BLOOMBERG ANALYST PROVIDES BLUEPRINT OF BITCOIN PATH TO $100,000!! UPDATED BTC PRICE FORECAST!!

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Episode 721

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With the next BTC halving 2020 event just 5 months out, the Bitcoin price might be a long way off its 2019 high of almost $14,000 but this year has still seen the BTC price gain 94%.

The year opened with the leading cryptocurrency trading at just below $3,800, considerably less than its current price of around $7,300.

Although yearly price data is clearly limited, if previous years are anything to go by Bitcoin (BTC) looks set to post two more years of gains.

There seems a pattern emerging that sees a year of decline follow three years of upside.

Some traders and market analysts believe that the next halving will result in another parabolic run up in Bitcoin prices, like those seen in 2017 and 2013.

PlanB argues that the reduction of new Bitcoin regularly hitting the market will eventually see the price rise to around $55,000 per Bitcoin.

The analyst makes no prediction as to when this will occur. However, given that the stock-to-flow theory of Bitcoin’s value centers around the halving events every four years, if PlanB’s prediction comes true, we will see a $55,000 Bitcoin at some point within the four years following May 2020.

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One of YouTube’s most popular crypto strategists says the next Bitcoin bull cycle is officially underway, with BTC en route to a meteoric all-time high of $100,000.

In a new video, Nicholas Merten says that Bitcoin’s expanding boom-and-bust cycles are painting a clear picture of where the crypto king is headed in the long term.

“What is the general trend we are seeing here? Well, each time, we are adding around 11 to 13 months, give or take, basically a year for each cycle. It would make logical sense here that for this next cycle, we would add another twelve months, give or take, again it could one month less or one month more.

That’s going to lead us here somewhere around November of 2022. If we take a look at the logarithmic chart, where we have the line resistance that’s curving over time, it’s roughly around a big even of $100,000.” 

Merten is also bullish on Bitcoin in the short term as he sees the top cryptocurrency igniting a strong rally and ending its three-year-long bear market.

“We are now starting to see a breakout here. Similar to the pattern we’ve been looking for, we might come down here, make that line of resistance [into] support before we really take off. Either way, I would not be betting against Bitcoin right now. We could very well be going in to set in a relative short-term high here around $12,000 then eventually testing above here on $14,000.”

With a Bitcoin breakout on the horizon, Merten expects the rising tide to lift other boats.

“The thing I’m really focusing on is that there is an opportunity to possibly trade Litecoin and Ethereum and Cardano and some of the other blockchains out there, some of the bigger protocols. I think that’s going to be the class of altcoins that are going to do well in the next week or two.” 

While the crypto analyst is bullish on large-cap coins, he expects small-cap gems to correct, which would give him the chance to buy on dips.

“But as much as I do believe that those blockchains and protocols might do well and I have some positions in some of them, the major thing that I’m watching for is a discount opportunity and that’s in decentralized finance and enterprise blockchains.” 

Merten is particularly bullish on DeFi plays including iExec (RLC), ChainLink (LINK), Cosmos (ATOM), and REN (REN).

In other trending Bitcoin news today:

Wall Street Veteran Says Bitcoin on Track to Hit $20,000 by Year End

Speaking with CNBC on Tuesday, Galaxy Digital chief executive Mike Novogratz asserted that Bitcoin is on track to hit $20,000 by the end of 2020.

For context, BTC rallying to $20,000 by the end of the year will be an 80% rally in the coming five months.

He also said that he thinks gold will continue to rise, citing the “liquidity pump” being activated by governments and central banks the world over:

“Great bubbles usually end with policy moves. It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus.”

This comment comes as U.S. politicians are working on the next $1 trillion (plus) stimulus bill for the millions of unemployed, underemployed, and underperforming Americans.

Novogratz, a former Goldman Sachs partner, added in that interview that he thinks this money printing and other trends are pushing focus from stocks back to Bitcoin and gold:

“A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin. There’s an adoption game in bitcoin that you don’t have in gold. But I like them both.”

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Trezor: ► http://trezor.cryptonewsalerts.net

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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:

Wall Street Veteran Says Bitcoin on Track to Hit $20,000 by Year End

Analyst Who Forecasted Latest Bitcoin Rally Now Predicts Move to $18,000

https://www.cnbc.com/2020/07/28/michael-novogratz-says-bitcoin-and-gold-will-keep-climbing-because-of-global-liquidity-pump.html