1,000,000.
The RT host of the Keiser Report shared the following:
“As long as governments control money, there could be no advances in money. Along comes bitcoin, it separates government from money. No government can touch btc, they’re completely divided & divorced.
And as I predicted, if you gave people hard money like bitcoin to transact without the interference of government it would be an economic global boom, a renaissance.
We can transact in unconfiscatable, uncensorable money when nobody can stop us because we’re protected by this encrypted shield called the bitcoin protocol that’s impenetrable & nobody can stop us.
Governments have flapped their gums a lot & suggested oh we are against it but none of them can stop it. Eventually one of these governments according to game theory is gonna say you know what, enough is enough we’re gonna start putting it on our balance sheet here.
And whatever country that might be & then every other country will do exactly the same thing and the price of course will go $500K, $600K, $1,000,000 a bitcoin and Max & Stacy will be once again 100% right.”
In other trending Bitcoin News today:
A Bitcoin Price Dip For Ants? BTC Quickly Rebounds to a New High Above $57,800
The price of Bitcoin (BTC) dipped to as low as $53,905 on Binance overnight, recording a sudden 6% drop. But despite the minor correction, the price of Bitcoin quickly recovered thereafter, reaching a new all-time high above $57,800 on Feb. 21.
Although Bitcoin saw a steep drop within merely hours, analysts pinpointed that it fell to the exact bottom of a short-term trendline.
John Cho, the Director of Global Expansion at Ground X, noted that the drop was a liquidity fill at a lower price.
A liquidity fill simply means when an asset drops after stagnating to fill buy orders at the bottom of the range
A drop was expected because Bitcoin was consolidating with the futures funding rate at around 0.15%.
Across major futures exchanges, the Bitcoin futures funding rate was hovering between 0.1% to 0.2%, and it was particularly high for stablecoin pairs.
Bitcoin futures exchanges use a mechanism called funding to incentivize buyers or sellers based on market sentiment.
For example, when there are more buyers in the market, the funding rate turns positive. When that happens, buyers have to pay sellers a portion of their position every eight hours.
When the funding rate is high but the price of Bitcoin is consolidating, the risk of a big short-term drop increases.
The funding rate for altcoins, including Ether (ETH) and DeFi tokens, reset to around 0.05%. As such, altcoins saw a stronger bounce than BTC.
Misa Christanto, an analyst at Messari, said that in a bear market, everything is correlated. But Bitcoin, which is also considered a “reflation trade,” has been resilient. She wrote:
“US Treasury curve is steepening. Why should we care? Because in a bear market, everything is correlated. So far the headwinds have been on equity returns, on unprofitable tech names. Reflation trades like $BTC unaffected.”
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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:
“As long as governments control money, there could be no advances in money. Along comes #bitcoin, it separates government from money. No government can touch #btc, they’re completely divided & divorced.”-@MaxKeiser🍊💊
— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) February 20, 2021
“These banks will not compete. They will not introduce anything near a #Bitcoin. Just like there was only one Joan of Arc, there was only one Virgin Mary, there was only one Allah, there can be only one #BTC & it rules supreme.” – @MaxKeiser (Keiser Report 443, May 11, 2013) 🍊💊
— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) February 20, 2021
In percentage terms, Bitcoin growing from $57K to $1M is the same as going from $3,249 to $57K.
— Stack Hödler (@stackhodler) February 20, 2021
On-Chain Data: The Last Time This Happened, Bitcoin Rose Another 2x
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