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“The Bitcoin price will skyrocket to $100,000 before 2023 comes to a close”, says the pseudonymous Crypto strategist who accurately forecasted the BTC price collapse from $11,600 to $6,400 in 2019.
Trader Dave the Wave is now marking the moment when he believes Bitcoin (BTC) will break out and begin its ascent to $100,000.
Dave tells his 37,000 Twitter followers that Bitcoin is slowly grinding up in an effort to take out its all-time high around $20,000.
“And the standard use of a technical pattern, known as the breakout of an ascending triangle, gives a target of 100K.”
Based on Dave’s chart, crypto enthusiasts would have to wait until the end of 2021 before Bitcoin catches fire and erupts.
The trader predicts that Bitcoin will skyrocket to $100,000 before 2023 comes to a close.
The crypto analyst also highlights that the slow climb will set the stage for a massive BTC explosion.
However, Dave acknowledges that just like any other prediction, his analysis can be wrong and BTC can surge to $100,000 ahead of 2023.
The trader shares a conversation that he had with PlanB, the first analyst to apply the controversial stock-to-flow model to Bitcoin.
In the thread, PlanB asked whether Dave’s model would be proven incorrect should Bitcoin climb above $100,000 before December 2021.
“It would certainly be in extremis. The log growth curve could accommodate a brief spike to that price but price carrying on higher would invalidate/falsify the curve.”
In other trending Bitcoin News today:
World’s largest sovereign wealth fund indirectly holds almost 600 Bitcoin
Mainstream finance giants may hold more Bitcoin than you think.
The Norwegian Government Pension Fund, also known as the Oil Fund, has over $1 trillion in assets, including 1.4% of all global stocks and shares.
It is considered the world’s largest sovereign wealth fund.
According to Arcane Research’s report on Sept. 19, the fund also owns almost 600 Bitcoin (BTC) through its investment holdings.
Arcane Research analysis data shows that the Norwegian oil fund has 577.6 BTC through its investment in business intelligence firm MicroStrategy.
This puts the company’s portfolio in BTC at around $6.3 million.
The Norwegian Government Pension Fund has a 1.51% stake in MicroStrategy.
Michael Saylor, MicroStrategy founder, said in a recent tweet that the company owns 38,250 BTC.
“On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.”
In addition, two other major investment advisory companies, BlackRock Fund Advisors and the Vanguard Group, have a 15.24% stake (5829.30 BTC) and a share of 11.72% (4482.90 BTC), respectively.
BlackRock currently is the biggest shareholder in MicroStrategy, indirectly holding BTC.
The Vanguard Group is an American investment advisor with about $6.2 trillion in global assets under management (AUM) as of January 31, 2020.
It is the largest mutual funds provider and the second-largest provider of exchange-traded funds (ETFs) in the world after BlackRock’s iShares.
BlackRock Fund Advisors, on the other hand, has $7.3 trillion in AUM.
MicroStrategy has made a lot of headlines in the past few days as it announced a bold plan to invest in Bitcoin.
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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.